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    2926 S Steele Street Tacoma, WA 98409

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    For Sale
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    Functional warehouse space in Tacoma Industrial District with flexible terms.

    Type:Commercial
    Property size:
    16,000 SF
    Lot size:
    1.05 Acres
    Added:
    Mar 26, 2026
    Days on Market:
    9
    Last Refresh:
    Mar 26 at 8:22 pm

    Property Features for 2926 S Steele Street

    General Information

    Standard status
    Active
    Size
    16,000 SF
    Lot size
    1.05 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1914

    We can help!

    Listing Contact
    DANAIA STUCK

    Listing agent DANAIA STUCK

    Listing office KW EVERETT

    Listing date Mar 26, 2026

    Source Corcoran

    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 KW EVERETT

    Overview

    Tacoma Industrial Warehouse Sublease

    This sublease opportunity offers between 5,000 and 16,000 square feet of warehouse space with flexible lease terms. The facility features a 24-foot clear height and a fully sprinklered system. Two high-bay roll-up doors, each measuring 9 feet wide by 14 feet high, facilitate efficient loading and operations. The property includes access to a shared 2-bay truck dock, covered truck parking, a shared breakroom, two shared restrooms, and a private office space. It is equipped with heavy power, including ample 3-phase 480/277 and 240/120 single-phase power, and new LED lighting is planned for 2025. A State Certified paint booth is available for purchase or monthly use at an additional cost, suitable for manufacturers involved in painting, fiberglass, or spray insulation. The property is located in the Tacoma Industrial District, providing convenient access to the I-5 corridor and proximity to the Port of Tacoma, making it a strategic distribution hub between Bellingham and Portland. It is an excellent opportunity for logistics, warehousing, or light industrial users seeking flexible space in a central Puget Sound location. The lease rate is $1.00 per square foot per month, including NNN, with a term of 12 to 36 months and immediate availability.
    Location Intelligence

    Current Use by Public Records

    Solar Gem Greenhouses Garden Center True Linkswear Industrial Manufacturer Tacoma Design Company Home Decor Store Playkleen Golf Course Cure Customs Textile Manufacturer

    Suggested Use

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

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

    Similar Places Nearby

    • Storage Court of Tacoma — 3310 S Sprague Ave, Tacoma, WA 98409
    • Truck Rentals Co — 1909 S 54th St, Tacoma, WA 98409
    • Star Moving Storage — 3688 S Lawrence St, Tacoma, WA 98409
    • The Boys Moving Co. — 4707 s junett st, tacoma, wa 98409

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4686313
    Latitude
    47.2330823

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    FAQs

    What type of property is this?
    Warehouse - Functional warehouse space in Tacoma Industrial District with flexible terms.
    Where is this warehouse located?
    The property is located at 2926 S Steele Street Tacoma, WA.
    What are key features of this property?
    This property features: Strategic location in Tacoma Industrial District with easy I‑5 and Port of Tacoma access.; Flexible warehouse space: **±5,000–16,000 square feet** with flexible lease terms (12‑36 months).; Functional features: **24’ clear height**, fully sprinklered, two high‑bay roll‑up doors.
    (425) 212-2007
    We can help!
    Listing Contact
    DANAIA STUCK
    Learn More
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    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
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