702 Broadway - Tacoma, WA
702 Broadway - Tacoma, WA
Rentable Bldg Area: 15,213 SF
Lot Size: 6,098 SF
Current Cap Rate: 5.72%
Market Cap Rate: 9.53%
HIGH GROWTH SUBMARKET
Tacoma is experiencing its long overdue growth
revival with major infrastructure, transit, and core
improvements well underway to support active
multifamily and commercial development projects.
CONVENIENT LOCATION AND ACCESS
The property benefits from an excellent core location
with easy walking access to all Downtown Tacoma
amenities, the new Link Light Rail Transit system and
direct access to I-5 via multiple convenient on-ramps.
LEASE CONVERSION OPPORTUNITY
With most current leases opting for MTM options,
there is a significant opportunity to adjust rates to
market and implement long-term agreements.
EXCEPTIONAL TENANT MIX
The building is a magnet for a variety of professional
service tenants requiring physical space in a truly
unique office environment including well established
medical, legal, utility, and financial services providers.
MAJOR NEARBY DEVELOPMENTS
The property is positioned in direct proximity to
the future Link light rail, the Tacoma Town Center
mixed-use development, and many other larger scale
developments such as Jefferson Flats
HISTORIC TROPHY ASSET
This historic gem showcases timeless architectural
features, exuding a sense of character and prestige.
The building’s rich history and prime location in
vibrant Tacoma add to its allure as a coveted asset.
SIGNIFICANT RENTAL UPSIDE
The current average rent is approx. $21.06 with
market rent estimated at $24-31 NNN leaving
tremendous long-term opportunity for growth.
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.