111 38Th St Tacoma, WA 98418

This exceptional investment opportunity presents a 44,647 square foot, Class A retail property in Tacoma, WA, fully occupied by a 24 Hour Fitness under a corporate-guaranteed NNN lease. The lease, with a remaining term of 13.3 years (expiring February 28, 2038), features built-in rent bumps of 10% every five years, providing excellent inflation protection. The tenant, 24 Hour Fitness, recently waived a termination option, demonstrating strong commitment to the location. They invested over $3 million in tenant improvements since 2018. The property boasts a 7.00% cap rate and a strong NOI of $769,524. Situated on a 159,887 square foot lot at 111 S 38th St, Tacoma, WA 98418 (APN 7470021611), this prime location benefits from high traffic volume and proximity to major retailers and highways. The property's zoning is TAC, and parking is provided at a ratio of 2 spaces per 1,000 square feet. The minimal landlord responsibilities under the NNN lease structure further enhance the investment's appeal. This is a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential. Asking price is $10,990,000.