Urban Tacoma User / Development Opportunity
Urban Tacoma User/Development Opportunity | 3- Parcel Assemblage | 4.95 Acres
Marketing description
Cushman & Wakefield is pleased to present a compelling 4.95-acre fee simple investment opportunity
encompassing three contiguous parcels located at 6421, 6423–6427, and 6425 6th Avenue, Tacoma, WA.
Strategically positioned along the highly trafficked 6th Avenue commercial corridor, the site offers a unique
combination of near-term income, with full site control in April of 2027, and long-term redevelopment
potential.
The property includes land beneath approximately 39,300 square feet of existing retail improvements,
leased under a ground lease to a private investment firm. The improvements are currently occupied by
Grocery Outlet (±24,000 SF) and Rolf’s Import Auto Parts (±15,300 SF). The ground lease provides
passive income of approximately $119,655 annually. With the ground tenant electing not to renew, the
lease expires March 31, 2027, delivering full site control to the future owner. The property can be
delivered as a pad or with the improvements at expiration.
Investment highlights
• Redevelopment: Well-positioned in Tacoma’s high-growth West End submarket, the site is ideally suited for mixed-use redevelopment with potential for ground floor retail and residential or commercial above.
• Owner-User Potential: April 1, 2027, a buyer could occupy all or part of the 39,300 SF improvements—ideal for grocery, healthcare, automotive, or other commercial uses—with ample parking, strong street frontage, and excellent visibility.
• Value-Add Lease-Up: Investors may re-tenant the property at market lease rates once the ground lease expires, unlocking substantial income upside relative to the current below-market rent structure.
Surrounded by strong regional drivers—including Tacoma Community College (12,000+ students) and Joint Base Lewis-McChord (100,000+ personnel)—this property offers scale, flexibility, and long-term growth in one of Tacoma’s most active commercial corridors. In addition, nearby institutions such as UW-Tacoma, University of Puget Sound, Pacific Lutheran University, and Evergreen Tacoma contribute thousands more students and employees within just a few miles of the area.
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