Industrial Parcel with M2
For Sale
$2,475,000
6035 S Adams St, Tacoma, WA 98409
Industrial parcel in Tacoma’s corridor with M2 zoning and convenient access to I-5 and the Port of Tacoma.
Property Size9,910 SF
Lot Size0.14 Acres
Price / SF$249.75
Days on Market48
Property Features for 6035 S Adams St
General Information
Standard status
Active
Size
9,910 SF
Lot size
0.14 Acres
Property subtype
industrial
Zoning
M2
Additional Details
Highway Access
Yes
Listing Agency:
Bellevue
(424) 421-9245
Listed By:
Alec Goodwin · License #24008304
(424) 421-9245
Source:
Property.jll
Added: Jun 22
Changed: Jul 10
Last Checked: Aug 8 at 2:57AM
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 Bellevue
Investment Insights
Based on property information with market context.
The property is a commercial parcel totaling approximately 0.14 acres, recorded under APN/Parcel ID 327000-0020 and described as part of Cowans subdivision, lots 1 through 4, block 7. The site is classified in flood zones B and X. The offering is for a parcel suitable for industrial and commercial development, with the property area listed at 9,910 square feet.
Located in the University Place submarket within the Seattle/Puget Sound region, the parcel sits in Tacoma’s established industrial corridor. Regional transportation access supports logistics and industrial activity, including quick access to I-5. The Port of Tacoma is approximately 7 miles away, and Seattle-Tacoma International Airport is approximately 25.7 miles from the site.
Zoned M2, the property supports a broad range of industrial and commercial uses. This combination of industrial zoning and practical regional access can make the parcel a fit for operators seeking a site in an active South Puget Sound logistics and industrial setting.
Located in the University Place submarket within the Seattle/Puget Sound region, the parcel sits in Tacoma’s established industrial corridor. Regional transportation access supports logistics and industrial activity, including quick access to I-5. The Port of Tacoma is approximately 7 miles away, and Seattle-Tacoma International Airport is approximately 25.7 miles from the site.
Zoned M2, the property supports a broad range of industrial and commercial uses. This combination of industrial zoning and practical regional access can make the parcel a fit for operators seeking a site in an active South Puget Sound logistics and industrial setting.
Key Highlights
- Commercial parcel at 6035 S Adams Street with M2 zoning for a broad range of industrial and commercial uses
- Lot size approximately 0.14 acres (APN/Parcel ID 327000‑0020; part of Cowans subdivision, lots 1‑4, block 7)
- Flood zone classifications B and X
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
$128,842
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
5.21%
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%
$2,576,840
$2.6M
Cap Rate 7%
$1,840,600
$1.8M
Cap Rate 9%
$1,431,578
$1.4M
Market Conditions
NOI Build-Up for 9,910 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
$165.3K $16.68/SF
− Vacancy
−$13.7K −$1.38/SF
EGI
$151.6K $15.30/SF
− OpEx
−$22.7K −$2.29/SF
NOI
$128.8K $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%
$2,576,840
Cap Rate 7%
$1,840,600
Cap Rate 9%
$1,431,578
Alternative Uses
Best Use
Warehouse
$1.84M
$1.61M – $2.15M
NOI $128,842 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.67M – $3.55M
NOI $213,224 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
728
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Relocation and Storage Services — 5640 S Durango St, Tacoma, WA 98409
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial parcel in Tacoma’s corridor with M2 zoning and convenient access to I-5 and the Port of Tacoma.
Where is this warehouse located?
The property is located at 6035 S Adams St Tacoma, WA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Commercial parcel at 6035 S Adams Street with M2 zoning for a broad range of industrial and commercial uses; Lot size approximately 0.14 acres (APN/Parcel ID 327000‑0020; part of Cowans subdivision, lots 1‑4, block 7); Flood zone classifications B and X
