220 I StTacoma, WA 98405

Property Details for 220 I St

Year built

1928

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.19 AC

Property size (Sq ft)

9,632 SF

Zone code

R4

Property type

Apartment buildings

APN

2032180030

APU

2032180030

Description

This exceptional mixed-use property, encompassing 26,000 square feet on a 0.59-acre lot, presents a unique investment opportunity in Tacoma's thriving medical district. Located at 220 S I St, Tacoma, WA 98405, this building offers convenient access to I-705 and I-5, placing it within a four-minute drive of major freeway access. The property boasts 35 surface parking stalls, supplemented by ample street parking, and benefits from proximity to public transportation, including light rail and city bus stops. Currently housing Cascade Regional Blood Services, a reputable non-profit with an 80-year history, the building's strategic location between Wright Park and MultiCare Tacoma General Hospital ensures strong synergy with the region's healthcare ecosystem. The building itself comprises a 12,554 square foot, two-story structure, built in 1969 and renovated in 1997. Its proximity to MultiCare Tacoma General Hospital, a major medical facility with 437 licensed beds, and the expanding Mary Bridge Children's Hospital, undergoing a significant $300 million upgrade, further enhances its investment potential. The asking price is $3,425,000, translating to $131.73 per square foot. Parcel numbers are 2002180041 and 2002180030. This property offers a compelling blend of location, functionality, and growth potential within a dynamic healthcare market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,589,700

  6.5%

  $3,313,570

  7%

  $3,076,890

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,022,060

  Geo Method

  $2,170,270

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,195,280

  Retail / Commercial

  $2,697,990

  Mixed-Use / Specialty

  $2,715,060

  Hospitality / Lodging

  $2,026,710

  Office

  $2,726,740

  Institutional / Educational

  $2,832,110

  Multifamily

  $3,826,130

  Automotive / Energy

  $2,427,530

  Parking / Income-Based Land

  $811,335

  Restaurant / Food Service

  $1,469,100

  Healthcare / Senior Housing

  $2,756,870

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.2624

Longitude

-122.453

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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