702 Broadway
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702 Broadway
12,493 SF 100% Leased Retail Building Tacoma, WA 98402 $1,995,000 ($160/SF) 6.71% Cap Rate
Investment Highlights
- HIGH GROWTH SUBMARKET
- LEASE CONVERSION OPPORTUNITY
- EXCEPTIONAL TENANT MIX
- CONVENIENT LOCATION AND ACCESS
- SIGNIFICANT RENTAL UPSIDE
Executive Summary
The Vara Group is pleased to present the sale offering for the premier office
property located at 702 Broadway in Downtown Tacoma. The exceptional location of
this asset offers businesses a prime opportunity to establish their presence in a vibrant
and growing market. This building’s presence on the corner of 7th and Broadway
provides unparalleled visibility and accessibility, making it an ideal choice for
companies seeking a prestigious address.
Spanning across spacious and modern floor plans, 702 Broadway offers flexible
office spaces that can be tailored to meet the unique needs of businesses of all sizes.
The property’s proximity to key transportation hubs and major highways allows for
seamless commuting and convenient access for clients and employees alike. With a rent
roll comprised of 33 suites, this property provides tremendous rental upside to improve
the current average rent of $21.06 / SF NNN to the submarket average of $28.02.
property located at 702 Broadway in Downtown Tacoma. The exceptional location of
this asset offers businesses a prime opportunity to establish their presence in a vibrant
and growing market. This building’s presence on the corner of 7th and Broadway
provides unparalleled visibility and accessibility, making it an ideal choice for
companies seeking a prestigious address.
Spanning across spacious and modern floor plans, 702 Broadway offers flexible
office spaces that can be tailored to meet the unique needs of businesses of all sizes.
The property’s proximity to key transportation hubs and major highways allows for
seamless commuting and convenient access for clients and employees alike. With a rent
roll comprised of 33 suites, this property provides tremendous rental upside to improve
the current average rent of $21.06 / SF NNN to the submarket average of $28.02.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
12,493 SF
Building Class
C
Year Built/Renovated
1914/1980
Price
$1,995,000
Price Per SF
$160
Cap Rate
6.71%
NOI
$133,793
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.05
Lot Size
0.14 AC
Opportunity Zone
Yes
Zoning
DCC - Downtown Commercial Core
Frontage
70 FT on Broadway
Walk Score®
Walker's Paradise (97)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 200706-0016 | Improvements Assessment | $533,800 |
| Land Assessment | $764,600 | Total Assessment | $1,298,400 |
PROPERTY TAXES
Parcel Number
200706-0016
Land Assessment
$764,600
Improvements Assessment
$533,800
Total Assessment
$1,298,400
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702 Broadway
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