Tacoma, WA

Price: $ 6,391,360
CAP Rate: 8.75%
NOI: $ 559,244
Lease Term Remaining Before Options: 12 Years
Investment Highlights
  • In a 5-mile radius the population is 249,502 residents with an average household income of $93,968.
  • Nearby hospitals include MultiCare Tacoma General Hospital (0.5 mi NE) with 437 beds and St. Joseph Medical Center (1.4 mi SE) with 374 beds.
  • Within a 1-mile radius there are ± 220 apartment complexes with a total of ±6,200 units, with an additional 289 units coming in 2024 in the Aspire 11 six-story mixed-use project less than a mile away.
  • Located in the immediate area are The University of Puget Sound, Bates Technical College and the University of Washington - Tacoma.
Offering Summary

We are pleased to present the Walgreens property located at 2024 6th Ave in Tacoma, Washington (“The Property”) for sale. This vacant commercial property has a guaranteed lease term of ±12 years with a remaining income of $6,800,000 from its lease with Walgreens. This opportunity offers high-yield cash flow for the next decade, allowing owner-users or investors to assess future development opportunities.

 

Tacoma is Washington's third most populous city with approximately 250,000 residents in a 5-mile radius of the Property. The city is expected to surpass Spokane, WA, by 2027, as Washington’s second-largest city. Positioned just 1.3 miles west of downtown Tacoma, the property benefits from this growth with private investments, exceeding public funding by nearly a 4:1 ratio, which has poured over $1 billion into downtown Tacoma. This includes developments such as "The Rook," a 386-unit complex, "Cornus House," a 199-unit complex, "Proctor Flats," a 95-unit complex, and "Aspire 11 a 343,000 SF mixed-use project which consists of retail and 289 apartment units.

 

The Property is also in close proximity to several educational institutions. Within a 1-mile radius of the Property, The University of Puget Sound and Bates Technical College have a combined 9,100 students. Additionally, the University of Washington has a Tacoma Campus (2.3 mi SE) that enrolls 4,814 students across its 46-acre campus comprising of 22 buildings.

Price: $ 6,391,360
CAP Rate: 8.75%
NOI: $ 559,244
Lease Term Remaining Before Options: 12 Years