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    Property profile & analytics

    2156 Pacific Ave Tacoma, WA 98402

    • Office Properties & Spaces
    • 23,400 SF
    • 0.45 lot acres
    For Sale
    View listing
    $5,500,000
    Last Sale
    Sep 09, 2021
    $5,450,000
    Value Estimations
    Cap Rate Potential
    8.4%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US90-0310837
    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

    • Bayview Recovery / Addiction Treatment Center / Alcoholism Treatment Program
    • Angela Frye / Psychologist
    • Student Financial Aid Services / Financial Institution / Financial Planner

    Property Details for 2156 Pacific Ave

    Year built
    1929
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.45 lot acres
    Property size
    23,400 SF
    Zone code
    WR
    Property type
    Office Properties & Spaces
    APN
    2021040090
    APU
    2021040090

    Description

    The Sussman Building, a three-story Class B office building located at 2156 Pacific Ave S in Tacoma, WA 98402, presents a unique investment opportunity. Built in 1929, this 23,400 square foot property is currently entirely vacant, offering a blank canvas for a single tenant or the potential for multiple tenants. The building features a versatile layout, previously configured as office space with classrooms and restrooms, reflecting its adaptability to various business needs. An elevator provides convenient access to all three floors. The property boasts 34 parking spaces, a significant advantage in a bustling urban environment. Zoned WR CONS (Warehouse/Residential District & Conservation District), the building offers flexibility for a range of uses. The building's APN is 2021040090, and it's situated in Pierce County. With its prime location and substantial square footage, the Sussman Building represents a compelling opportunity for businesses seeking a prominent presence in Tacoma's vibrant commercial landscape. The entire 23,400 square feet is available for lease. This historic building offers a blend of character and modern convenience, making it an ideal location for a variety of businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,850,000
      ML approach
      $3,965,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,380,000
      6.5%
      $4,970,000
      7%
      $4,615,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,968,000
      Market price range: $3.85M - $17.7M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $7,680,000
      Current use
      RETAIL STORES
      $7,810,000
      Change: +2% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.436
    Latitude
    47.2413
    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
    $44,176
    $1,190,500
    $2,785,800
    $3,976,300
    -
    $1,190,500
    $2,785,800
    $3,976,300

    Comparable in this City

    • Value Estimation
      $20,190,000
      147,295 SF

      747 Market St

      OFFICE (GENERAL) • 147,295 SF
      747 Market St, Tacoma, WA 98402-3701
      View Details
    • Value Estimation
      $810,000
      4,627 SF

      2105 C St

      OFFICE (GENERAL) • 4,627 SF
      2105 C St, Tacoma, WA 98402-1504
      View Details
    • Value Estimation
      $1,005,000
      4,729 SF

      2801 Pacific Ave

      OFFICE (GENERAL) • 4,729 SF
      2801 Pacific Ave, Tacoma, WA 98402-1004
      View Details
    • Value Estimation
      $6,055,000
      33,351 SF

      1250 Pacific Ave, Unit 4

      OFFICE (GENERAL) • 33,351 SF
      1250 Pacific Ave, Tacoma, WA 98402-4318
      View Details
    • Value Estimation
      $2,115,000
      10,272 SF

      10412 John Bananola Way

      OFFICE (GENERAL) • 10,272 SF
      10412 John Bananola Way, Tacoma, WA 98402
      View Details
    • Value Estimation
      $2,045,000
      12,000 SF

      2111 Pacific Ave

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

    Similar Nearby for Sale

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    • Contact for pricing
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      Prime Tacoma Executive Office Space

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    Similar Nearby for Lease

    • $21 SF/Yr
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      Downtown Tacoma Office Space

      Class B Office Building, 105,000 sqft
      1101 Pacific Ave, Tacoma, WA 98402
      View Details
    • $16 SF/Yr
      74,360 SF

      Downtown Tacoma Office Space

      Historic building, diverse office suites, prime location.
      917 Pacific Ave, Tacoma, WA 98402
      View Details
    • $15 SF/Yr
      10,550 SF

      Tacoma Brewery & Restaurant Space

      Historic building, fully renovated, prime location.
      2302 Fawcett Ave, Tacoma, WA 98402
      View Details
    • $22 SF/Yr
      19,384 SF

      Waterfront Mixed-Use Opportunity in Tacoma

      Office, retail, and restaurant spaces with views of Mt. Rainier.
      1701-1715 Dock St, Tacoma, WA 98402
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    • $22 SF/Yr
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      Downtown Tacoma Turn Key Space

      Turn key office space in downtown Tacoma available for rent.
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      View Details
    • $18 SF/Yr
      11,729 SF

      Historic Warehouse Converted Office Space

      Office space in a converted historic warehouse with parking.
      2516 S Holgate St, Tacoma, WA 98402
      View Details
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    2156 Pacific Ave
    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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