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    Property profile & analytics

    621 Pacific Ave Tacoma, WA 98402

    • Office Properties & Spaces
    • 29,402 SF
    • 0.40 lot acres
    For Sale
    View listing
    $26
    Last Sale
    Aug 04, 2023
    $7,000,000
    Value Estimations
    Cap Rate Potential
    5.3%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US90-0019873
    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

    • Court & Carpenter, PC - Criminal Military Defense Lawyers / Military Board / Law Firm
    • New Artisan Homes / General Contractor
    • Guardian Water & Power, Inc - Submetering & Utility Billing Services / Utility Contractor / Construction Equipment Supplier
    • Pierce County Center for Supervised Visitation / Visitor Center
    • Jill Nealey-Moore, Ph.D., Licensed Clinical Psychologist / Psychologist

    Property Details for 621 Pacific Ave

    Year built
    1888
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.40 lot acres
    Property size
    29,402 SF
    Zone code
    DCC
    Property type
    Office Properties & Spaces
    APN
    320042023
    APU
    320042023

    Value 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

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,241,000
      Market price range: $4.84M - $22.3M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.439
    Latitude
    47.2576
    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
    $45,910
    $1,539,700
    $2,592,700
    $4,132,400
    -
    $1,539,700
    $2,592,700
    $4,132,400

    Comparable in this City

    • Value Estimation by Request
      10,343 SF

      711 Pacific Ave

      Office Properties & Spaces • 10,343 SF
      711 Pacific Ave, Tacoma, WA 98402
      View Details
    • Value Estimation by Request
      2,640 SF

      732 Broadway

      Office Properties & Spaces • 2,640 SF
      732 Broadway, Tacoma, WA 98402
      View Details
    • Value Estimation by Request
      51,000 SF

      738 Broadway

      Automotive properties • 51,000 SF
      738 Broadway, Tacoma, WA 98402
      View Details
    • Value Estimation
      $12,385,000
      114,000 SF

      1423rd Pacific Ave

      OFFICE (GENERAL) • 114,000 SF
      1423rd Pacific Ave, Tacoma, WA 98402
      View Details
    • Value Estimation
      $6,625,000
      48,000 SF

      1107th Pacific Ave

      OFFICE (GENERAL) • 48,000 SF
      1107th Pacific Ave, Tacoma, WA 98402
      View Details
    • Value Estimation
      $5,620,000
      36,303 SF

      1552 Commerce St

      OFFICE (GENERAL) • 36,303 SF
      1552 Commerce St, Tacoma, WA 98402-3310
      View Details

    Similar Nearby for Sale

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      Tacoma Office Building - Owner/User Opportunity

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    • $4,000,000
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      Tacoma Mixed-Use Investment Opportunity

      Two buildings, 51,000 SF, prime location
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    • Contact for pricing
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      Prime Tacoma Executive Office Space

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    • $13,000,000
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      Tacoma Executive Office Building

      Prime Tacoma Office, 153,600 SF
      1301-1305 Tacoma Ave, Tacoma, WA 98402
      View Details
    • $1,875,000
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      Downtown Tacoma Executive Office Building

      Prime Tacoma location, 10,343 SF, 6 parking spaces
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    • $1,950,000
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      Brewery Blocks Suite 2122

      Tacoma Restaurant/Office Space
      2122 Commerce St, Tacoma, WA 98402
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    Similar Nearby for Lease

    • $21 SF/Yr
      105,000 SF

      Downtown Tacoma Office Space

      Class B Office Building, 105,000 sqft
      1101 Pacific Ave, Tacoma, WA 98402
      View Details
    • $22 SF/Yr
      14,589 SF

      1201 Pacific Ave

      Office space • 14,589 SF
      1201 Pacific Ave, Tacoma, WA 98402
      View Details
    • $15 SF/Yr
      5,180 SF

      Downtown Tacoma Office Space

      Modern office spaces in prime downtown location with city views.
      1140-1160 Broadway, Tacoma, WA 98402
      View Details
    • $34 SF/Yr
      19,358 SF

      Tacoma Office Space For Rent

      Office space with conference room, parking, and convenient transportation access.
      909 A St, Tacoma, WA 98402
      View Details
    • $18 SF/Yr
      6,343 SF

      Renovated Retail/Office Space Near I-5

      Newly renovated retail or office spaces available near UW Tacoma.
      2413 Pacific Ave, Tacoma, WA 98402
      View Details
    • $2,800 /Mo
      2,482 SF

      Tacoma Downtown Historical District Office

      Office space in Tacoma's Downtown Historical District available for lease.
      2509-2515 S Holgate St, Tacoma, WA 98402
      View Details
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    621 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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