Downtown Tacoma Office/Retail
For Sale
$675,000
732 Broadway Ste 102, Tacoma, WA 98402
2,630 SF office/retail space in Tacoma's vibrant downtown.
Property Size2,630 SF
Price / SF$256.65
Days on Market205
Property Features for 732 Broadway Ste 102
General Information
Standard status
Active
Size
2,630 SF
Class
B
Property subtype
Office
Building Details
Building Size
2,630 SF
Year Built
1919
Listing Agency:
Lee & Associates Commercial Real Estate Services
(253) 238-0043
Listed By:
John Bauder, CCIM
Source:
Lee-associates
Added: Jan 26
Changed: Aug 19
Last Checked: Aug 19 at 6:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This property features a 2,630 square foot first-floor suite, fully built out for office or retail use. The space includes a kitchen, two bathrooms (one with a shower), and an area suitable for cubicles or open office configurations. It is accessible from Broadway and features high ceilings with brick and beam construction. Situated between Opera Alley's shops and eateries and the Theater District's historic theaters, the property is located in downtown Tacoma, near arts and culture venues. The location is within walking distance of Wooden City, McMenamin’s, and Dorky’s Arcade. The new light rail station at Old City Hall is one block away, providing access to downtown and the regional transit system.
Key Highlights
- Prime location in downtown Tacoma's vibrant arts and culture district, near Opera Alley and the Theater District.
- ±2,630 SF fully built out first‑floor office/retail space with Broadway access.
- Convenient access to public transportation with the new light rail station only one block away.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,606
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$852,120
$852.1K
Cap Rate 7%
$608,657
$608.7K
Cap Rate 9%
$473,400
$473.4K
Market Conditions
NOI Build-Up for 2,630 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$71.0K $27.00/SF
− Vacancy
−$14.2K −$5.40/SF
EGI
$56.8K $21.60/SF
− OpEx
−$14.2K −$5.40/SF
NOI
$42.6K $16.20/SF
Area
Tacoma, WA
Vacancy
20.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$852,120
Cap Rate 7%
$608,657
Cap Rate 9%
$473,400
Alternative Uses
Best Use
Office B
$608.7K
$532.6K – $710.1K
NOI $42,606 @ 7.0% cap · market cap 6.31%
Second Best
Retail
$452.1K
$395.6K – $527.5K
NOI $31,647 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$808.4K
$707.3K – $943.1K
NOI $56,587 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,596
Businesses Nearby
Explore this area
Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 2,630 SF office/retail space in Tacoma's vibrant downtown.
Where is this office units located?
The property is located at 732 Broadway Ste 102 Tacoma, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Prime location in downtown Tacoma's vibrant arts and culture district, near Opera Alley and the Theater District.; ±2,630 SF fully built out first‑floor office/retail space with Broadway access.; Convenient access to public transportation with the new light rail station only one block away.
