5602 Lawrence StTacoma, WA 98409

Property Details for 5602 Lawrence St

Year built

1909

Construction

WOOD FRAME

Lot size

0.11 AC

Property size (Sq ft)

3,646 SF

Zone code

RCX

Property type

Retail space

APN

9485000831

APU

9485000831

Description

This exceptional 3,646-square-foot, two-story building in South Tacoma presents a remarkable investment opportunity. Situated on a 5,000-square-foot lot (.115 acres), this property boasts a prime location between I-5 and South Tacoma Way, directly on 56th Street. Originally configured as a bar with a manager's apartment on the upper level (1,823 sq ft each), the building's adaptability is a key asset. It's easily convertible to professional office space, retail, or even a multi-unit residential property, catering to a wide range of uses. The building, constructed in 1909 and renovated in 1998, offers secure parking and storage in the rear, along with convenient customer parking. Its proximity to shopping, easy freeway access, and surrounding businesses further enhance its appeal. The asking price is $699,000, translating to $191.72 per square foot. This property offers a unique blend of location, versatility, and potential for significant return on investment. The two-story structure provides ample space and flexibility, making it an ideal choice for a variety of commercial ventures. Don't miss this chance to acquire a well-positioned property in a thriving South Tacoma neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $1,450,326

  6.5%

  $1,338,763

  7%

  $1,243,137

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,463,869

  Geo Method

  $1,769,410

• Alternative Use

  Use

  Valuation

  Residential

  $1,129,296

  Hospitality

  $1,034,430

  Educational

  $860,633

  Medical

  $890,232

  Retail

  $1,338,763

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.206

Longitude

-122.479

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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