High-Visibility Mixed-Use
For Sale
Contact for pricing
1016 S 10th St, Tacoma, WA 98405
Exceptional property with high potential in a transforming urban core.
Property Size19,024 SF
Lot Size0.15 Acres
Price / SF$136.67
Days on Market207
Property Features for 1016 S 10th St
General Information
Standard status
Active
Size
19,024 SF
Lot size
0.15 Acres
Property subtype
RETAIL
Listing Agency:
The Wynn Group
(253) 509-0449
Listed By:
Oliver Rodriguez · License #21016366
(253) 509-0449
Source:
Moodyscre
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 21 at 4:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Wynn Group
Investment Insights
Based on property information with market context.
Located along the high-visibility Martin Luther King Jr. Way, this property offers exceptional potential in a rapidly transforming corridor with multiple nearby developments already underway. Zoned Neighborhood Commercial Mixed-Use (NCX), the site provides flexibility for various uses, including retail, office, multi-family housing, or a mixed-use concept. The zoning allows building heights up to 45 feet. The existing structure features 20-foot vaulted ceilings and a two-level seating area suitable for events, church, or community gatherings. It also includes multiple professional offices, a reception area, break rooms, and ADA-compliant restrooms. The property has an expansive 12,996 square feet finished basement and a new roof installed in 2018. The property offers a gateway into Tacoma’s growing urban core, surrounded by active investment and community renewal. The property size is 19,024 square feet.
Key Highlights
- High‑visibility location on Martin Luther King Jr. Way in a rapidly developing area.
- Zoned Neighborhood Commercial Mixed‑Use (NCX) allowing for retail, office, multi‑family housing, or mixed‑use development.
- Existing structure features a rare and expansive 12,996 SF finished basement.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$228,916
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,578,320
$4.6M
Cap Rate 7%
$3,270,229
$3.3M
Cap Rate 9%
$2,543,511
$2.5M
Market Conditions
NOI Build-Up for 19,024 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$342.4K $18.00/SF
− Vacancy
−$15.4K −$0.81/SF
EGI
$327.0K $17.19/SF
− OpEx
−$98.1K −$5.16/SF
NOI
$228.9K $12.03/SF
Area
Tacoma, WA
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,578,320
Cap Rate 7%
$3,270,229
Cap Rate 9%
$2,543,511
Alternative Uses
Best Use
Office B
$4.40M
$3.85M – $5.14M
NOI $308,189 @ 7.0% cap · market cap 11.85%
Second Best
Mixed Use
$3.75M
$3.28M – $4.38M
NOI $262,531 @ 7.0% cap · market cap 10.10%
Theoretical Best
Office A
$5.85M
$5.12M – $6.82M
NOI $409,320 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Exceptional property with high potential in a transforming urban core.
Where is this mixed-use property located?
The property is located at 1016 S 10th St Tacoma, WA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: High‑visibility location on Martin Luther King Jr. Way in a rapidly developing area.; Zoned Neighborhood Commercial Mixed‑Use (NCX) allowing for retail, office, multi‑family housing, or mixed‑use development.; Existing structure features a rare and expansive 12,996 SF finished basement.
