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Office

702 Broadway

702 Broadway, Tacoma, WA 98402

Listing Price: $2,500,000

Cap Rate
7.08%
Rentable SF
12,493
Lot Size
0.14 acres
Year Built
1914

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the 100% fee-simple interest in 702 Broadway, a multi-tenant office & retail investment property in downtown Tacoma ("the Property"). Originally constructed in1914, this historic structure has been extensively renovated over the years and is now home to 28 tenants providing a multitude of services. The property is professionally managed with NNN leases. The Property is situated between Opera Alley and Broadway, almost directly across the street from the newly renovated McMenamins Elks Temple. The Tacoma Link Light Rail is a 3-minute walk away, and the Property offers a "Walkers Paradise" Walk Score of 96. At 83% occupancy, the Property currently cash flows at an attractive rate of return. However, there is upside for an incoming investor in leasing out the remaining vacancies and continuing to push rental rates. Given the asset's excellent location in the fast growing downtown market, an incoming investor may choose to develop the Property, in which case they will benefit from the short-term nature of the leases encumbering the Property.

Investment Highlights

  • Multi-Tenant Office & Retail Building In Developing Downtown Tacoma
  • Excellent Cash Flow With Upside In Filling Vacancy
  • Future Development Potential With Walk Score of 96

Exclusively Listed By

Office

702 Broadway

Listing Price: $2,500,000

Cap Rate
7.08%
Rentable SF
12,493
Lot Size
0.14 acres
Year Built
1914

Investment Highlights

  • Multi-Tenant Office & Retail Building In Developing Downtown Tacoma
  • Excellent Cash Flow With Upside In Filling Vacancy
  • Future Development Potential With Walk Score of 96

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the 100% fee-simple interest in 702 Broadway, a multi-tenant office & retail investment property in downtown Tacoma ("the Property"). Originally constructed in1914, this historic structure has been extensively renovated over the years and is now home to 28 tenants providing a multitude of services. The property is professionally managed with NNN leases. The Property is situated between Opera Alley and Broadway, almost directly across the street from the newly renovated McMenamins Elks Temple. The Tacoma Link Light Rail is a 3-minute walk away, and the Property offers a "Walkers Paradise" Walk Score of 96. At 83% occupancy, the Property currently cash flows at an attractive rate of return. However, there is upside for an incoming investor in leasing out the remaining vacancies and continuing to push rental rates. Given the asset's excellent location in the fast growing downtown market, an incoming investor may choose to develop the Property, in which case they will benefit from the short-term nature of the leases encumbering the Property.

Exclusively Listed By

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