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

    5401 32Nd Ave NW Gig Harbor, WA 98335

    • Office Properties & Spaces
    • 25,292 SF
    • 1.44 lot acres
    For Lease
    View listing
    $25 SF/Yr
    Last Sale
    Feb 22, 2021
    Value Estimations
    $750,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0353058
    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

    • Meadow Springs Detox / Alcoholism Treatment Program / Addiction Treatment Center
    • Kaity Johnson Realtor / Real Estate Agent
    • Gig Harbor Mixed Martial Arts/Checkmat Gig Harbor / Martial Arts School
    • Stacie Brown, LMP / Massage Therapist / Yoga Studio
    • Salveo Massage & Bodywork / Massage Therapist / Yoga Studio

    Property Details for 5401 32Nd Ave NW

    Year built
    2008
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.44 lot acres
    Property size
    25,292 SF
    Zone code
    B-2
    Property type
    Office Properties & Spaces
    APN
    221177052
    APU
    221177052

    Description

    Towne Plaza, located at 5401 32nd Ave in Gig Harbor, Washington, presents a unique retail opportunity. This established center boasts a total of 25,700 square feet of high-quality retail space, currently featuring 3,711 square feet of immediately available space. Situated in the desirable business core of Gig Harbor, Towne Plaza benefits from its strategic location at the Olympic Interchange on the west side of Highway 16, ensuring high visibility and accessibility. The property is zoned B-2, allowing for a variety of retail uses. The existing tenants enjoy a well-maintained building with modern finishes, reflecting a commitment to quality tenant improvements. The convenient location offers numerous amenities within walking distance, enhancing the appeal for both businesses and customers. This is an exceptional opportunity to establish or expand a retail presence in a thriving Gig Harbor community. The available space totals 3,711 square feet, providing ample room for a variety of retail concepts. Pierce County location offers a strong market for businesses. Don't miss this chance to secure a prime retail space in a highly sought-after area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $750,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.582
    Latitude
    47.3081
    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
    $58,074
    $1,129,800
    $5,725,300
    $6,855,100
    -
    $1,129,800
    $5,725,300
    $6,855,100

    Comparable in this City

    • Value Estimation
      $330,000
      17,010 SF

      3519 56th St

      OFFICE (GENERAL) • 17,010 SF
      3519 56th St, Gig Harbor, WA 98335-8593
      View Details
    • Value Estimation
      $790,000
      32,400 SF

      3025 Harborview Dr

      OFFICE (GENERAL) • 32,400 SF
      3025 Harborview Dr, Gig Harbor, WA 98335-1962
      View Details
    • Value Estimation
      $350,000
      14,581 SF

      7191 Wagner Way

      OFFICE (GENERAL) • 14,581 SF
      7191 Wagner Way, Gig Harbor, WA 98335-6909
      View Details
    • Value Estimation
      $225,000
      2,160 SF

      2915 Harborview Dr

      OFFICE (GENERAL) • 2,160 SF
      2915 Harborview Dr, Gig Harbor, WA 98335-1910
      View Details
    • Value Estimation
      $460,000
      20,276 SF

      10202 Pacific S Ave

      OFFICE (GENERAL) • 20,276 SF
      10202 Pacific S Ave, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $325,000
      3,199 SF

      3718 Rosedale St

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

    Similar Nearby for Sale

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      Gig Harbor Commercial Land Opportunity

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    Similar Nearby for Lease

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      184,376 SF

      Gig Harbor Retail Center Opportunity

      Prime Gig Harbor location, 3,944 sq ft available.
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      Gig Harbor Executive Office Space

      Prime Gig Harbor location, 1,188 sq ft available.
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    • $28 SF/Yr
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      Mallard's Landing I Office Space

      Prime Office Suites, Downtown Proximity
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    • $22 SF/Yr
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      Gig Harbor Office & Warehouse Space

      Versatile Gig Harbor commercial property.
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    • $1.20 SF/Yr
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      Gig Harbor Office/Shop Space

      Versatile 2,947sf space with office and shop areas.
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      View Details
    • $1,100 /Mo
      400 SF

      Office Space in Quiet Business Park

      Office space with warehouse door and lower level storage.
      5715 Wollochet Dr NW, Gig Harbor, WA 98335
      View Details
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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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