Multi-Tenant Flex
For Sale
$2,595,000
5212 Washington St, Tacoma, WA 98409
Multi-tenant configuration with grade-level loading supports flexible light industrial and service uses.
Property Size19,853 SF
Price / SF$130.71
Days on Market126
Property Features for 5212 Washington St
General Information
Standard status
Active
Size
19,853 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Clear Height
20 ft
Building Details
Year Built
1998
Building Size
19,853 SF
Tenancy
Multi
Listing Agency:
KIDDER MATHEWS
(253) 722-1458
Listed By:
MATT MCLENNAN · License #127920
Source:
Corcoran
Added: Apr 29
Changed: Aug 30
Last Checked: Aug 31 at 6:04PM
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.
Located at 5212 S Washington St in Tacoma, the property is a 19,853-square-foot flex building configured for multiple occupants and currently has five tenants. Its layout accommodates light industrial and service users, with 12 x 14 grade-level doors and 20-foot clear heights supporting a range of operational needs.
The property is positioned near I-5, Highway 16, and the Port of Tacoma, providing access to regional transportation routes and port facilities. The combination of multi-tenant design, loading access, and functional clear height creates a practical setting for diverse commercial occupants.
The property is positioned near I-5, Highway 16, and the Port of Tacoma, providing access to regional transportation routes and port facilities. The combination of multi-tenant design, loading access, and functional clear height creates a practical setting for diverse commercial occupants.
Key Highlights
- 19,853 SF flex building with a multi‑tenant layout
- Five existing tenants
- 12 x 14 grade‑level doors
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
$213,698
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
8.23%
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%
$4,273,960
$4.3M
Cap Rate 7%
$3,052,829
$3.1M
Cap Rate 9%
$2,374,422
$2.4M
Market Conditions
NOI Build-Up for 19,853 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
$357.4K $18.00/SF
− Vacancy
−$28.6K −$1.44/SF
EGI
$328.8K $16.56/SF
− OpEx
−$115.1K −$5.80/SF
NOI
$213.7K $10.76/SF
Area
Tacoma, WA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$4,273,960
Cap Rate 7%
$3,052,829
Cap Rate 9%
$2,374,422
Alternative Uses
Best Use
Warehouse
$3.69M
$3.23M – $4.30M
NOI $258,113 @ 7.0% cap · market cap 9.95%
Second Best
Flex RnD
$3.05M
$2.67M – $3.56M
NOI $213,698 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$6.10M
$5.34M – $7.12M
NOI $427,157 @ 7.0% cap · market cap 16.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
837
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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- BennyMays Barbque — 4033 S Junett St, Tacoma, WA 98409
Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant configuration with grade-level loading supports flexible light industrial and service uses.
Where is this flex space located?
The property is located at 5212 Washington St Tacoma, WA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 19,853 SF flex building with a multi‑tenant layout; Five existing tenants; 12 x 14 grade‑level doors
