Walgreens 2024 6th Ave 13,309 SF Retail Building Tacoma, WA 98403 $5,592,440 ($420.20/SF) 10% Cap Rate
INVESTMENT HIGHLIGHTS
- In a 5-mile radius the population is 249,502 residents with an average household income of $93,968.
- ± 220 apartment complexes with a total of ±6,200 units, with an additional 289 units in the recently constructed within 1 mile.
- 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.
- Located in the immediate area are The University of Puget Sound, Bates Technical College and the University of Washington - Tacoma.
EXECUTIVE 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 over 11 years with a remaining income of $6,500,000 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.
Listed in conjunction with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, WA DRE Lic. 27380.
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.
Listed in conjunction with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, WA DRE Lic. 27380.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
13,309 SF
Building Class
C
Year Built
2011
Price
$5,592,440
Price Per SF
$420.20
Cap Rate
10%
NOI
$559,244
Tenancy
Single
Building Height
1 Story
Building FAR
0.36
Lot Size
0.85 AC
Zoning
NCX, Tacoma
Parking
40 Spaces (3.01 Spaces per 1,000 SF Leased)
Frontage
211’ on 6th Ave
AMENITIES
- Bus Line
- Signage
- Drive Thru
Walk Score®
Very Walkable (87)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,348,200 | |
| Land Assessment | $1,884,000 | Total Assessment | $4,232,200 |
