Fenced-Yard Flex
For Sale
$3,250,000
3101 Lawrence St, Tacoma, WA 98409
Vacant flex property combines warehouse space, new office improvements, and a fully fenced outdoor yard.
Property Size8,320 SF
Price / SF$390.63
Days on Market138
Property Features for 3101 Lawrence St
General Information
Standard status
Active
Size
8,320 SF
Property subtype
Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
8,320 SF
Conditioned Warehouse
Yes
Building Details
Year Built
1944
Buildings
1
Building Size
8,320 SF
Tenancy
Multi
Listing Agency:
KINEX COMMERCIAL, INC
(253) 475-4363
Listed By:
CHRISTIAN TRANDUM
Source:
Corcoran
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 29 at 8:14PM
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 KINEX COMMERCIAL, INC
Investment Insights
Based on property information with market context.
This flex property includes an 8,320-square-foot warehouse, a fully fenced yard, and office space rebuilt from the floor up. The warehouse was originally constructed in 1944 and is currently vacant for immediate use.
Approximately half of the warehouse has been improved with clad-insulated ceiling and wall panels, creating five separate areas designed for temperature and environmental control. The balance remains open and unfinished, with additional panels available to complete the remaining spaces. Located at 3101 Lawrence St in Tacoma, Washington, the property combines enclosed industrial space, office improvements, and outdoor storage capacity.
Approximately half of the warehouse has been improved with clad-insulated ceiling and wall panels, creating five separate areas designed for temperature and environmental control. The balance remains open and unfinished, with additional panels available to complete the remaining spaces. Located at 3101 Lawrence St in Tacoma, Washington, the property combines enclosed industrial space, office improvements, and outdoor storage capacity.
Key Highlights
- 8,320‑square‑foot warehouse with fully fenced yard
- Vacant warehouse and yard available for immediate use
- Office space rebuilt from the floor up
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
$134,784
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
4.15%
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%
$2,695,680
$2.7M
Cap Rate 7%
$1,925,486
$1.9M
Cap Rate 9%
$1,497,600
$1.5M
Market Conditions
NOI Build-Up for 8,320 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
$224.6K $27.00/SF
− Vacancy
−$44.9K −$5.40/SF
EGI
$179.7K $21.60/SF
− OpEx
−$44.9K −$5.40/SF
NOI
$134.8K $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%
$2,695,680
Cap Rate 7%
$1,925,486
Cap Rate 9%
$1,497,600
Alternative Uses
Best Use
Office B
$1.93M
$1.68M – $2.25M
NOI $134,784 @ 7.0% cap · market cap 4.15%
Second Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,170 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $179,013 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant flex property combines warehouse space, new office improvements, and a fully fenced outdoor yard.
Where is this flex space located?
The property is located at 3101 Lawrence St Tacoma, WA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 8,320‑square‑foot warehouse with fully fenced yard; Vacant warehouse and yard available for immediate use; Office space rebuilt from the floor up
