Iconic Building with Drive
For Sale
Contact for pricing
Pending
8801 S Tacoma Way, Tacoma, WA 98499
Standalone building with drive-thru, vault, and ample parking.
Property Size6,284 SF
Days on Market649
Property Features for 8801 S Tacoma Way
General Information
Standard status
Pending
Size
6,284 SF
Class
B
Property subtype
Office, Retail
Zoning
C2
Lease Type
NNN
Building Details
Year Built
1970
Year Renovated
1985
Buildings
1
Stories
2
Listing Agency:
Lee & Associates - Tacoma
Listed By:
Rachel Corp · License #WA 22025949
Source:
Crexi
Added: Nov 20, 2024
Changed: Aug 8
Last Checked: Jul 24 at 2:04PM
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 - Tacoma
Investment Insights
Based on property information with market context.
This is a large, iconic standalone building featuring a drive-thru and a large working vault. It includes a tall pylon sign and ample parking, situated on a corner lot of approximately one acre on South Tacoma Way. The rentable square footage is located on the main floor and mezzanine levels. An additional 4,376 square feet of basement storage is included.
Key Highlights
- Standalone building with drive‑thru on a busy corner lot.
- Large working vault included.
- High visibility with a tall pylon sign.
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
$90,671
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
4.54%
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%
$1,813,420
$1.8M
Cap Rate 7%
$1,295,300
$1.3M
Cap Rate 9%
$1,007,456
$1.0M
Market Conditions
NOI Build-Up for 6,284 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
$125.9K $20.04/SF
− Vacancy
−$5.0K −$0.80/SF
EGI
$120.9K $19.24/SF
− OpEx
−$30.2K −$4.81/SF
NOI
$90.7K $14.43/SF
Area
Tacoma, WA
Vacancy
4.00%
Lease Rate
$20.04 /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%
$1,813,420
Cap Rate 7%
$1,295,300
Cap Rate 9%
$1,007,456
Alternative Uses
Best Use
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,671 @ 7.0% cap · market cap 4.54%
Second Best
Retail
$1.08M
$945.2K – $1.26M
NOI $75,615 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,207 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
48k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 30%
Home Improvements & Furnishings 1%
Taco Bell
Dining
14,409 visits/mo
0.3 miles
Chevron
Shops & Services
10,479 visits/mo
0.3 miles
7-Eleven
Shops & Services
6,947 visits/mo
0.4 miles
Toyota of Tacoma-Sales
Shops & Services
5,865 visits/mo
0.2 miles
Cash America Pawn
Shops & Services
4,209 visits/mo
0.4 miles
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Standalone building with drive-thru, vault, and ample parking.
Where is this bank located?
The property is located at 8801 S Tacoma Way Tacoma, 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: Standalone building with drive‑thru on a busy corner lot.; Large working vault included.; High visibility with a tall pylon sign.
