Multi-Tenant Flex
New
For Sale
$1,750,000
102 South 26th St, Tacoma, WA 98402
Renovated flex property combining retail, residential, fitness, creative, and industrial uses in a multi-tenant configuration.
Property Size14,888 SF
Lot Size0.27 Acres
Price / SF$117.54
Days on Market2
Property Features for 102 South 26th St
General Information
Standard status
Active
Size
14,888 SF
Lot size
0.27 Acres
Property subtype
Retail
Occupancy
100%
Financials
Asking Price
$1,750,000
Cap Rate
7.12%
Building Details
Buildings
1
Building Size
14,888 SF
Tenancy
Multi
Listing Agency:
NAI Puget Sound Properties
Listed By:
Sam Johnson · License #138068
(425) 586-5620
Source:
Nai-psp
Added: Sep 12
Last Checked: Sep 12 at 2:55PM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
Located at 102 South 26th St in Tacoma, Washington, this approximately 14,888-square-foot flex property occupies an approximately 11,700-square-foot parcel. The multi-tenant building includes neighborhood retail, creative, fitness, residential, and flex industrial users, along with an upstairs apartment.
Renovations include upgraded plumbing and electrical systems, space demising for multiple tenant configurations, and the addition of the apartment. The property is 100% occupied, with leases extending through 2030 and a current 7.12% cap rate. Its tenant mix and physical layout support a range of commercial and residential functions within one asset.
Renovations include upgraded plumbing and electrical systems, space demising for multiple tenant configurations, and the addition of the apartment. The property is 100% occupied, with leases extending through 2030 and a current 7.12% cap rate. Its tenant mix and physical layout support a range of commercial and residential functions within one asset.
Key Highlights
- Approximately 14,888 square feet on an approximately 11,700‑square‑foot parcel
- 100% occupied multi‑tenant flex property
- Current cap rate of 7.12%
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
$160,254
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
9.16%
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%
$3,205,080
$3.2M
Cap Rate 7%
$2,289,343
$2.3M
Cap Rate 9%
$1,780,600
$1.8M
Market Conditions
NOI Build-Up for 14,888 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
$268.0K $18.00/SF
− Vacancy
−$21.4K −$1.44/SF
EGI
$246.5K $16.56/SF
− OpEx
−$86.3K −$5.80/SF
NOI
$160.3K $10.76/SF
Area
Tacoma, WA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$3,205,080
Cap Rate 7%
$2,289,343
Cap Rate 9%
$1,780,600
Alternative Uses
Best Use
Mixed Use
$2.94M
$2.57M – $3.42M
NOI $205,454 @ 7.0% cap · market cap 11.74%
Second Best
Retail
$2.56M
$2.24M – $2.99M
NOI $179,147 @ 7.0% cap · market cap 10.24%
Theoretical Best
Office A
$4.58M
$4.00M – $5.34M
NOI $320,330 @ 7.0% cap · market cap 18.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,296
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated flex property combining retail, residential, fitness, creative, and industrial uses in a multi-tenant configuration.
Where is this flex space located?
The property is located at 102 South 26th St Tacoma, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 14,888 square feet on an approximately 11,700‑square‑foot parcel; 100% occupied multi‑tenant flex property; Current cap rate of 7.12%
