Mixed-Use Multifamily Investment
For Sale
Contact for pricing
9618 Pacific Ave, Tacoma, WA 98444
Value-add property with residential and commercial income streams.
Property Size4,876 SF
Price / SF$368.95
Days on Market205
Property Features for 9618 Pacific Ave
General Information
Standard status
Active
Size
4,876 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
Tacoma C-2
Investment Type
Value Add
Building Details
Year Built
1942
Year Renovated
1985
Buildings
4
Units
11
Listing Agency:
Engel & Volkers Seattle Downtown
(206) 623-9697
Listed By:
Robert Laing · License #WA 27769
Source:
Crexi
Added: Jan 27
Changed: Aug 14
Last Checked: Aug 19 at 12:10AM
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 Engel & Volkers Seattle Downtown
Investment Insights
Based on property information with market context.
This mixed-use multifamily property presents a value-add opportunity along the Pacific Avenue corridor. The property includes 10 residential units and a street-front minimart and convenience store, offering multiple income streams. The residential units have potential for increased value through leasing activity and stabilization. The commercial frontage provides additional income potential, supported by strong corridor visibility and traffic. Ample on-site parking is available. The property benefits from its proximity to major arterials, retail, and daily services, supporting both residential and neighborhood-serving commercial demand. The property size is 4876 square feet. This property is suited for an investor seeking durable cash flow with incremental upside through leasing and management of the mixed-use components.
Key Highlights
- Mixed‑use property featuring 10 residential units and a commercial space, offering multiple income streams.
- Value‑add opportunity through leasing and stabilization of residential units.
- Additional income potential from commercial frontage due to strong visibility and traffic.
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
$67,289
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
3.74%
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%
$1,345,780
$1.3M
Cap Rate 7%
$961,271
$961.3K
Cap Rate 9%
$747,656
$747.7K
Market Conditions
NOI Build-Up for 4,876 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
$117.0K $24.00/SF
− Vacancy
−$9.4K −$1.92/SF
EGI
$107.7K $22.08/SF
− OpEx
−$40.4K −$8.28/SF
NOI
$67.3K $13.80/SF
Area
Tacoma, WA
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,345,780
Cap Rate 7%
$961,271
Cap Rate 9%
$747,656
Alternative Uses
Best Use
Mixed Use
$961.3K
$841.1K – $1.12M
NOI $67,289 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$797.6K
$697.9K – $930.5K
NOI $55,830 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,912 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 98444, WA
36,885
Population
13,762
Households
2.7
Avg Household Size
34
Median Age
15%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,346
Density / Sq Mi
$64,464
Median Household Income
$39,829
Median Earnings
$1,581
Median Rent
$369,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Value-add property with residential and commercial income streams.
Where is this mixed-use property located?
The property is located at 9618 Pacific Ave Tacoma, WA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Mixed‑use property featuring 10 residential units and a commercial space, offering multiple income streams.; Value‑add opportunity through leasing and stabilization of residential units.; Additional income potential from commercial frontage due to strong visibility and traffic.
