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    Property profile & analytics

    1628 Mildred St Tacoma, WA 98465

    • Medical offices
    • 34,800 SF
    • 1.06 lot acres
    For Sale
    View listing
    $8,900,000
    Last Sale
    Nov 24, 2020
    $6,900,000
    Value Estimations
    Cap Rate Potential
    7.4%
    Medical offices
    Location Intelligence
    Property ID
    US90-1622824
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Azle Attic Insulation Services / Insulation Contractor
    • Silvia La Rosa, DDS / Periodontist / Dental Implants Periodontist
    • Sound Surgical Arts / Dental Implants Periodontist / Dental Implants Provider
    • Gessel Orthodontics / Orthodontist / Dentist
    • Sound Oral & Maxillofacial / Oral Surgeon

    Property Details for 1628 Mildred St

    Year built
    1997
    Construction
    WOOD FRAME
    Lot size
    1.06 lot acres
    Property size
    34,800 SF
    Zone code
    CCX
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    220038013
    APU
    220038013

    Description

    This exceptional investment opportunity presents James Center Plaza, a Class B medical office building located at 1628 S Mildred St, Tacoma, WA 98465, in the Fircrest neighborhood of Pierce County. The property encompasses 34,272 rentable square feet across one, two-story building constructed in 1997 and renovated in 2004. Currently boasting 93.4% occupancy, the building houses ten medical and dental tenants under NNN leases, offering a passive income stream. The property features 24 dedicated parking spaces, supplementing shared parking within the surrounding commercial district. The asking price is $9,325,000, representing a price per square foot of $272.09 and a price per unit of $932,500. The current NOI is $603,995, yielding a 6.48% cap rate, with a pro-forma NOI of $661,186 and a pro-forma cap rate of 7.09%. The 45,999 square foot lot offers a land value of $202.72 per square foot. The property is zoned CCX and benefits from a strong suburban demographic and recent residential development surge, further enhancing its long-term value. Rent bumps are included in the lease agreements. This value-add opportunity presents significant upside potential due to the current occupancy and potential for rental increases.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,745,000
      ML approach
      $6,815,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,290,000
      6.5%
      $7,655,000
      7%
      $7,105,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,530,000
      Market price range: $4.71M - $12.1M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $8,515,000
      Current use
      COMMERCIAL (GENERAL)
      $10,730,000
      Change: +26% Conversion: Easy
      RETAIL STORES
      $10,510,000
      Change: +23% Conversion: Difficult
      WAREHOUSE, STORAGE
      $10,425,000
      Change: +22% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $7,695,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.528
    Latitude
    47.2454
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $76,046
    $1,061,900
    $5,783,800
    $6,845,700
    -
    $1,061,900
    $5,783,800
    $6,845,700

    Comparable in this City

    • Value Estimation
      $565,000
      3,226 SF

      1622 Mildred St

      MEDICAL BUILDING • 3,226 SF
      1622 Mildred St, Tacoma, WA 98465-1610
      View Details
    • Value Estimation
      $8,190,000
      6,543 SF

      7278 Rosemount Cir

      HOMES (RETIRED, NURSING) • 6,543 SF
      7278 Rosemount Cir, Tacoma, WA 98465-1529
      View Details
    • Value Estimation
      $11,870,000
      62,203 SF

      815 Vassault St

      HOSPITAL - PRIVATE • 62,203 SF
      815 Vassault St, Tacoma, WA 98465-2046
      View Details
    • Value Estimation
      $4,345,000
      104,736 SF

      7290 Rosemount Cir, Unit 235

      HOMES (RETIRED, NURSING) • 104,736 SF
      7290 Rosemount Cir, Tacoma, WA 98465-1541
      View Details
    • Value Estimation
      $2,455,000
      39,936 SF

      630 Pearl St

      HOMES (RETIRED, NURSING) • 39,936 SF
      630 Pearl St, Tacoma, WA 98465-2111
      View Details
    • Value Estimation
      $3,955,000
      28,105 SF

      1614 Mildred St

      OFFICE (GENERAL) • 28,105 SF
      1614 Mildred St, Tacoma, WA 98465-1613
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      2,072 SF

      Office Space Near Tacoma College

      Office space available near Tacoma Community College and transit center.
      1610-1636 S Mildred St, Tacoma, WA 98465
      View Details
    • $14 SF/Yr
      53,500 SF

      James Center North: Office & Retail Space

      Tacoma Office/Retail Complex - Multiple Suites Available
      1614 Mildred St, Tacoma, WA 98465
      View Details
    • $23 SF/Yr
      3,492 SF

      Office Space Available For Rent

      Office space available for lease, totaling 3492 square feet.
      1628 S Mildred St, Tacoma, WA 98465
      View Details
    • $12,500 /Mo
      2,890 SF

      Restaurant with Drive-Through, Equipment Included

      Drive-through restaurant with equipment, walk-ins, hood, and recent HVAC.
      2647 N Pearl St, Tacoma, WA 98465
      View Details
    • $20 SF/Yr
      1,786 SF

      Tacoma Retail Space - 1786 SQFT

      Prime Tacoma retail space, fully vacant, 1786 sq ft.
      1763 Jackson Ave, Tacoma, WA 98465
      View Details
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    Tacoma, WA 98465
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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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