Two-Building Industrial
For Sale
$3,600,000
Pending
4320 Adams St, Tacoma, WA 98409
Two freestanding industrial buildings offer 20-foot clear height, eight grade-level doors, and CIX zoning on nearly an acre.
Property Size19,600 SF
Days on Market130
Property Features for 4320 Adams St
General Information
Standard status
Pending
Size
19,600 SF
Property subtype
Commercial
Zoning
CIX
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
8
Additional Details
Highway Access
Yes
Building Details
Year Built
1994
Listing Agency:
KIDDER MATHEWS
Listed By:
MATT MCLENNAN · License #127920
(253) 722-1458
Source:
Corcoran
Added: Apr 29
Changed: Aug 8
Last Checked: Jul 23 at 9:32AM
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.
South Adams Industrial Campus presents a two-building industrial campus in Tacoma’s South End industrial corridor. The property totals 19,600 square feet across two freestanding buildings and sits on nearly an acre of land, creating a flexible setup for an owner-user or a multi-tenant industrial configuration. Improvements include 20-foot clear heights and eight grade-level doors to support practical loading and light industrial operations.
The campus is located in the City of Tacoma with convenient access to I-5, Highway 16, and the Port of Tacoma. The property is also described as being zoned CIX, which supports a range of light industrial, distribution, and service-oriented uses.
Offered for sale as an industrial campus, the asset’s combination of clear height, grade-level access, and two-building layout is designed to accommodate a variety of warehouse and distribution needs.
The campus is located in the City of Tacoma with convenient access to I-5, Highway 16, and the Port of Tacoma. The property is also described as being zoned CIX, which supports a range of light industrial, distribution, and service-oriented uses.
Offered for sale as an industrial campus, the asset’s combination of clear height, grade-level access, and two-building layout is designed to accommodate a variety of warehouse and distribution needs.
Key Highlights
- 19,600 SF industrial campus with two freestanding buildings on nearly 1 acre in Tacoma
- 20‑foot clear height throughout and eight grade‑level doors for practical loading and throughput
- CIX zoning supports light industrial, distribution, and service‑oriented uses
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
$254,824
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
7.08%
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%
$5,096,480
$5.1M
Cap Rate 7%
$3,640,343
$3.6M
Cap Rate 9%
$2,831,378
$2.8M
Market Conditions
NOI Build-Up for 19,600 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
$326.9K $16.68/SF
− Vacancy
−$27.1K −$1.38/SF
EGI
$299.8K $15.30/SF
− OpEx
−$45.0K −$2.29/SF
NOI
$254.8K $13.00/SF
Area
Tacoma, WA
Vacancy
8.30%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
15.00%
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%
$5,096,480
Cap Rate 7%
$3,640,343
Cap Rate 9%
$2,831,378
Alternative Uses
Best Use
Warehouse
$3.64M
$3.19M – $4.25M
NOI $254,824 @ 7.0% cap · market cap 7.08%
Second Best
Industrial
$3.00M
$2.62M – $3.50M
NOI $209,855 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$6.02M
$5.27M – $7.03M
NOI $421,714 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
8
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
588
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two freestanding industrial buildings offer 20-foot clear height, eight grade-level doors, and CIX zoning on nearly an acre.
Where is this warehouse located?
The property is located at 4320 Adams St Tacoma, WA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 19,600 SF industrial campus with two freestanding buildings on nearly 1 acre in Tacoma; 20‑foot clear height throughout and eight grade‑level doors for practical loading and throughput; CIX zoning supports light industrial, distribution, and service‑oriented uses
