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    5401 32Nd Ave NW Gig Harbor, WA 98335
    Property profile & analytics

    5401 32Nd Ave NW Gig Harbor, WA 98335

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    • Office Spaces
    • 25,292 SF
    • 1.44 lot acres
    For Lease
    $25 SF/Yr
    View Listing →
    Gig Harbor Retail Space Available For Lease
    $25 SF/Yr
    3,711 SF

    Gig Harbor Retail Space Available

    Retail space in professional business park setting, Gig Harbor.

    5401 32nd Ave NW, Gig Harbor, WA
    View Listing
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Meadow Springs Detox / Medical Clinic
    • Kaity Johnson Realtor / Real Estate Agency
    • Gig Harbor Mixed Martial Arts/Checkmat Gig Harbor / Training Center / Sports School
    • Stacie Brown, LMP / Alternative Medicine Practice / Spa & Massage Center
    • Salveo Massage & Bodywork / Alternative Medicine Practice / Spa & Massage Center

    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 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

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,010,000
      6.5%
      $4,625,000
      7%
      $4,290,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,608,000
      Market price range: $1.03M - $5.39M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $6,945,000

    Get a detailed, property-specific estimation — 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

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      $4,450,000
      19,790 SF

      4423rd Pt Fosdick Dr

      OFFICE (GENERAL) • 19,790 SF
      4423rd Pt Fosdick Dr, Gig Harbor, WA 98335
      View Details
    • Value Estimation by Request
      1,932 SF

      3202 Harborview Dr

      OFFICE (GENERAL) • 1,932 SF
      3202 Harborview Dr, Gig Harbor, WA 98335-2125
      View Details
    • Value Estimation
      $1,115,000
      9,840 SF

      2709 Jahn NW Ave

      OFFICE (GENERAL) • 9,840 SF
      2709 Jahn NW Ave, Gig Harbor, WA 98335-7994
      View Details
    • Value Estimation
      $2,415,000
      14,719 SF

      5403 Olympic Dr

      OFFICE (GENERAL) • 14,719 SF
      5403 Olympic Dr, Gig Harbor, WA 98335-1853
      View Details
    • Value Estimation
      $1,155,000
      5,820 SF

      5202 Olympic Dr

      OFFICE (GENERAL) • 5,820 SF
      5202 Olympic Dr, Gig Harbor, WA 98335-1727
      View Details
    • Value Estimation
      $1,130,000
      7,840 SF

      5209 Pt Fosdick Dr

      OFFICE (GENERAL) • 7,840 SF
      5209 Pt Fosdick Dr, Gig Harbor, WA 98335-1728
      View Details

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      3,872 SF

      Two-Story Building with Parking

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      Two-Story Office Building For Sale

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      Gig Harbor Office Building For Sale

      Office building in Gig Harbor, WA, suitable for investment or owner-user.
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      Waterfront Land on Wollochet Bay

      1.98-acre waterfront canvas with utilities on Wollochet Bay.
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    Similar Nearby for Lease

    • Contact for pricing

      Professional Business Park For Rent

      Professional business park with high visibility and quick highway access.
      2601-2715 Jahn Ave NW, Gig Harbor, WA 98335
      View Details
    • $2,243 /Mo
      1,346 SF

      Office, Retail, and Flex Space

      Office, retail, and flex spaces available for lease.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • $2,243 /Mo
      1,346 SF

      Office Retail Flex Space Available

      Institutional-quality office park with retail and flex space.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • $2,744 /Mo
      1,176 SF

      Gig Harbor Medical Office Space

      Well-appointed medical suite in a sought-after professional corridor.
      5122 Olympic Dr NW, Gig Harbor, WA 98335
      View Details
    • $5,255 /Mo
      2,252 SF

      Downtown Gig Harbor Office Space

      Office space for rent in downtown Gig Harbor.
      3312 Rosedale St NW, Gig Harbor, WA 98335
      View Details
    • $8,773 /Mo
      4,211 SF

      Move-in Ready Professional Office Space

      Professional office space available for rent, ready for immediate occupancy.
      5403 Olympic Dr NW, Gig Harbor, WA 98335
      View Details
    View Listing
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    5401 32Nd Ave NW
    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.

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    5401 32Nd Ave NW, Gig Harbor, WA, 98335
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