Office
Armour Building
101 E 26th St, Tacoma, WA 98421
Listing Price: $3,960,000
Investment Overview
This is a rare opportunity to purchase a completely renovated classic 1907 property prominently located in booming Downtown Tacoma. The three story Armour Building and the included adjacent operating parking lot are situated less than 1/2 mile from the Tacoma Dome and the Lemay Car Museum and directly across from the famous Brown and Haley Roca building (est. 1919). This three tenant easy to manage property is solidly anchored.
Armour Building
Investment Highlights
- SIGNIFICANT RENTAL UPSIDE: Current average rent is approx. $16 Modified Gross with market rent estimated at $18-$22 NNN including one tenant with rents that are nearly 40% below market.
- SURROUNDING DEVELOPMENT: The property s located just on the fringe of Downtown Tacoma less than half a mile from the Tacoma Dome and the Tacoma campus of the University of Washington.
- STRONG HISTORICAL OCCUPANT: Two of the three tenants have been at the property for over 10 years.
- THRIVING OFFICE MARKET: The Tacoma Central Business District (CBD) submarket is the largest office hub in Pierce County. The lack of new office development has kept tenant demand steady.
- NNN CONVERSION: In addition to rental upside, the future investor can gradually convert all of the leases to NNN in order to increase passivity and protect against inflationary pressures on expenses.
- INCOME TAX FREE STATE: Washington is an income tax free state.
Exclusively Listed By
Listing Price: $3,960,000
Investment Highlights
- SIGNIFICANT RENTAL UPSIDE: Current average rent is approx. $16 Modified Gross with market rent estimated at $18-$22 NNN including one tenant with rents that are nearly 40% below market.
- SURROUNDING DEVELOPMENT: The property s located just on the fringe of Downtown Tacoma less than half a mile from the Tacoma Dome and the Tacoma campus of the University of Washington.
- STRONG HISTORICAL OCCUPANT: Two of the three tenants have been at the property for over 10 years.
- THRIVING OFFICE MARKET: The Tacoma Central Business District (CBD) submarket is the largest office hub in Pierce County. The lack of new office development has kept tenant demand steady.
- NNN CONVERSION: In addition to rental upside, the future investor can gradually convert all of the leases to NNN in order to increase passivity and protect against inflationary pressures on expenses.
- INCOME TAX FREE STATE: Washington is an income tax free state.
Investment Overview
This is a rare opportunity to purchase a completely renovated classic 1907 property prominently located in booming Downtown Tacoma. The three story Armour Building and the included adjacent operating parking lot are situated less than 1/2 mile from the Tacoma Dome and the Lemay Car Museum and directly across from the famous Brown and Haley Roca building (est. 1919). This three tenant easy to manage property is solidly anchored.
Exclusively Listed By
