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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6515 43Rd Avenue Ct Gig Harbor, WA 98335

    • Office Properties & Spaces
    • 33,796 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Peninsula Woodworking / General Contractor / Renovation Specialist
    • Harbor Pole Fitness / Gym & Fitness Center
    • Defenders Northwest LLC / (Bike/Boat/Book/etc) Store
    • Autohome USA / Auto Parts Store / Factory

    Property Details for 6515 43Rd Avenue Ct

    Property size
    33,796 SF
    Property type
    Office Properties & Spaces

    Description

    Hunt Wollochet Business Park offers exceptional executive office space in the heart of Gig Harbor, Pierce County. This prime location boasts convenient access to Highway 16, downtown Gig Harbor, and a variety of restaurants and major retailers. The park comprises four multi-tenant buildings totaling 33,796 square feet on over nine acres. Currently, there are two available spaces, offering flexibility for businesses of varying sizes. The minimum divisible space is 3,403 square feet, while the maximum contiguous space available is 5,000 square feet. A total of 8,403 square feet is currently vacant and ready for immediate occupancy. The property is zoned RB-2, providing a range of potential uses. Existing tenants include Life Line Pet Nutrition, Subway, and Defender's NW, creating a vibrant and established business community. This is an excellent opportunity for businesses seeking a well-located, modern, and functional office space in a thriving area. The property offers a blend of convenience, accessibility, and a strong sense of community. Contact us today to learn more about leasing opportunities and to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.597
    Latitude
    47.3164

    Comparable in this City

    • Value Estimation
      $3,175,000
      17,010 SF

      3519 56th St

      OFFICE (GENERAL) • 17,010 SF
      3519 56th St, Gig Harbor, WA 98335-8593
      View Details
    • Value Estimation
      $7,375,000
      32,400 SF

      3025 Harborview Dr

      OFFICE (GENERAL) • 32,400 SF
      3025 Harborview Dr, Gig Harbor, WA 98335-1962
      View Details
    • Value Estimation
      $3,225,000
      14,581 SF

      7191 Wagner Way

      OFFICE (GENERAL) • 14,581 SF
      7191 Wagner Way, Gig Harbor, WA 98335-6909
      View Details
    • Value Estimation by Request
      2,160 SF

      2915 Harborview Dr

      OFFICE (GENERAL) • 2,160 SF
      2915 Harborview Dr, Gig Harbor, WA 98335-1910
      View Details
    • Value Estimation
      $2,210,000
      20,276 SF

      10202 Pacific S Ave

      OFFICE (GENERAL) • 20,276 SF
      10202 Pacific S Ave, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $525,000
      3,199 SF

      3718 Rosedale St

      OFFICE (GENERAL) • 3,199 SF
      3718 Rosedale St, Gig Harbor, WA 98335-1822
      View Details

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    Similar Nearby for Lease

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    Gig Harbor, WA 98335
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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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