Current Use by Public Records
- Pawn 1 Tacoma / Discount Store / (Bike/Boat/Book/etc) Store
Property Details for 215 72Nd St
- Year built
- 1973
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 5,668 square foot storefront located at 215 S 72nd St, Tacoma, WA 98408. The property, built in 1973 and situated on an 18,734 square foot lot, is currently 100% occupied by Pawn 1, a well-established business with 26 locations in Washington and Idaho, operating for over 43 years. The property benefits from a strong corporate guarantee and a Net Lease (NNN) structure with annual 2.5% rent increases, providing protection against inflation. The current lease, commenced March 30, 2018, has a remaining term of approximately 3.4 years, expiring March 31, 2028. The asking price is $1,825,000, representing a price per square foot of $321.98 and a 6.75% cap rate based on a Net Operating Income (NOI) of $123,228. The property enjoys a prime location adjacent to a high-performing Fred Meyer grocery store and a newly constructed 134-unit apartment complex in Tacoma, Washington's third-largest city, projected to add 127,000 residents and 97,000 jobs by 2040. This presents a stable, passive investment opportunity with significant long-term growth potential. The property's strong tenant, favorable lease terms, and strategic location make it an attractive addition to any investment portfolio.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tacoma
- County
- Pierce
- State
- Washington
- Longitude
- -122.435
- Latitude
- 47.1919
