Listing Agency: NAI Puget Sound Properties Show Phone

Listed By: Bret Matysik, SIOR, CCIM Show Phone

Source: Moodyscre

Added: Mar 6, 2025 Changed: Oct 25 Last Checked: Oct 30 at 6:04PM

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Investment Insights

Based on property information with market context.

This flex-style property offers a mix of office and warehouse space, totaling 8,820 square feet (buyer to confirm). The interior was recently refreshed and includes 4,969 square feet of office area and 3,851 square feet of warehouse space. Warehouse features include an 18' clear height and one GL door. The property also has heavy power and secure indoor parking for up to eight vehicles.

The site is located in Downtown Tacoma and sits on a 0.14-acre lot. It is served by WR zoning described as a Warehouse/Residential District.

For owner-users or flexible occupancies that need on-site office support along with warehouse improvements, this configuration provides a straightforward split between work space and office space, with secure indoor parking and warehouse loading via the GL door.

Key Highlights

• Flex property in Downtown Tacoma with dedicated 4,969 SF office and 3,851 SF warehouse
• 18' clear height in the warehouse area
• Secure indoor parking for up to 8 vehicles

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$142,884

Cap Rate

7.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,857,680 $2.9M

Cap Rate 7%

$2,041,200 $2.0M

Cap Rate 9%

$1,587,600 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,820 SF

Gross rent

$238.1K $27.00/SF

− Vacancy

−$47.6K −$5.40/SF

EGI

$190.5K $21.60/SF

− OpEx

−$47.6K −$5.40/SF

NOI

$142.9K $16.20/SF

Area

Tacoma, WA

Vacancy

20.00%

Lease Rate

$27.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,857,680

Cap Rate 7%

$2,041,200

Cap Rate 9%

$1,587,600

Alternative Uses

Best Use

Office B

$2.04M

$1.79M – $2.38M (±1% cap)

NOI $142,884 @ 7.0% cap · market cap 7.54%

Second Best

Warehouse

$1.64M

$1.43M – $1.91M (±1% cap)

NOI $114,671 @ 7.0% cap · market cap 6.05%

Theoretical Best

Office A

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,771 @ 7.0% cap · market cap 10.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Development Engineering, PLLC Engineer

Suggested Use

Top Pick Dental Office Auto Parts Store (Bike/Boat/Book/etc) Store Garden Center Veterinary Clinic Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

1

Drive-in doors

Yes

Heavy power

Location Intelligence

Trade Area within ½ mile

1,477

Businesses Nearby

Balanced

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

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Flex property includes dedicated office space and warehouse with 18' clear height, heavy power, and a single GL door.

Where is this flex space located?

The property is located at 2306 A St Tacoma, WA.

What is the asking price?

The asking price for this property is $1,895,000.

What are key features of this property?

This property features: Flex property in Downtown Tacoma with dedicated 4,969 SF office and 3,851 SF warehouse; 18' clear height in the warehouse area; Secure indoor parking for up to 8 vehicles