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    622 Tacoma Ave Tacoma, WA 98402

    Sponsored
    For Sale
    $1,650,000

    8,277 SF Office, Redevelopment Potential

    Property size:
    8,277 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 8,277 square foot, two-story office building in Tacoma, WA (98402), presents a unique owner-user and redevelopment opportunity. Currently 49% occupied, the property offers immediate potential for owner occupancy. The ground floor features a single 4,200 square foot space, while the second floor comprises five smaller suites ranging from 534 to 1,372 square feet, three of which are leased month-to-month. One existing tenant is seeking expansion, providing an immediate opportunity to increase occupancy and rental income. The building sits on a 16,250 square foot lot (APN: 200612-0040. 200612-0030) and is zoned DR. Built in 1956, the Class C building offers significant upside potential. Initial architectural plans exist for a substantial vertical mixed-use development, envisioning a seven-story structure with approximately 79,122 gross square feet, including 46,140 square feet of residential and 1,653 square feet of commercial space. The asking price is $1,650,000 ($199.35/SF). This property is ideal for an owner-user seeking immediate space and long-term development potential, or an investor looking to capitalize on a strong Tacoma market and a flexible leasing strategy. The building could achieve 100% occupancy by mid-2025 through leasing or owner-user expansion.

    Property Features for 622 Tacoma Ave

    General Information

    Property type
    Medical offices
    Square Feet
    8,277 SF
    Class
    C

    Building Details

    Year Built
    1956
    Buildings
    1
    Stories
    2

    HighLights

    • 8,277 SF two‑story office building in Tacoma, WA (98402), 49% occupied, offering immediate owner‑user potential.
    • Ground floor features a 4,200 SF space; second floor has five smaller suites (534‑1,372 SF), three month‑to‑month.
    • Existing tenant seeking expansion, offering immediate occupancy and income growth.
    • Sits on a 16,250 SF lot (APN: 200612‑0040, 200612‑0030), DR zoning.
    • 1956‑built Class C building with significant redevelopment potential; preliminary plans for a seven‑story, 79,122 GSF mixed‑use project (46,140 SF residential, 1,653 SF commercial).
    • Asking price: $1,650,000 ($199.35/SF).
    Property Profile Location Intelligence

    Current Use by Public Records

    Camp Fire Orca Youth Organization Ro Health, LLC Nursing Agency OMS Bail Bonds Service Regent Homes Home Builder Kathrine Price, PLLC Law Firm

    Suggested Use

    Realty agency Restaurant Dental Office Spa & Massage Hair Salon Law Firm Nail Salon Building Supply Clothing Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.445802
    Latitude
    47.2570501

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    FAQs

    What type of property is this?
    Medical office - 8,277 SF Office, Redevelopment Potential
    Where is this medical office located?
    The property is located at 622 Tacoma Ave Tacoma, WA.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: 8,277 SF two-story office building in Tacoma, WA (98402), 49% occupied, offering immediate owner-user potential.; Ground floor features a 4,200 SF space; second floor has five smaller suites (534-1,372 SF), three month-to-month.; Existing tenant seeking expansion, offering immediate occupancy and income growth.
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    622 Tacoma Ave Tacoma, WA 98402
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    622 Tacoma Ave Tacoma, WA 98402
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