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    950 Broadway Tacoma, WA 98402

    • Office Properties & Spaces
    • 157,833 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • VSG Marketing / Marketing Agency
    • US Census Bureau / Government Office
    • The Geneva Foundation / Research Foundation
    • Sundance Cafe / Espresso Bar / Lunch Restaurant
    • Tax Relief Settlement Attorneys - Tacoma / Tax Preparation Service

    Property Details for 950 Broadway

    Year built
    1919
    Property size
    157,833 SF
    Property type
    Office Properties & Spaces

    Description

    The Rhodes Center, a Class B office campus in downtown Tacoma, WA, offers 157,833 square feet of versatile space. This multi-tenant property, built in 1919 and recently renovated ($10M investment), comprises two buildings connected by skybridges and includes a 538-stall parking garage. Suites range from a minimum of 185 square feet to a maximum contiguous space of 16,148 square feet, with 32,880 square feet currently vacant. The renovation included a striking new 6-story atrium in the 950 Broadway building, a seismic retrofit, and upgraded building systems. On-site amenities are plentiful and include a café, fitness center, multiple conference rooms (including a large 5th-floor space accommodating up to 150 people), secure storage, and building signage opportunities. Located at 950 Broadway, Tacoma, WA 98402, in Pierce County, this property offers flexible lease terms and is ideal for businesses seeking a well-maintained, amenity-rich office environment in a vibrant urban setting. The property's central location provides easy access to various transportation options and local businesses. This is a unique opportunity to secure prime office space in a historically significant and modernized building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.441
    Latitude
    47.2535

    Comparable in this City

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      747 Market St

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    • Value Estimation
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      2105 C St

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      $330,000
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      2801 Pacific Ave

      OFFICE (GENERAL) • 4,729 SF
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    • Value Estimation
      $1,120,000
      33,351 SF

      1250 Pacific Ave, Unit 4

      OFFICE (GENERAL) • 33,351 SF
      1250 Pacific Ave, Tacoma, WA 98402-4318
      View Details
    • Value Estimation
      $305,000
      10,272 SF

      10412 John Bananola Way

      OFFICE (GENERAL) • 10,272 SF
      10412 John Bananola Way, Tacoma, WA 98402
      View Details
    • Value Estimation
      $500,000
      12,000 SF

      2111 Pacific Ave

      OFFICE (GENERAL) • 12,000 SF
      2111 Pacific Ave, Tacoma, WA 98402-3006
      View Details

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    950 Broadway
    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
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