North Tacoma Mixed-Use
For Sale
$1,300,000
Pending
2712 21st St, Tacoma, WA 98406
Mixed-use building in North Tacoma with apartments and commercial spaces.
Property Size4,344 SF
Days on Market845
Property Features for 2712 21st St
General Information
Standard status
Pending
Size
4,344 SF
Property subtype
Commercial
Building Details
Year Built
2004
Listing Agency:
HOME SMART REAL ESTATE ASSOCIATES
Listed By:
JAMES DOUGHERTY
Source:
Corcoran
Added: Jun 24, 2024
Changed: Oct 11
Last Checked: Oct 14 at 11:24PM
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 HOME SMART REAL ESTATE ASSOCIATES
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Investment Insights
Based on property information with market context.
This mixed-use building, constructed in 2004, is located in the North Tacoma Bridge District. The property features two 2-bedroom, 2-bathroom apartments on the upper level. Each apartment is over 1000 square feet and includes its own laundry room. The main floor, which faces N 21st St, contains two commercial spaces. Both commercial units are equipped with separate half bathrooms and air conditioning. The building has been well-maintained and is designed for easy self-management. There are five dedicated off-street parking stalls available for tenant use. The total property size is 4344 square feet.
Key Highlights
- Mixed‑use building in the desirable North Tacoma Bridge District.
- Two spacious 2‑bed, 2‑bath apartments upstairs, each over 1000 sq ft and featuring its own laundry room.
- Two commercial spaces on the main floor, each with a half bath and air conditioning.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,947
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,198,940
$1.2M
Cap Rate 7%
$856,386
$856.4K
Cap Rate 9%
$666,078
$666.1K
Market Conditions
NOI Build-Up for 4,344 SF
Gross rent
$104.3K $24.00/SF
− Vacancy
−$8.3K −$1.92/SF
EGI
$95.9K $22.08/SF
− OpEx
−$36.0K −$8.28/SF
NOI
$59.9K $13.80/SF
Area
Tacoma, WA
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,198,940
Cap Rate 7%
$856,386
Cap Rate 9%
$666,078
Alternative Uses
Best Use
Mixed Use
$856.4K
$749.3K – $999.1K
NOI $59,947 @ 7.0% cap · market cap 4.61%
Second Best
Multifamily LT 5
$817.6K
$715.4K – $953.9K
NOI $57,234 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,466 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 98406, WA
22,768
Population
10,748
Households
2.1
Avg Household Size
42
Median Age
48%
College-Educated
96%
High-School Grad
4.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$104,761
Median Household Income
$59,659
Median Earnings
$1,677
Median Rent
$594,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in North Tacoma with apartments and commercial spaces.
Where is this mixed-use property located?
The property is located at 2712 21st St Tacoma, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Mixed‑use building in the desirable North Tacoma Bridge District.; Two spacious 2‑bed, 2‑bath apartments upstairs, each over 1000 sq ft and featuring its own laundry room.; Two commercial spaces on the main floor, each with a half bath and air conditioning.
