702 BroadwayTacoma, WA 98402
- Office properties
- 15,213 SF
Property Details for 702 Broadway
- Year built
- 1914
- Property size (Sq ft)
- 15,213 SF
- Property type
- Office properties
Description
This three-story, 15,213 square foot Class B office building at 702 Broadway in Tacoma, WA, offers significant rental upside. Built in 1914 and renovated in 1980, the property features 33 units across 12,492 net rentable square feet, currently at 60.2% occupancy. The asking price is $1,995,000, representing a 6.71% cap rate and a pro-forma cap rate of 12.03%. The Net Operating Income (NOI) is $133,793, with a pro-forma NOI of $239,974. Located in a high-growth submarket, the property benefits from its convenient location near the Link Light Rail, I-5, and Downtown Tacoma amenities. The current average rent is significantly below market, presenting a substantial opportunity to increase rental income. The property sits on a 6,098 square foot lot and boasts a diverse tenant mix, including medical, legal, and financial services providers. This historic building offers a unique opportunity for investors seeking a strong return in a revitalizing urban core. The lease type is NNN (Triple Net Lease) with multi-tenant occupancy.
Location Insight
- City
- Tacoma
- County
- Pierce
- State
- Washington
- Latitude
- 47.2575
- Longitude
- -122.441
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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