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Property profile & analytics
FOR LEASE
Office Spaces
621 Pacific Ave Tacoma, WA 98402
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-0019873
For Lease
1 / 8
$26 SF/Yr
621 Pacific Ave, Tacoma, WA 98402
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1888
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
29,402 SF
Lot
0.4 ac (17,586 SF)
Zoning code
DCC
APN
320042023
UPID
US90-0019873
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Court & Carpenter, PC - Criminal Military Defense Lawyers Law Firm
-
New Artisan Homes Construction Company General Contractor
-
Guardian Water & Power, Inc - Submetering & Utility Billing Services General Contractor
-
Pierce County Center for Supervised Visitation Travel Agency Tour Operator
-
Jill Nealey-Moore, Ph.D., Licensed Clinical Psychologist Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$7.71M
CAP Approach
CAP
$6.24M
Comparable Approach
Comparable
$7.24M
Blend (final)
Blend
$7.15M
Owner & transaction history
Neighborhood Development Corporatio · 3 yrs held
Neighborhood Development Corporatio
since 2023
Last sale
$7.0M
7 recorded transactions
Zoning & alternative use
DCC · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
same uses prohibited in the DCC D istrict are also prohibited in the DMU District. The maximum building height in this district is 100 feet. DR: Downtown Residential The DR D istrict contains a predominance of mid -rise, higher density, urban residential development, together with places of employment and retail services. The preferred use of the DR District…
Zone name
Downtown Commercial Core
General category
COMMERCIAL
Zone area
133.04 ac
Source
Ordinance Table
Top alternative use upside
Restaurant
$11.5M
+19.3%
Auto repair, garage
$10.9M
+12.5%
Retail stores
$9.8M
+1.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$7,675,000
ML approach
$7,710,000
CAP Approach
CAP Return
Estimation
6%
$6,760,000
6.5%
$6,240,000
7%
$5,795,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$9,650,000
Current use
RESTAURANT
$11,510,000
Change: +19% · Conversion: Difficult
AUTO REPAIR, GARAGE
$10,860,000
Change: +13% · Conversion: Difficult
RETAIL STORES
$9,815,000
Change: +2% · Conversion: Easy
Blend value · Realmo final
$7.15M
Range $6.43M – $7.86M · ±10% · vs last sale $7.00M (Aug 4 2023)
Last sale anchor
$7.00M
Aug 4 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$243 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$45,910
Tax year 2024
Assessed value
$4,132,400
Assessed 2024
Previous assessed
$4,132,400
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$1,539,700
Assessed improvement
$2,592,700
Land market value
$1,539,700
Improvement market value
$2,592,700
Total market value
$4,132,400
Applied tax rate
5.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1888
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Stories
4
Units
1
Total area
29,402 SF
Lot
0.4 ac (17,586 SF)
Zoning code
DCC
APN
320042023
UPID
US90-0019873
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
DCC · Tacoma, WAZoning DCC · permitted uses
DCC · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
same uses prohibited in the DCC D istrict are also prohibited in the DMU District. The maximum building height in this district is 100 feet. DR: Downtown Residential The DR D istrict contains a predominance of mid -rise, higher density, urban residential development, together with places of employment and retail services. The preferred use of the DR District is residential. Retail, office, and educational uses are also allowed. Industrial uses are prohibited. The maximum building height in this district is 90 feet.
Zone name
Downtown Commercial Core
General category
COMMERCIAL
Zone area
133.04 ac
Source
Ordinance Table
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$9.7M
RESTAURANT
Est. value
$11.5M
AUTO REPAIR, GARAGE
Est. value
$10.9M
RETAIL STORES
Est. value
$9.8M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1888
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
4
Units
1
Lot
0.4 ac
Current owner
From public records · entity-resolved
Neighborhood Development Corporatio
Entity
Mailing address
705 39TH AVE, SEATTLE, WA 98122-5239
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 4, 2023
$7,000,000
Neighborhood Development Corporatio
Tacoma Pacific Partners LLC
Warranty Deed
$3,800,000 · Twinstar Cu
Sep 25, 2018
—
Tacoma Pacific Partners LLC
—
Deed
related
$2,450,000 · Jpmorgan Chase Bank NA
May 30, 2008
—
Tacoma Pacific Partners LLC
Benjamin Podemski
Quit Claim Deed
related
$2,875,000 · Washington Mutual Bank
Apr 18, 2008
$924,000
Benjamin Podemski
Podemski,esther
Quit Claim Deed
related
—
Apr 18, 2008
$1,188,000
Benjamin Podemski
Podemski,paula
Quit Claim Deed
related
—
Dec 7, 2006
$85,000
Benjamin Podemski
Podemski,max
Quit Claim Deed
related
—
Mar 25, 2005
$3,100,000
Benjamin Podemski
One Pacific Building LLC
Warranty Deed
$2,000,000 · Wells Fargo Bank NA
Sep 6, 2002
—
One Pacific Building LLC
Sportelli,domenic J & Louises S
Quit Claim Deed
related
$1,135,000 · Sound Financial INC
Oct 29, 1999
$1,948,693
Domecnic J Sportell
One Pacific Associates
Grant Deed
$915,000 · Seller
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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