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    622 Tacoma Ave Tacoma, WA 98402

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    For Sale
    Contact for pricing

    8,277 SF Office, Redevelopment Potential

    Property size:
    8,277 SF

    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

    We can help!

    Listing Contact
    Dan Foster
    Dan Foster

    Listing Agency: Orion Commercial Partners Listing Agent: Dan Foster

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    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 Profile Insight Report Location Intelligence

    Current Use by Public Records

    Camp Fire Orca Child Welfare Organization Ro Health, LLC Employment Agency OMS Law Firm Regent Homes Construction Company Kathrine Price, PLLC Law Firm

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Law Firm Nail Salon Building Supply Daycare Center Gym & Fitness 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.
    (206) 264-6203 Call to check price and availability
    Request Owner's contact information
    622 Tacoma Ave Tacoma, WA 98402
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    Tacoma, WA 98402
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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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    Contact for Pricing
    Please call us for current price
    and status of this listing Dan Foster
    Dan Foster
    Real Estate License ID: 24312
    (206) 264-6203
    Learn more
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