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Sound Credit Union Acquires Office Asset 1498 Pacific Avenue In Tacoma For $15.75M
SOLD
$15,750,000
Washington
See Similar DealsOffice55,000 SF
Sold 09/09/2025
SOLD
Sound Credit Union Acquires Office Asset 1498 Pacific Avenue In Tacoma For $15.75M
1498 Pacific Avenue
See Similar DealsOffice55,000 SF
Sold 09/09/2025
Summary
WASHINGTON
Asset Type:Office
Price Per Square Foot:$286
Total Square Footage:55,000 SF
Transaction Type:Sale
The property asset involved in the transaction is an office building located at 1498 Pacific Avenue in Tacoma, WA. The sale price for this asset was $15,750,000, with a total square footage of 55,000, resulting in a price per square foot of $286.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $15,750,000
- Address: 1498 Pacific Avenue
- Market: Tacoma, WA
- SF: 55,000
- PPSF: $286
- Buyer: Sound Credit Union
- Seller: John Hall & Jerry Korum - 1498 Pacific LLC
- Broker: Harrison Laird - Lee & Associates
Sound Credit Union completed the acquisition of the property from sellers John Hall and Jerry Korum, who are affiliated with 1498 Pacific LLC. The deal was facilitated by broker Harrison Laird from Lee & Associates, marking a significant transaction in the South Sound office market for the year.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$840,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,956.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,663.04
Annual Debt Service$895,956.42
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