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    Property profile & analytics

    732 Broadway Tacoma, WA 98402

    • Office Properties & Spaces
    • 2,640 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Brooks Dental Studio / Dental Office
    • Anderson Business Advisors / Law Firm / Insurance Agency
    • Rusty George / Advertising Agency / Marketing & Advertising
    • Peterson Acquisitions: Your Seattle Business Broker / Business Broker

    Property Details for 732 Broadway

    Year built
    1919
    Property size
    2,640 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 2,640 square foot executive office condominium is situated on the third floor of the prestigious 732 Broadway Building in Tacoma's vibrant Theater District. Boasting high ceilings with exposed brick and beam construction, abundant natural light from skylights and windows offering city and water views, this fully built-out space includes a modern kitchen, two private offices, a conference room, and ample space for cubicles or an open office plan. The efficient layout minimizes operating expenses. Its location offers unparalleled convenience, being steps from Opera Alley's shops and restaurants, historic theaters, and just one block from the new Link Light Rail station at Old City Hall, providing easy access to the Tacoma Dome Transit Hub, University of Washington Tacoma, the downtown core, hospitals, and MLK Jr. Way. This owner-user opportunity presents a unique blend of historic charm and modern functionality in one of Tacoma's most walkable and amenity-rich neighborhoods, with nearby attractions including Wooden City, McMenamin's, and Dorky's Arcade. The property is zoned DCC (Downtown Commercial Core) and is part of a three-story, Class B building constructed in 1919. Ample street and monthly parking are available. The space is currently vacant and available for lease or purchase.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.441
    Latitude
    47.2565

    Comparable in this City

    • Value Estimation by Request
      2,630 SF

      732 Broadway

      Office Properties & Spaces • 2,630 SF
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    • Value Estimation
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      925 Tacoma S Ave

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      4303 Ruston Way

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      711 St Helens Ave

      OFFICE (GENERAL) • 22,620 SF
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    • Value Estimation
      $9,085,000
      73,191 SF

      1102 A St

      OFFICE (GENERAL) • 73,191 SF
      1102 A St, Tacoma, WA 98402-5006
      View Details
    • Value Estimation
      $17,325,000
      149,224 SF

      1015 A St

      OFFICE (GENERAL) • 149,224 SF
      1015 A St, Tacoma, WA 98402-5122
      View Details

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    732 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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