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Office

One Pacific Building

621 Pacific Ave, Tacoma, WA 98402

Listing Price: $7,650,000

Cap Rate
4.50%
Gross SF
40,553
Rentable SF
31,315
Price/Gross SF
$188.64
Lot Size
0.93 acres
Year Built
1888

Investment Overview

Marcus & Millichap is pleased to present the exciting investment opportunity to acquire the iconic One Pacific Building (formerly Northern Pacific Railway Building) in Downtown Tacoma. This historic trophy asset was originally built in 1890 and underwent an extensive renovation in 1983. This landmark building is prominently situated in an enduring and proven location providing water and mountain views, convenient access to Downtown Tacoma, public transit, I-5, and an array of surrounding amenities in a rapidly improving downtown core. This stabilized investment opportunity provides the savvy investor a key Downtown asset that offers tenant’s a unique and highly desirable professional office environment and a proven history of strong long term demand from small to medium size medical and professional practice tenants. The current rent roll is comprised of 20 tenants in 24 suites with tremendous rental upside potential to improve the current average rent of only $14.79 / SF Semi-Gross in a market that averages $16-22 / SF NNN.

Investment Highlights

  • ICONIC TROPHY ASSET - Built in 1890, the One Pacific Building (aka: Northern Pacific Railway Building) is a historic Italian Renaissance.
  • SIGNIFICANT RENTAL UPSIDE - Current average rent is approx. $14.79 semi-gross with market rent estimated at $16-22 NNN leaving tremendous long term opportunity for growth.
  • SMALL AVERAGE SUITE SIZE - With an efficient 1,200 square foot average suite size, the building has had excellent long term historical occupancy.
  • EXCEPTIONAL TENANT-MIX - The building is a magnet for a variety of professional essential service tenants requiring physical space in a quiet and truly unique office environment including well established medical, legal, utility and financial services providers.
  • HIGH GROWTH SUBMARKET - Tacoma is experiencing it's long overdue growth revival with major infrastructure, transit and core improvements well underway to support active multifamily and commercial development project.
  • CONVENIENT LOCATION & ACCESS - The property benefits from an excellent core Downtown location with easy walking access to all of the Downtown Tacoma amenities, the new Link Light Rail Transit system and direct access to I-5 from the convenient multiple access on-ramps.
  • LEASE CONVERSION OPPORTUNITY - With a very low rent basis, the current lease structure allows future ownership the clear opportunity to improve the overall return, passivity and expense exposure of this proven investment over time.
  • HISTORICAL LANDMARK TAX CREDIT - The new ownership has the opportunity to engage and take advantage of the Washington State law allowing "special valuation" that rewards property owners who invest in preservation of historic properties within the state.

Exclusively Listed By

Office

One Pacific Building

Listing Price: $7,650,000

Cap Rate
4.50%
Gross SF
40,553
Rentable SF
31,315
Price/Gross SF
$188.64
Lot Size
0.93 acres
Year Built
1888

Investment Highlights

  • ICONIC TROPHY ASSET - Built in 1890, the One Pacific Building (aka: Northern Pacific Railway Building) is a historic Italian Renaissance.
  • SIGNIFICANT RENTAL UPSIDE - Current average rent is approx. $14.79 semi-gross with market rent estimated at $16-22 NNN leaving tremendous long term opportunity for growth.
  • SMALL AVERAGE SUITE SIZE - With an efficient 1,200 square foot average suite size, the building has had excellent long term historical occupancy.
  • EXCEPTIONAL TENANT-MIX - The building is a magnet for a variety of professional essential service tenants requiring physical space in a quiet and truly unique office environment including well established medical, legal, utility and financial services providers.
  • HIGH GROWTH SUBMARKET - Tacoma is experiencing it's long overdue growth revival with major infrastructure, transit and core improvements well underway to support active multifamily and commercial development project.
  • CONVENIENT LOCATION & ACCESS - The property benefits from an excellent core Downtown location with easy walking access to all of the Downtown Tacoma amenities, the new Link Light Rail Transit system and direct access to I-5 from the convenient multiple access on-ramps.
  • LEASE CONVERSION OPPORTUNITY - With a very low rent basis, the current lease structure allows future ownership the clear opportunity to improve the overall return, passivity and expense exposure of this proven investment over time.
  • HISTORICAL LANDMARK TAX CREDIT - The new ownership has the opportunity to engage and take advantage of the Washington State law allowing "special valuation" that rewards property owners who invest in preservation of historic properties within the state.

Investment Overview

Marcus & Millichap is pleased to present the exciting investment opportunity to acquire the iconic One Pacific Building (formerly Northern Pacific Railway Building) in Downtown Tacoma. This historic trophy asset was originally built in 1890 and underwent an extensive renovation in 1983. This landmark building is prominently situated in an enduring and proven location providing water and mountain views, convenient access to Downtown Tacoma, public transit, I-5, and an array of surrounding amenities in a rapidly improving downtown core. This stabilized investment opportunity provides the savvy investor a key Downtown asset that offers tenant’s a unique and highly desirable professional office environment and a proven history of strong long term demand from small to medium size medical and professional practice tenants. The current rent roll is comprised of 20 tenants in 24 suites with tremendous rental upside potential to improve the current average rent of only $14.79 / SF Semi-Gross in a market that averages $16-22 / SF NNN.

Exclusively Listed By

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