Updated Sep 16, 2025
Sound Credit Union Acquires Office Asset 1498 Pacific Avenue In Tacoma For $15.75M
1498 Pacific Avenue
$15,750,000
$286/SF
Building Size
55,000 SF
Asset Type
Office
Closing
Sep 9, 2025
About this deal
AI
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.
Players
Tacoma Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.01%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93