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    2303-2502 Pearl St Tacoma, WA 98406

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    2303-2502 Pearl St Tacoma, WA 98406

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    • Lifestyle centers
    • 10,441 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 2303-2502 Pearl St

    Property size
    10,441 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Westgate South, a thriving neighborhood retail shopping center in Tacoma, Washington's North End, presents a unique investment opportunity. This 10,441 square foot property boasts a prime location on Pearl Street, offering exceptional visibility to over 23,000 vehicles daily. Currently, 3,411 square feet of retail space is available, ideal for a variety of businesses. The center's strategic location near Highway 16 ensures easy access for customers and employees. Furthermore, its proximity to Point Defiance Park and Zoo & Aquarium, attracting 700,000 visitors annually, provides significant foot traffic and brand exposure. The North End neighborhood is characterized by high population density and above-average household incomes, creating a strong consumer base for retail businesses. The property is situated at 2303-2502 N Pearl Street, Tacoma, WA 98406, in Pierce County. This is a multi-tenant shopping center offering a chance to establish a presence in a vibrant and growing community. The available space presents a compelling opportunity for businesses seeking high visibility and access to a substantial customer base. The property's strong location and demographics make it an attractive investment for both established businesses and new ventures.

    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
    -122.516
    Latitude
    47.2691

    Comparable in this City

    • Value Estimation
      $5,630,000
      25,410 SF

      5401 6th Ave

      SHOPPING CENTER, STRIP CENTER • 25,410 SF
      5401 6th Ave, Tacoma, WA 98406-2617
      View Details
    • Value Estimation
      $870,000
      4,283 SF

      6103rd 6th Ave

      SHOPPING CENTER, STRIP CENTER • 4,283 SF
      6103rd 6th Ave, Tacoma, WA 98406
      View Details
    • Value Estimation
      $930,000
      6,131 SF

      2209 Pearl St

      SHOPPING CENTER, STRIP CENTER • 6,131 SF
      2209 Pearl St, Tacoma, WA 98406-2529
      View Details
    • Value Estimation
      $1,195,000
      5,286 SF

      5902 6th Ave

      SHOPPING CENTER, STRIP CENTER • 5,286 SF
      5902 6th Ave, Tacoma, WA 98406-2030
      View Details
    • Value Estimation
      $4,600,000
      22,200 SF

      6102 9th St

      SHOPPING CENTER, STRIP CENTER • 22,200 SF
      6102 9th St, Tacoma, WA 98406-2050
      View Details
    • Value Estimation by Request
      12,040 SF

      2315 Pearl St

      SHOPPING CENTER, STRIP CENTER • 12,040 SF
      2315 Pearl St, Tacoma, WA 98406-2500
      View Details

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    Similar Nearby for Lease

    • $26 SF/Yr

      Restaurant/Bar Space in Tacoma

      Fully equipped restaurant/bar in Tacoma's North End for lease.
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      Retail Space in Tacoma

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      Retail Space in Proctor District

      Retail space available in Tacoma's vibrant Proctor District.
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      5,000 SF

      Mixed-Use Space in Tacoma

      5,000 SF space suitable for office or retail use.
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      Retail Space in Proctor District

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      2315 Pearl St, Tacoma, WA 98406
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      1,100 SF

      Retail Space on 6th Avenue

      Retail space for rent in a great location.
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      View Details
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    Tacoma, WA 98406
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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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