Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7191 Wagner Way Gig Harbor, WA 98335

    • Office Properties & Spaces
    • 14,581 SF
    • 1.15 lot acres
    For Lease
    View listing
    $28 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1296642
    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

    • Gordon & Alvestad, PLLC / Real Estate Attorney / Tax Attorney
    • GGHF Curious by Nature School Main Campus / Kindergarten / Preschool
    • Cindy Miller Evergreen Home Loans / Mortgage Lender
    • Evergreen Home Loans Gig Harbor NMLS 1102863 / Mortgage Lender / Loan Agency
    • The Legacy Group Mortgage / Mortgage Lender / Mortgage Broker

    Property Details for 7191 Wagner Way

    Year built
    2007
    Construction
    WOOD FRAME
    Lot size
    1.15 lot acres
    Property size
    14,581 SF
    Zone code
    RB-2
    Property type
    Office Properties & Spaces
    APN
    4002440020
    APU
    4002440020

    Description

    Mallard's Landing I offers exceptional office space in a highly desirable location. This Class C, single three-story building totaling 20,311 square feet, was constructed in 2007 and sits on a 1.05-acre lot (APN: 4002440020). The property is currently available for lease with multiple tenancy options. Spaces range from a minimum of 1,500 square feet to a maximum contiguous space of 3,718 square feet, with 3,711 square feet currently vacant. The building boasts high-quality construction and ample parking, exceeding typical requirements for a property of this size. Its strategic location offers convenient access to the downtown area and major highways, ensuring excellent visibility and accessibility for businesses. The property's versatile layout caters to a variety of business needs, making it an ideal choice for companies seeking a functional and well-situated office space. This is a unique opportunity to secure a prominent location with significant advantages. Contact us today to learn more about leasing options and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,885,000
      6.5%
      $2,665,000
      7%
      $2,475,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,867,000
      Market price range: $597k - $3.11M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $4,710,000
      Current use
      AUTO REPAIR, GARAGE
      $5,360,000
      Change: +14% Conversion: Difficult
      RETAIL STORES
      $4,465,000
      Change: -5% Conversion: Easy
      WAREHOUSE, STORAGE
      $4,350,000
      Change: -8% Conversion: Difficult
      MEDICAL BUILDING
      $4,005,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.593
    Latitude
    47.3225
    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
    $46,146
    $876,300
    $4,570,600
    $5,446,900
    -
    $876,300
    $4,570,600
    $5,446,900

    Comparable in this City

    • Value Estimation
      $3,175,000
      17,010 SF

      3519 56th St

      OFFICE (GENERAL) • 17,010 SF
      3519 56th St, Gig Harbor, WA 98335-8593
      View Details
    • Value Estimation
      $7,375,000
      32,400 SF

      3025 Harborview Dr

      OFFICE (GENERAL) • 32,400 SF
      3025 Harborview Dr, Gig Harbor, WA 98335-1962
      View Details
    • Value Estimation by Request
      2,160 SF

      2915 Harborview Dr

      OFFICE (GENERAL) • 2,160 SF
      2915 Harborview Dr, Gig Harbor, WA 98335-1910
      View Details
    • Value Estimation
      $2,210,000
      20,276 SF

      10202 Pacific S Ave

      OFFICE (GENERAL) • 20,276 SF
      10202 Pacific S Ave, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $525,000
      3,199 SF

      3718 Rosedale St

      OFFICE (GENERAL) • 3,199 SF
      3718 Rosedale St, Gig Harbor, WA 98335-1822
      View Details
    • Value Estimation
      $1,455,000
      8,100 SF

      5790 Soundview Dr

      OFFICE (GENERAL) • 8,100 SF
      5790 Soundview Dr, Gig Harbor, WA 98335-2024
      View Details

    Similar Nearby for Sale

    • $1,490,000
      3,872 SF

      Gig Harbor Commercial Building

      Prime Gig Harbor office building, multi-tenant potential.
      5315 57Th St, Gig Harbor, WA 98335
      View Details
    • $1,490,000

      Two-Story Building with Parking

      Two-story building with parking, ideal for owner-user or investment.
      5315 NW Gig Harbor Dr, Gig Harbor, WA 98335
      View Details
    • $800,000
      2,380 SF

      Soundview Drive Office Investment

      Well-maintained 2,380 SF office building with 6 units.
      5800 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • $849,000
      2,040 SF

      Gig Harbor Commercial Land Opportunity

      Commercial land with reconstructed buildings in Gig Harbor, WA.
      7817 Skansie Ave, Gig Harbor, WA 98335
      View Details
    • $1,200,000

      Gig Harbor Office Building For Sale

      Office building in Gig Harbor, WA, suitable for investment or owner-user.
      3710 Grandview St, Gig Harbor, WA 98335
      View Details
    • $1,490,000

      Two-Story Office Building For Sale

      Two-story office building with parking and versatile floor plan.
      5315 57Th St NW, Gig Harbor, WA 98335
      View Details

    Similar Nearby for Lease

    • $44 SF/Yr
      184,376 SF

      Gig Harbor Retail Center Opportunity

      Prime Gig Harbor location, 3,944 sq ft available.
      5118 Point Fosdick Dr, Gig Harbor, WA 98335
      View Details
    • $21 SF/Yr
      5,379 SF

      Gig Harbor Executive Office Space

      Prime Gig Harbor location, 1,188 sq ft available.
      3309 56Th St, Gig Harbor, WA 98335
      View Details
    • $28 SF/Yr
      20,311 SF

      Mallard's Landing I Office Space

      Prime Office Suites, Downtown Proximity
      7191 Wagner Way, Gig Harbor, WA 98335
      View Details
    • $22 SF/Yr
      196 SF

      Gig Harbor Office & Warehouse Space

      Versatile Gig Harbor commercial property.
      5717 Wollochet Dr, Gig Harbor, WA 98335
      View Details
    • $1.20 SF/Yr
      2,947 SF

      Gig Harbor Office/Shop Space

      Versatile 2,947sf space with office and shop areas.
      6626 Wagner Way NW, Gig Harbor, WA 98335
      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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7191 Wagner Way
    Gig Harbor, WA 98335
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.