James Center Professional Plaza | 1628 S Mildred St
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James Center Professional Plaza 1628 S Mildred St
33,272 SF 93% Leased Office Building Tacoma, WA 98465 $9,325,000 ($280/SF) 6.48% Cap Rate
Investment Highlights
- RECENT CAPITAL EXPENDITURES
- SIGNIFICANT RENTAL UPSIDE
- STRONG HISTORICAL OCCUPANCY
- EXCELLENT LOCATION
- STABILIZED NNN INVESTMENT
- SIGNIFICANT NEARBY DEVELOPMENT
Executive Summary
THE VARA GROUP is excited to announce the exclusive sale
offering of James Center Plaza, a medical office building in the
Fircrest neighborhood of Tacoma, WA. The property offers
34,272 rentable square feet and is currently leased to 9 medical dental
tenants under NNN lease terms. The asset features an
abundance of parking via shared spaces within the Neighborhood
Center, including 24 exclusive stalls on the parcel. Anchored by
several national retailers, the James Center Commercial District
benefits from a strong suburban demographic, driven by an aging
population that supports off-campus medical-dental demand.
offering of James Center Plaza, a medical office building in the
Fircrest neighborhood of Tacoma, WA. The property offers
34,272 rentable square feet and is currently leased to 9 medical dental
tenants under NNN lease terms. The asset features an
abundance of parking via shared spaces within the Neighborhood
Center, including 24 exclusive stalls on the parcel. Anchored by
several national retailers, the James Center Commercial District
benefits from a strong suburban demographic, driven by an aging
population that supports off-campus medical-dental demand.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$629,379
|
$18.92
|
| Other Income |
$318,190
|
$9.56
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$947,569
|
$28.48
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$343,574
|
$10.33
|
| Net Operating Income |
$603,995
|
$18.15
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $629,379 |
| Annual Per SF | $18.92 |
| Other Income | |
|---|---|
| Annual | $318,190 |
| Annual Per SF | $9.56 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $947,569 |
| Annual Per SF | $28.48 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $343,574 |
| Annual Per SF | $10.33 |
| Net Operating Income | |
|---|---|
| Annual | $603,995 |
| Annual Per SF | $18.15 |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
33,272 SF
Building Class
B
Year Built
1997
Price
$9,325,000
Price Per SF
$280
Cap Rate
6.48%
NOI
$603,995
Percent Leased
93%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
16,636 SF
Building FAR
0.72
Land Acres
1.06 AC
Zoning
CCX - Community Commercial Mixed-Use District
Parking
24 Spaces (0.72 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
- Wi-Fi
1 of 1
Walk Score ®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 022003-8013 | Improvements Assessment | $6,468,400 (2024) |
| Land Assessment | $1,061,900 (2024) | Total Assessment | $7,530,300 (2024) |
PROPERTY TAXES
Parcel Number
022003-8013
Land Assessment
$1,061,900 (2024)
Improvements Assessment
$6,468,400 (2024)
Total Assessment
$7,530,300 (2024)
-
Raymond 'RJ' Vara -
Michael Babicz -
Marcus & Millichap
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James Center Professional Plaza | 1628 S Mildred St
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