3102 6Th AveTacoma, WA 98406

For Sale
$1,445,000

Prime 6th Ave location, strong NNN lease.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a thriving restaurant on Tacoma's bustling 6th Avenue, at 3102 6th Ave, in Pierce County, WA 98406. The property, encompassing a 6,000 square foot lot, features a single building with two units: a popular restaurant and an attached living space. The restaurant, El Balcon, benefits from a recently updated dining area and kitchen, creating a modern and inviting atmosphere for patrons. The attached living space provides additional rental income potential. Currently operating under a Net Lease (NNN) agreement with a single tenant, the lease has 4.5 years remaining, with a 4% year-over-year rent increase. The tenant is responsible for all utilities, minimizing landlord responsibilities. The tenant has also expressed interest in an early lease extension. The property boasts a 7.10% cap rate and is offered at an asking price of $1,445,000. Showings are by appointment only to allow for coordination with the tenant. A detailed financial breakdown is available upon request. This property offers a compelling blend of stability and growth potential, making it an attractive addition to any diversified real estate portfolio.

Highlights

  • Showings by appointment only, tenant coordination required.
  • 4.5 years remaining on lease, with 4% annual rent increases.
  • Tenant responsible for all utilities.
  • Tenant open to extending lease early.
  • Financial details available upon request.
  • Triple Net (NNN) lease; minimal landlord responsibilities.

Property Details for 3102 6Th Ave

Property type
Other retail properties, Restaurants
Buildings
1
Units
2

Location Insight

City
Tacoma
County
Pierce
State
Washington
Latitude
47.2551556
Longitude
-122.47646
3102 6Th Ave, Tacoma, Washington

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3102 6Th Ave
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