Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Tacoma Super Block Development Site Title is generated by Realmo AI

    1301 Pacific Avenue, Tacoma, WA 98402

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $11,412,000

    Premier development site in Tacoma's Financial District.

    Type:Land
    Property size:
    69,165 SF
    Price / SF:
    $164/SF
    Added:
    Sep 10, 2025
    Days on Market:
    254
    Last Refresh:
    Apr 5 at 9:25 pm

    Property Features for 1301 Pacific Avenue

    General Information

    Standard status
    Active
    Size
    69,165 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    John Bauder, CCIM
    John Bauder, CCIM

    Listing agent John Bauder, CCIM

    Listing office Lee & Associates Commercial Real Estate Services

    Listing date Sep 10, 2025

    Source Lee-associates

    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

    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.
    • Extensive pre‑development work completed, including construction drawings for a ±250,000 office building.
    • Interim parking income provides immediate revenue.
    • Located in a Qualified Opportunity Zone.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $9.25M
    NOI $832,262 @ 9.00% cap · cautious / downside scenario
    Moderate
    $11.89M
    NOI $832,262 @ 7.00% cap · market / base-case scenario
    Aggressive
    $16.65M
    NOI $832,262 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Retail

    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 Use Scenarios

    Best Use
    Retail
    $11.89M
    $10.40M – $13.87M (±1% cap)
    NOI $832,262 @ 7.0% cap · market cap 7.29%
    Second Best
    Industrial
    $10.58M
    $9.26M – $12.34M (±1% cap)
    NOI $740,542 @ 7.0% cap · market cap 6.49%
    Theoretical Best
    Office A
    $21.26M
    $18.60M – $24.80M (±1% cap)
    NOI $1,488,154 @ 7.0% cap · market cap 13.04%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ChargePoint Charging Station Electric Vehicle Charging Station

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.437
    Latitude
    47.2517

    Nearby Similar for Sale

    • $1,799,000

      Mixed-Use Multifamily Investment Opportunity

      Value-add mixed-use multifamily property with income and upside potential.
      9618 Pacific Avenue, Tacoma, WA 98444
      View Details
    • $3,399,000

      Multifamily Opportunity in Tacoma

      Value-add multifamily property with renovation and income growth potential.
      7603 Pacific Avenue, Tacoma, WA 98408
      View Details
    • $2,885,000
      8,640 SF

      Tacoma Warehouse with Secured Yard

      Warehouse with secured yard, close to major highways and port.
      10324 Portland Ave E, Tacoma, WA 98445
      View Details
    • $675,000
      2,630 SF

      Downtown Tacoma Office/Retail Space

      2,630 SF office/retail space in Tacoma's vibrant downtown.
      732 Broadway Ste 102, Tacoma, WA 98402
      View Details
    • $499,000
      2,605 SF

      Standalone Commercial Building Near Highway

      Commercial building with flexible space, convenient location, and high visibility.
      3108 Union Ave, Tacoma, WA 98409
      View Details
    • $350,000

      Multifamily Land in South Tacoma

      2.81 acres for multifamily development in Tacoma, WA.
      6016 S Tyler Street, Tacoma, WA 98409
      View Details
    • $3,539,000
      9,424 SF

      Tacoma Retail Center For Sale

      9,424 SF retail center in Tacoma, WA for sale.
      11401 Steele Street South, Tacoma, WA, 98444
      View Details
    • $10,000
      4,960 SF

      South Tacoma Way Retail Warehouse

      4,960 SF retail warehouse with I-502 zoning and visibility.
      3201 South Tacoma Way, Tacoma, WA 98409
      View Details
    • $2,625,000
      12,000 SF

      Downtown Tacoma Investment Property

      Fully leased 12,000 SF building in downtown Tacoma for sale.
      102 Puyallup Avenue, Tacoma, WA 98421
      View Details
    • $1,450,000
      25,500 SF

      Tacoma Redevelopment Opportunity

      25,500 SF building on 9,184 SF site in downtown Tacoma.
      919 Market Street, Tacoma, WA 98402
      View Details
    • $2,625,000
      12,000 SF

      Tacoma Investment Property For Sale

      Fully leased 12,000 SF building in downtown Tacoma.
      102 Puyallup Avenue, Tacoma, WA 98421
      View Details
    • $995,000

      Corner Lot Zoned Commercial

      0.37 acre corner lot near hospital and freeway access.
      1502 6th Ave, Tacoma, WA 98405
      View Details

    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.
    (253) 238-0043
    We can help!
    Listing Contact
    John Bauder, CCIM
    John Bauder, CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1301 Pacific Avenue, Tacoma, WA 98402
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!