Former Bank Building with
8801 Tacoma Way Lakewood, WA 98499
For Sale
$1,995,000
Pending
Unique mid-century modern building suitable for retail, restaurant, or office.
Property Size10,660 SF
Lot Size0.24 Acres
Days on Market268
Property Features for 8801 Tacoma Way
General Information
- Standard status
- Pending
- Size
- 10,660 SF
- Lot size
- 0.24 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1970
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(253) 686-7474
Listed By:
RACHEL CORP · License #WA 41623
Source:
Corcoran
Added: Oct 31, 2025
Changed: Jul 10
Last Checked: Jul 23 at 7:33AM
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 former bank building features dramatic 20-foot ceilings throughout most of the 4,376 square foot main floor. The open, light-filled space is framed by classic glass-and-brick mid-century modern architecture. A 1,908 square foot mezzanine overlooks the main floor, suitable for offices or creative workspace. The property includes two drive-through lanes and a full basement for storage or potential expansion. It offers prime visibility at a signalized intersection along high-traffic S. Tacoma Way. This architecturally distinctive structure is suitable for retail, restaurant, financial, or professional use. The property size is 10,660 square feet.
Key Highlights
- Architecturally distinctive former bank building with dramatic 20‑foot ceilings and classic mid‑century modern design.
- High‑visibility location at a signalized intersection on high‑traffic S. Tacoma Way.
- Large 4,376 SF main level with open, light‑filled space suitable for various uses.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.5k | $14.40 |
| − Vacancy | −$11.4k | −$1.07 |
| EGI | $142.1k | $13.33 |
| − OpEx | −$35.5k | −$3.33 |
| NOI | $106.6k | $10.00 |
10,660 SF · lease $14.40/SF/yr · vacancy 7.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.52M
$1.33M – $1.78M
NOI $106,609 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$1.32M
$1.16M – $1.54M
NOI $92,409 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,541 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Banks
FAQs
What type of property is this?
Bank - Unique mid-century modern building suitable for retail, restaurant, or office.
Where is this bank located?
The property is located at 8801 Tacoma Way Lakewood, WA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Architecturally distinctive former bank building with dramatic 20‑foot ceilings and classic mid‑century modern design.; High‑visibility location at a signalized intersection on high‑traffic S. Tacoma Way.; Large 4,376 SF main level with open, light‑filled space suitable for various uses.
