Tacoma Industrial Building with
For Sale
$1,350,000
1904 Stewart St, Tacoma, WA 98421
7,432 SF industrial building with remodeled office space and yard.
Property Size7,432 SF
Price / SF$181.65
Days on Market459
Property Features for 1904 Stewart St
General Information
Standard status
Active
Size
7,432 SF
Building Details
Year Built
1968
Listing Agency:
COLDWELL BANKER BAIN-BELLEVUE
Listed By:
MICHAEL FLYNN
Source:
Corcoran
Added: May 6, 2025
Changed: Mar 16
Last Checked: Jul 23 at 7:09AM
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 COLDWELL BANKER BAIN-BELLEVUE
Investment Insights
Based on property information with market context.
This approximately 7,432 sq. ft. light industrial building is located on the Tacoma Tide Flats, about 4 minutes from Interstate 5. The construction is metal post-and-beam, with metal siding and a metal roof. Approximately 4,080 sq. ft. of office space has been remodeled with new drywall, ceilings, and wiring. This work is unfinished, making it easy to configure the layout to suit. A 2,200 sq. ft. room with two-story clear height has been used for manufacturing and assembly. Two 10' wide doors allow passage of machinery or a tractor-trailer to pass through the building to the rear storage yard. Connected to and behind the manufacturing area is a 3-bay metal storage building, approximately 1,150 sq. ft. in area. The parcel is level and fenced.
Key Highlights
- Conveniently located on the Tacoma Tide Flats, just 4 minutes from Interstate 5.
- Approximately 4,080 sq. ft. of office space is being remodeled, allowing for customizable layout.
- Features a 2,200 sq. ft. room with two‑story clear height suitable for manufacturing and assembly.
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
$96,625
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
7.16%
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%
$1,932,500
$1.9M
Cap Rate 7%
$1,380,357
$1.4M
Cap Rate 9%
$1,073,611
$1.1M
Market Conditions
NOI Build-Up for 7,432 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
$124.0K $16.68/SF
− Vacancy
−$10.3K −$1.38/SF
EGI
$113.7K $15.30/SF
− OpEx
−$17.1K −$2.29/SF
NOI
$96.6K $13.00/SF
Area
Tacoma, WA
Vacancy
8.30%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
15.00%
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%
$1,932,500
Cap Rate 7%
$1,380,357
Cap Rate 9%
$1,073,611
Alternative Uses
Best Use
Warehouse
$1.38M
$1.21M – $1.61M
NOI $96,625 @ 7.0% cap · market cap 7.16%
Second Best
Industrial
$1.14M
$994.7K – $1.33M
NOI $79,574 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$2.28M
$2.00M – $2.67M
NOI $159,907 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 98421, WA
1,239
Population
78
Households
15.9
Avg Household Size
34
Median Age
25%
College-Educated
98%
High-School Grad
6.5 sq mi
ZIP Area
191
Density / Sq Mi
$1,273
Median Rent
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - 7,432 SF industrial building with remodeled office space and yard.
Where is this manufacturing property located?
The property is located at 1904 Stewart St Tacoma, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Conveniently located on the Tacoma Tide Flats, just 4 minutes from Interstate 5.; Approximately 4,080 sq. ft. of office space is being remodeled, allowing for customizable layout.; Features a **2,200 sq. ft. room with two‑story clear height suitable for manufacturing and assembly**.
