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Armour Building - Tacoma, WA

Armour Building - Tacoma, WA

$3,160,000.00Price

101 E 26th Street, Tacoma, Washington 98421

 

Gross SF: 14,835

Rentable SF: 13,730

Proforma Cap Rate: 8.81%

Lot Size: 27,396 SF 

Year Built: 1909/2003

 

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  • 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 with an opportunity for near term added value.


    SURROUNDING DEVELOPMENTS: 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, three miles away from the Tacoma Mall, and near the Port of Tacoma.


    OWNER-USER POTENTIAL: Ability to occupy the top floor suiteby May 1, 2024 or sooner.


    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. And with lower rents than Seattle or Bellevue CBD, Tacoma continues to be the affordable office alternative.


    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

    The Vara Group is pleased to present the sale offering for
    the iconic Armour Building of Tacoma, WA. 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 1/4
    mile from the Tacoma Dome and the Lemay Car Museum and
    directly across from the famous Brown and Haley Almond
    Roca building (est. 1919). This three tenant easy to manage
    property is solidly anchored by Erickson McGovern Architects
    and two medical related tenants all benefiting from the
    vintage style and features of the Armour Building which will
    continue as one of Tacoma’s most appealing investments.

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