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    2128 Pacific Ave Tacoma, WA 98402

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    For Lease
    Contact for pricing

    Downtown Tacoma industrial space, perfect for distribution.

    Lot size:
    36,000 SF

    Property Features for 2128 Pacific Ave

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    36,000 SF
    Total Rate
    36000

    Building Details

    Stories
    3

    Spaces For Lease

    at 2128 Pacific Ave, Tacoma, WA 98402 Contact us
    Unit 2128 - 2134 Pacific Ave

    $12 /Mo

    Size
    36,000 SF
    Contact us

    We can help!

    Listing Contact
    Bruce Barker

    Listing Agent: Bruce Barker

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional industrial property, located at 2128-2134 Pacific Avenue in Tacoma, Washington, offers 36,000 square feet of warehouse and distribution space across two connected, three-story buildings. The property is currently vacant and available for immediate occupancy. Each floor provides flexible floor plates ranging from 6,000 to 12,000 square feet, boasting impressive ceiling heights of 12 to 17 feet. Convenient access is provided via a mix of grade-level and dock-high loading doors on the first and second floors. The property is zoned WR HIST (Warehouse/Residential & Historical), reflecting its prime location in downtown Tacoma. Its strategic position offers significant advantages, situated adjacent to the University of Washington Tacoma campus and the vibrant Brewery Blocks district. Furthermore, the property benefits from easy access to major freeways and a wealth of nearby amenities, making it an ideal location for a variety of industrial businesses. The total building size is 36,000 square feet, situated in Pierce County, WA, zip code 98402. This single-tenant property presents a unique opportunity for a business seeking a substantial and well-located industrial space in a thriving urban environment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Restaurant Real Estate Agency Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store Law Firm Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4364564
    Latitude
    47.2418615

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    FAQs

    What type of property is this?
    Distribution property - Downtown Tacoma industrial space, perfect for distribution.
    Where is this distribution property located?
    The property is located at 2128 Pacific Ave Tacoma, WA.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 36,000 SF warehouse/distribution space in two connected, three-story buildings.; Vacant and immediately available.; Flexible floor plates (6,000-12,000 SF) with 12-17' ceiling heights.
    Request Owner's contact information
    2128 Pacific Ave Tacoma, WA 98402
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    Tacoma, WA 98402
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2128 Pacific Ave Tacoma, WA 98402
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    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bruce Barker
    Real Estate License ID: 22027044
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