1628 Mildred StTacoma, WA 98465

Property Details for 1628 Mildred St

Year built

1997

Construction

WOOD FRAME

Lot size

1.06 AC

Property size (Sq ft)

34,800 SF

Zone code

CCX

Property type

Medical offices

Property subtype

Medical centers

APN

220038013

APU

220038013

Description

This exceptional investment opportunity presents James Center Plaza, a Class B medical office building located at 1628 S Mildred St, Tacoma, WA 98465, in the Fircrest neighborhood of Pierce County. The property encompasses 34,272 rentable square feet across one, two-story building constructed in 1997 and renovated in 2004. Currently boasting 93.4% occupancy, the building houses ten medical and dental tenants under NNN leases, offering a passive income stream. The property features 24 dedicated parking spaces, supplementing shared parking within the surrounding commercial district. The asking price is $9,325,000, representing a price per square foot of $272.09 and a price per unit of $932,500. The current NOI is $603,995, yielding a 6.48% cap rate, with a pro-forma NOI of $661,186 and a pro-forma cap rate of 7.09%. The 45,999 square foot lot offers a land value of $202.72 per square foot. The property is zoned CCX and benefits from a strong suburban demographic and recent residential development surge, further enhancing its long-term value. Rent bumps are included in the lease agreements. This value-add opportunity presents significant upside potential due to the current occupancy and potential for rental increases.

• CAP approach

  CAP return

  Valuation

  6%

  $9,416,966

  6.5%

  $8,692,584

  7%

  $8,071,685

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,332,106

  Geo Method

  $6,701,784

• Alternative Use

  Use

  Valuation

  Residential

  $10,778,804

  Hospitality

  $9,873,326

  Educational

  $8,214,492

  Medical

  $8,497,001

  Retail

  $12,778,098

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.2454

Longitude

-122.528

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].