Heavy Industrial Warehouse with
For Sale
Contact for pricing
4520 S Adams St, Tacoma, WA 98409
Concrete tilt warehouse totaling 26,068 SF with 7,000 SF yard and 1,275 SF office, zoned Heavy Industrial (M2).
Property Size26,068 SF
Price / SF$195.64
Days on Market52
Property Features for 4520 S Adams St
General Information
Standard status
Active
Size
26,068 SF
Property subtype
INDUSTRIAL
Zoning
M2
Warehouse & Industrial
Clear Height
16 ft
Sprinkler System
Yes
Additional Details
Outdoor Storage
Yes
Building Details
Construction
concrete tilt
Listing Agency:
First Western Properties - Tacoma, Inc.
(253) 471-5506
Listed By:
Jeremiah Durr · License #49001
(253) 471-5506
Source:
Moodyscre
Added: Jul 2
Changed: Aug 21
Last Checked: Aug 21 at 3:07PM
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 First Western Properties - Tacoma, Inc.
Investment Insights
Based on property information with market context.
Concrete tilt warehouse property totaling 26,068± SF, including 1,275± SF of office space. Ceiling heights vary from 13' to 16', and the building is fully sprinklered.
The facility includes multiple dock-high doors, including covered options, plus grade-level doors with ramps. There are multiple service electrical connections, supporting flexible site operations.
A 7,000 SF yard is included with the building. The property is zoned Heavy Industrial (M2).
The facility includes multiple dock-high doors, including covered options, plus grade-level doors with ramps. There are multiple service electrical connections, supporting flexible site operations.
A 7,000 SF yard is included with the building. The property is zoned Heavy Industrial (M2).
Key Highlights
- 26,068± SF concrete tilt warehouse with 1,275± SF office space
- Heavy Industrial (M2) zoning
- Ceiling heights vary from 13' to 16'
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
$422,302
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
8.28%
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%
$8,446,040
$8.4M
Cap Rate 7%
$6,032,886
$6.0M
Cap Rate 9%
$4,692,244
$4.7M
Market Conditions
NOI Build-Up for 26,068 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
$703.8K $27.00/SF
− Vacancy
−$140.8K −$5.40/SF
EGI
$563.1K $21.60/SF
− OpEx
−$140.8K −$5.40/SF
NOI
$422.3K $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%
$8,446,040
Cap Rate 7%
$6,032,886
Cap Rate 9%
$4,692,244
Alternative Uses
Best Use
Office B
$6.03M
$5.28M – $7.04M
NOI $422,302 @ 7.0% cap · market cap 8.28%
Second Best
Warehouse
$4.84M
$4.24M – $5.65M
NOI $338,916 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$8.01M
$7.01M – $9.35M
NOI $560,879 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
704
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?
Warehouse - Concrete tilt warehouse totaling 26,068 SF with 7,000 SF yard and 1,275 SF office, zoned Heavy Industrial (M2).
Where is this warehouse located?
The property is located at 4520 S Adams St Tacoma, WA.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: 26,068± SF concrete tilt warehouse with 1,275± SF office space; Heavy Industrial (M2) zoning; Ceiling heights vary from 13' to 16'
