622 Tacoma AveTacoma, WA 98402

Property Details for 622 Tacoma Ave

Year built

1956

Construction

WOOD FRAME

Lot size

0.22 AC

Property size (Sq ft)

8,936 SF

Zone code

DR

Property type

Office properties

Property subtype

Other office properties

APN

2006120040

APU

2006120040

Description

This 8,277 square foot, two-story office building in Tacoma, WA (98402), presents a unique owner-user and redevelopment opportunity. Currently 49% occupied, the property offers immediate potential for owner occupancy. The ground floor features a single 4,200 square foot space, while the second floor comprises five smaller suites ranging from 534 to 1,372 square feet, three of which are leased month-to-month. One existing tenant is seeking expansion, providing an immediate opportunity to increase occupancy and rental income. The building sits on a 16,250 square foot lot (APN: 200612-0040. 200612-0030) and is zoned DR. Built in 1956, the Class C building offers significant upside potential. Initial architectural plans exist for a substantial vertical mixed-use development, envisioning a seven-story structure with approximately 79,122 gross square feet, including 46,140 square feet of residential and 1,653 square feet of commercial space. The asking price is $1,650,000 ($199.35/SF). This property is ideal for an owner-user seeking immediate space and long-term development potential, or an investor looking to capitalize on a strong Tacoma market and a flexible leasing strategy. The building could achieve 100% occupancy by mid-2025 through leasing or owner-user expansion.

• CAP approach

  CAP return

  Valuation

  6%

  $2,418,104

  6.5%

  $2,232,096

  7%

  $2,072,660

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,396,313

  Geo Method

  $1,720,895

• Alternative Use

  Use

  Valuation

  Residential

  $2,767,798

  Hospitality

  $2,535,288

  Educational

  $2,109,330

  Medical

  $2,181,874

  Retail

  $3,281,180

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.257

Longitude

-122.446

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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