1628 Mildred StTacoma, WA 98465

This exceptional investment opportunity presents James Center Plaza, a Class B medical office building located at 1628 S Mildred St, Tacoma, WA 98465, in the Fircrest neighborhood of Pierce County. The property encompasses 34,272 rentable square feet across one, two-story building constructed in 1997 and renovated in 2004. Currently boasting 93.4% occupancy, the building houses ten medical and dental tenants under NNN leases, offering a passive income stream. The property features 24 dedicated parking spaces, supplementing shared parking within the surrounding commercial district. The asking price is $9,325,000, representing a price per square foot of $272.09 and a price per unit of $932,500. The current NOI is $603,995, yielding a 6.48% cap rate, with a pro-forma NOI of $661,186 and a pro-forma cap rate of 7.09%. The 45,999 square foot lot offers a land value of $202.72 per square foot. The property is zoned CCX and benefits from a strong suburban demographic and recent residential development surge, further enhancing its long-term value. Rent bumps are included in the lease agreements. This value-add opportunity presents significant upside potential due to the current occupancy and potential for rental increases.