Tacoma Brewery District
For Sale
Contact for pricing
2320-2328 Pacific Ave, Tacoma, WA
21,000 SF warehouse/office space in Tacoma's Brewery District.
Property Size21,000 SF
Lot Size0.48 Acres
Price / SF$333.33
Days on Market266
Property Features for 2320-2328 Pacific Ave
General Information
Standard status
Active
Size
21,000 SF
Lot size
0.48 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 2320-2328 Pacific Ave Contact us- Size
- 38,230 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
2320 Commerce St - Office/Flex
Listing Agency:
Kidder Mathews
(253) 948-7032
Listed By:
Drew Frame · License #130281
(253) 948-7032
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 16 at 8:13AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This 21,000 square-foot property features 13,125 square feet of office space and 7,875 square feet designated for shipping and storage. It includes dock-high loading capabilities and is zoned WR (Warehouse - Residential). The property is situated in a favorable location within Tacoma’s Brewery District, making it suitable for various uses such as a church, engineering firms, or general contractor offices. Its location offers close proximity to the University of Washington Tacoma, Everest College, the Museum District, Tacoma Dome, LeMay Auto Museum, and the Port of Tacoma. Freeway access is convenient, with the property located three blocks from SR 509/Pacific and five blocks from I-5/26th Street. Flexible lease terms are available for sublease through August 2029. The rate is $12.00 per square foot, plus $3.85 NNN.
Key Highlights
- Great location in Tacoma’s Brewery District, close to UW Tacoma, Museum District, Tacoma Dome, and Port of Tacoma
- Excellent freeway access: just 3 blocks to SR 509 and 5 blocks to I‑5
- Large space: a total of 21,000 SF (13,125 SF office; 7,875 SF shipping/storage)
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
$340,200
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
4.86%
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%
$6,804,000
$6.8M
Cap Rate 7%
$4,860,000
$4.9M
Cap Rate 9%
$3,780,000
$3.8M
Market Conditions
NOI Build-Up for 21,000 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
$567.0K $27.00/SF
− Vacancy
−$113.4K −$5.40/SF
EGI
$453.6K $21.60/SF
− OpEx
−$113.4K −$5.40/SF
NOI
$340.2K $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 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%
$6,804,000
Cap Rate 7%
$4,860,000
Cap Rate 9%
$3,780,000
Alternative Uses
Best Use
Office B
$4.86M
$4.25M – $5.67M
NOI $340,200 @ 7.0% cap · market cap 4.86%
Second Best
Warehouse
$3.90M
$3.41M – $4.55M
NOI $273,026 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$6.45M
$5.65M – $7.53M
NOI $451,836 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Foss Landing Marina — 1940 E D St, Tacoma, WA 98421
- Tacoma Self Storage — 2602 S Holgate St, Tacoma, WA 98402
Frequently Asked Questions
What type of property is this?
Warehouse - 21,000 SF warehouse/office space in Tacoma's Brewery District.
Where is this warehouse located?
The property is located at 2320-2328 Pacific Ave Tacoma, WA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: Great location in Tacoma’s Brewery District, close to UW Tacoma, Museum District, Tacoma Dome, and Port of Tacoma; Excellent freeway access: just 3 blocks to SR 509 and 5 blocks to I‑5; Large space: a total of 21,000 SF (13,125 SF office; 7,875 SF shipping/storage)
