Marcus & Millichap Brokers $8.6 Million Sale Of Medical Office Building In Tacoma
1628 South Mildred Street
$8,600,000
$250/SF
Building Size
34,272 SF
Asset Type
Office
Closing
Oct 7, 2025
AI
The transaction involved the sale of a medical office building known as James Center Plaza, located at 1628 South Mildred Street in Tacoma, WA. The asset encompasses a total of 34,272 square feet and was sold for $8,600,000, equating to a price per square foot of $251. The property is fully leased to eight medical-dental tenants operating under triple-net leasing agreements.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,600,000
- Address: 1628 South Mildred Street
- Market: Tacoma, WA
- Square Footage: 34,272
- Price Per Square Foot: $251
- Seller: LLC
- Buyer: Undisclosed
- Brokers: Michael Babicz & RJ Vara - Marcus & Millichap
The sale was facilitated by brokers Michael Babicz and RJ Vara from Marcus & Millichap, representing the seller in the transaction. The building's lease agreements with medical-dental tenants contribute to its investment appeal and income stability.
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
1.84%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93