215 72Nd StTacoma, WA 98408

Property Details for 215 72Nd St

Year built

1973

Property size (Sq ft)

5,668 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a 5,668 square foot storefront located at 215 S 72nd St, Tacoma, WA 98408. The property, built in 1973 and situated on an 18,734 square foot lot, is currently 100% occupied by Pawn 1, a well-established business with 26 locations in Washington and Idaho, operating for over 43 years. The property benefits from a strong corporate guarantee and a Net Lease (NNN) structure with annual 2.5% rent increases, providing protection against inflation. The current lease, commenced March 30, 2018, has a remaining term of approximately 3.4 years, expiring March 31, 2028. The asking price is $1,825,000, representing a price per square foot of $321.98 and a 6.75% cap rate based on a Net Operating Income (NOI) of $123,228. The property enjoys a prime location adjacent to a high-performing Fred Meyer grocery store and a newly constructed 134-unit apartment complex in Tacoma, Washington's third-largest city, projected to add 127,000 residents and 97,000 jobs by 2040. This presents a stable, passive investment opportunity with significant long-term growth potential. The property's strong tenant, favorable lease terms, and strategic location make it an attractive addition to any investment portfolio.

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.1919

Longitude

-122.435

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