Tacoma Super Block Development
1301 Pacific Avenue Tacoma, WA 98402
1301 Pacific Avenue, Tacoma, WA, 98402
$11,412,000
For Sale
$11,412,000
Premier development site in Tacoma's Financial District.
Property Size69,165 SF
Price / SF$164
Days on Market315
Property Features for 1301 Pacific Avenue
General Information
- Standard status
- Active
- Size
- 69,165 SF
- Property subtype
- Land
Listing Agency
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(253) 238-0043
Listed by
John Bauder, CCIM
Source
Lee-associates
Added: Sep 10, 2025 Updated: Jul 6 at 8:03 am Checked: Jul 20 at 3:46 am
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire the Super Block, a development site located in the heart of Tacoma’s Financial District, adjacent to freeway on and off ramps. The Downtown Commercial Core zoning allows for a height limit of 400 feet. Initial studies suggest the potential to construct nearly 480,000 square feet of office, retail, hospitality, and/or multifamily space. The Super Block encompasses approximately 69,165 square feet of land, with additional underground parking. A developer has the potential to control two full city blocks in Downtown Tacoma and may have the ability to vacate the alley between the two blocks, providing approximately 12,000 square feet of additional land, totaling almost 2 contiguous acres. Pre-development work has been completed, including construction drawings for an approximately 250,000 square foot office building, and massing studies depicting up to a 665,000 square foot office building with underground parking and retail. The site currently has approximately 304 parking stalls, including secure underground parking. The site also falls within a Qualified Opportunity Zone. Interim parking income and extensive pre-development / due diligence work provides a developer a clear path forward.
Key Highlights
- Premier development site in the heart of Tacoma's Financial District.
- Downtown Commercial Core zoning with a height limit of 400', allowing for nearly 480,000 square feet of development.
- Benefit from ±69,165 SF of land (almost 2 contiguous acres with alley vacation) and additional underground parking, allowing control of two full city blocks.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.24M | $18.00 |
| − Vacancy | −$56.0k | −$0.81 |
| EGI | $1.19M | $17.19 |
| − OpEx | −$356.7k | −$5.16 |
| NOI | $832.3k | $12.03 |
69,165 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$11.89M
$10.40M – $13.87M
NOI $832,262 @ 7.0% cap · market cap 7.29%
Second Best
Industrial
$10.58M
$9.26M – $12.34M
NOI $740,542 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$21.26M
$18.60M – $24.80M
NOI $1,488,154 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ChargePoint Charging Station
Electric Vehicle Charging Station
Similar For Sale Nearby
FAQs
What type of property is this?
Commercial land - Premier development site in Tacoma's Financial District.
Where is this commercial land located?
The property is located at 1301 Pacific Avenue Tacoma, WA.
What is the asking price?
The asking price for this property is $11,412,000.
What are key features of this property?
This property features: Premier development site in the heart of Tacoma's Financial District.; Downtown Commercial Core zoning with a height limit of 400', allowing for nearly 480,000 square feet of development.; Benefit from ±69,165 SF of land (almost 2 contiguous acres with alley vacation) and additional underground parking, allowing control of two full city blocks.
