2940 M St Tacoma, WA 98409

This Tacoma, WA industrial property offers a compelling investment opportunity. The 23,500 square foot flex space is situated on a 1.55-acre lot and comprises two single-story buildings constructed in 2001, renovated in 2006. The property features five tenant spaces, each with grade-level access, within a gated and fenced area. The clear-span metal construction boasts 21-foot ceilings. Currently at 68% occupancy with five tenants, the property projects a 6.75% pro-forma capitalization rate based on a $351,216 pro-forma net operating income (NOI). Leases are NNN with 3%/CPI annual rent bumps. The property benefits from a convenient location near the Interstate 5 and Highway 16 interchange, providing easy access to major transportation arteries and industrial hubs including the Port of Tacoma, Kent Industrial Valley, and the Port of Seattle. The M1 & M2 zoning allows for diverse uses. The property includes 39 parking spaces. The asking price is $5,200,000, translating to $221.28 per square foot. Full occupancy is projected by October 1, 2024. Approximately 7,500 square feet may be available for an owner-user.