RETAIL Investor Opportunity- North Slope

601 North K Street, Tacoma, WA

IN CONTRACT

$1,425,000

Price

7.42%

Cap Rate

$105,867

NOI

Gallery
Street
Map
Overview
Cap Rate
7.42%
NOI
$105,867
Building Size
3,840 sqft
Lot Area
6,500 sqft
Occupancy
100%
Units
6
Lease Type
Triple Net
Year Built
1905
Price Per Sqft
$371.09
Zoning
C-1
Tenancy
Multiple
Parking Spots
8
Lease Expire Year
2043
Description

INVESTORS !
Capitalize on this high-performing, turnkey building in North End Tacoma. This is a 100% leased asset where the commercial anchor tenant (66 years in business) has a new 20-year NNN lease with 3% annual increases! Actual Cap Rate is 7.42%. Potential for value add by building units in the rear of the property with alley access. This corner property has water views from the 3rd floor and it's located in one of the most prized neighborhoods of Tacoma. The main commercial tenant's space was completely renovated in 2019. The building has three commercial spaces occupied by one commercial tenant and three residential apartments with eight off-street parking spots. Near to the new rail system, medical, retail, restaurants & parks.

100% leased property. Tour the ground floor commercial space 7am-9pm daily. Do not disturb customers. No showings in the apartments until after mutual acceptance. Old Republic Title & Escrow, Nicole Johnson. Seller will review offers upon receipt. Video Offering Memorandum. Watch the link! No PDF OM. The Seller shall execute the new 20-year lease with the buyer prior to closing. Lease is in supplements. CRE tenant’s portion of NNN expenses is % so those exp. are not listed as exp in MLS.

Highlights
  • 100% Leased
  • Anchor Tenant will sigh new 20 yr NNN Lease
  • Commercial anchor tenant in business for 66 years
  • 3 Residential Apartments
  • Desirable North End
  • Rail, Retail, Medical, Parks and Restaurants nearby
Documents
Title
601_floor_plans.pdf
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Location
Gallery