Multi-Tenant Shopping
For Sale
$1,860,000
6401 Tacoma, Tacoma, WA 98409
C2-zoned commercial property with rear parking, prominent signage, and flexible address configuration.
Property Size4,969 SF
Lot Size0.27 Acres
Price / SF$374.32
Days on Market239
Property Features for 6401 Tacoma
General Information
Standard status
Active
Size
4,969 SF
Lot size
0.27 Acres
Property subtype
Commercial
Zoning
C2
Building Details
Year Built
1949
Buildings
1
Tenancy
Multi
Listing Agency:
Skyline Properties,Inc.
(206) 331-9971
Listed By:
Carolyn Zheng
(206) 331-9971
Source:
Skylineproperties
Added: Jan 4
Changed: Aug 30
Last Checked: Aug 30 at 5:48PM
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 Skyline Properties,Inc.
Investment Insights
Based on property information with market context.
This 4,969-square-foot commercial property was built in 1949 and is arranged as a three-unit retail building. The current configuration includes an established tavern, a leased smoke shop, and a vacant area that can potentially be divided into two additional storefronts. A prominent existing signage structure supports tenant identification and branding, while rear parking serves the site.
Positioned on South Tacoma Way within Tacoma’s established Auto Row and commercial corridor, the property offers access to a broad range of retail, service, food, and office uses under C2 General Commercial zoning. Four separate address points add flexibility for future tenant configurations or owner-user occupancy. The combination of existing tenancy, available space, and adaptable layout supports both continued multi-tenant operation and potential reconfiguration.
Positioned on South Tacoma Way within Tacoma’s established Auto Row and commercial corridor, the property offers access to a broad range of retail, service, food, and office uses under C2 General Commercial zoning. Four separate address points add flexibility for future tenant configurations or owner-user occupancy. The combination of existing tenancy, available space, and adaptable layout supports both continued multi-tenant operation and potential reconfiguration.
Key Highlights
- 4,969‑square‑foot building on a 0.27‑acre lot
- Three units: established tavern, leased smoke shop, and vacant space
- Vacant area may be divided into two additional storefronts
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
$71,697
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
3.85%
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%
$1,433,940
$1.4M
Cap Rate 7%
$1,024,243
$1.0M
Cap Rate 9%
$796,633
$796.6K
Market Conditions
NOI Build-Up for 4,969 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
$99.6K $20.04/SF
− Vacancy
−$4.0K −$0.80/SF
EGI
$95.6K $19.24/SF
− OpEx
−$23.9K −$4.81/SF
NOI
$71.7K $14.43/SF
Area
Tacoma, WA
Vacancy
4.00%
Lease Rate
$20.04 /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%
$1,433,940
Cap Rate 7%
$1,024,243
Cap Rate 9%
$796,633
Alternative Uses
Best Use
Specialty Retail
$1.02M
$896.2K – $1.19M
NOI $71,697 @ 7.0% cap · market cap 3.85%
Second Best
Retail
$854.2K
$747.4K – $996.5K
NOI $59,792 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,913 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
22k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Dining 11%
Shell
Shops & Services
5,356 visits/mo
0.2 miles
U.S. Bank
Shops & Services
4,955 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
4,239 visits/mo
0.5 miles
AutoZone
Shops & Services
3,693 visits/mo
0.5 miles
SUBWAY
Dining
2,353 visits/mo
0.3 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - C2-zoned commercial property with rear parking, prominent signage, and flexible address configuration.
Where is this shopping center located?
The property is located at 6401 Tacoma Tacoma, WA.
What is the asking price?
The asking price for this property is $1,860,000.
What are key features of this property?
This property features: 4,969‑square‑foot building on a 0.27‑acre lot; Three units: established tavern, leased smoke shop, and vacant space; Vacant area may be divided into two additional storefronts
