3802 South Cedar Street
VALUE-ADD | RARE OWNER-USER OPPORTUNITY | 30,063 SqFt
Marketing description
Northmarq is pleased to present the offering of 3802 South Cedar Street in Tacoma, Washington. This versatile asset features a unique configuration that pairs high-visibility, street-facing retail with functional industrial space, supporting a diverse range of storage, workspace, and back-of-house operations. The flexibility of the building's layout enhances tenant usability and broadens the potential occupant pool, ensuring long-term leasing stability and adaptability to market trends.
The Offering presents a prime opportunity for both investors and owner-users to acquire a highly functional retail-industrial asset within one of the South Puget Sound's most active commercial corridors. Anchored by Sherwin-Williams, which has occupied the site since 1996, the property provides a stable income foundation with significant value-add potential through the stabilization of its remaining vacant suites.
Investment highlights
- Long-term credit stability - Home to an established national credit tenant with a proven 30-year operational history, recently renewed for 5 years.
- Significant value-add upside - Currently 60.3% occupied, the offering provides an immediate opportunity to lease up 11,942 SF. By stabilizing the vacant suites at market rates, an investor can realize a projected 127.37% jump in Net Operating Income.
- Highly functional layout - The property features a seasoned Sherwin-Williams (NYSE: SHW) tenancy. Occupying the site since 1996, this investment-grade tenant (S&P: BBB+) has demonstrated over 30 years and just renewed for 5 years
- The building's versatile configuration pairs high-visibility retail frontage with functional industrial space. This hybrid design supports a wide variety of uses-from showrooms to back-of-house operations-widening the pool of potential occupants.
- Rare owner-user opportunity - With approximately 40% of the building immediately available, an owner-user can secure a well-located facility in a supply-constrained market while using the existing rental income from established tenants to offset debt service.
- Explosive daytime population density - The immediate 1-mile radius experiences a massive 105% daytime population surge during business hours. This influx of over 27,000 individuals provides a consistent customer base for the property's retail and service-oriented components.
- Compelling submarket fundamentals - Located in a high-demand corridor, the Tacoma Suburban retail submarket maintains an exceptionally low 2.8% vacancy rate, which has driven a reliable 10-year average annual rent growth of 3.9%.
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