FOR SALE 5821 S Sprague Ct Tacoma, WA 98409 - SPRAGUE COURT INVESTMENT SALE
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FOR SALE
5821 S Sprague Ct
Tacoma, WA 98409
100% leased! First time offered for sale
S PR AG UE CO U RT INVE S TM E NT S ALE First Western Properties—Tacoma Inc. | 253.472.0404
6402 Tacoma Mall Blvd, Tacoma, WA 98409 | fwp-inc.com
582 1 S S PR AG UE CT is strategically located along the Tacoma Mall Blvd corridor, in the City of Tacoma, WA. It
is moments off Interstate 5 via the 56th or 74th St interchanges, and has unimpeded visibility to 180,000 average daily travelers. The
Building is a 10,304 SF well maintained concrete block and stucco structure. It has had very little turnover since being built in 1999, with
Group Health / Kaiser having been there from the beginning and recently renewed their commitment through 2025. Express Employment
Professionals has been there for 8 years with 2 remaining during its primary lease. This building has never been offered for sale and is
owned by the original developer with all original drawings and paperwork history available to the Buyer.
E X E CU TIVE S U M M A R Y
P R OP ER TY SUMMAR Y
5821 S Sprague Ct
Address:
Tacoma, WA 98409
Opportunity Type: Investment Sale
Total Land Area: .73 Acres (32,025 SF)
Total Building SF: 10,304 SF
Year Built: 1998
Parcel Numbers: 9335000040, 9335000050
Jurisdiction: City of Tacoma
Zoning: C2 - City of Tacoma
Price: $3,975,000.00
Located conveniently
next to I-5 access point
with visibility from I-5
LO CATIO N A E R IA L
Moments from Tacoma
retail hub including the
Tacoma Mall
16,500 CPD
Tacoma Mall Blvd
168,900 CPD
Interstate 5
LO C ATIO N DE TA IL S
VA L U AT IO N S U M M A R Y
CURRENT INCOME
Base Rent (Annual) $219,504 (September 2021)
Sign Rent (Annual) $5,546
INVE S TM E NT P RO FO R M A VA L U E
REIMBURSED EXPENSES
CAM/Utilities $37,149 2021 Assessment
Property Taxes $32,583 2021 Actual
Insurance $5,112
Total Reimbursed Expenses $74,884 2020 Actual
TOTAL REVENUE $299,934
OPERATING EXPENSES
CAM $37,149
Property Taxes $32,583
Insurance $5,112
TOTAL EXPENSE $74,884
NET OPERATING INCOME $225,050
Cap Rate 5.66% Total Price $3,975,000
*Buyer to pay 1/2 escrow and 1/2 WA State excise tax
K AISER P ER MANENTE
Founded in 1945, Kaiser Permanente is recognized as one of Ameri-
ca’s leading health care providers and not-for-profit health plans. We
currently serve 12.5 million members in 8 states and the District of
Columbia.
TE NAN T S U M M A R Y
Care for members and patients is focused on their total health and
guided by their personal Permanente Medical Group physicians, spe-
cialists, and team of caregivers. Our expert and caring medical teams
are empowered and supported by industry-leading technology ad-
vances and tools for health promotion, disease prevention, state-of-
the-art care delivery, and world-class chronic disease management.
We are dedicated to care innovations, clinical research, health educa-
tion, and improving community health.
Kaiser Permanente merged with Group Health Cooperative in Febru-
ary 2017.
Kaiser / GHC Merger Note
Kaiser Permanente’s acquisition of Group Health Cooperative became final today, and with that, Group Health’s
more than 651,000 members and more than 6,000 employees in Washington are now part of the largest inte-
grated health system in the nation. With the acquisition, Kaiser Permanente now serves more than 11.3 million
members in eight states and the District of Columbia, providing both care and coverage.
Through this acquisition, Kaiser Permanente expects to better meet the needs of individuals as well as large
commercial and national accounts with employees who live and work in Washington. The move will bring Kaiser
Permanente to an additional 19 counties in Washington state, including 25 primary care clinics in 17 cities, three
urgent care facilities and four outpatient surgery centers. Kaiser Permanente will invest $1 billion over the next de-
cade to expand and modernize facilities and technology, and to improve care and service. There are no immediate
changes to the member care and coverage.
L EA S E SUMMAR Y - 7 ,1 4 8 SF
Lease Type: NNN
Lease Term: 4 years (early out provision 9/1/2024)
Lease Commencement: September 1998 - Current
Lease Expiration: September 30, 2025
R ENT SC HEDUL E
RENT START
ANNUAL RENT CAP RATE NOTES
DATE
$150,108 ($21/SF) 9/1/21 5.66% 2 years set
$150,108 ($21/SF) 9/1/22 5.66%
$153,110 ($21.42/SF) 9/1/24 5.8% 2 years set
$153,110 ($21.42/SF) 9/1/25 5.8%
E X PR E SS E MPLOYME N T PR OFE SSION A LS
Express Employment Professionals is a leading staffing provider in the U.S., Canada,
South Africa, Australia, and New Zealand. Every day, we help job seekers find work
and help businesses find qualified employees. Founded in 1983, Express annually
employs over 526,000 people across more than 830 franchise locations worldwide.
Our long-term goal is at the heart of our company’s vision, to help as many people as
possible find good jobs by helping as many clients as possible find good people.
Express Employment Professionals works with job seekers to help them find the right
TE NAN T S U M M A R Y
job for their skills and experience. We have a variety of jobs available, including full-
time, part-time, and temporary positions. And, as one of the leading staffing agencies
in the U.S., Canada, South Africa, Australia, and New Zealand, Express provides em-
ployment services and workforce solutions to employers throughout our community.
Contact us today to get started on finding the right fit for you.
This Franchisee: Express Employment Professionals of Tacoma,
Washington began serving our Pierce County community in July of
1984. Under the leadership of our franchise owner, Jan Schwenger ,
our staffing agency in Tacoma wants to connect our area’s Job Seek-
ers and Employers so that reputable businesses hiring in Tacoma
can find reliable employees for their expanding workforce.
L EA S E SUMMAR Y - 3 ,1 5 6 SF
Lease Type: NNN
Lease Term: 10 year term expires October, 31 2023
Lease Commencement: September 1, 2013
Lease Expiration with Options: 2 at 5 years each (2.5% annual escalations)
R ENT SC HEDUL E
RENT
YEAR ANNUAL RENT CAP RATE
START DATE
8 $65,550 ($21.45/SF) 11/1/2020
9 $69,402 ($21.98/SF) 11/1/2021 5.66%
10 $71,102 ($22.59/SF) 11/1/2022 5.8%
11 $72,879 ($23.09/SF) 11/1/2023 Option Term
12
Option Term (2.5% annual escalations continue)
13
14
Regis - 2021
DEMOGR AP H IC S
Mile 1 Mile 3 Mile 5
Population 16,248 136,938 309,615
Projected
Annual Growth 1.9% 1.6% 1.4%
(2020-2025)
Historical
DE M O G RAP HICS
Annual Growth 0.6% 1.0% 1.0%
(2010-2020)
Estimated
6,174 51,437 122,984
Households
Average
Household $78,813 $73,135 $81,099
Income
Median
Household $65,379 $59,799 $65,839
Income
Daytime
11,224 96,126 232,833
Population
Adult
10,181 83,397 189,358
Population
(62.7%) (60.9%) (61.2%)
20-64 yo
Adult
2,161 17,353 45,386
Population
(13.3%) (12.7%) (14.7%)
65+ yo
Total
678 5,711 14,247
Businesses
Total
6,150 52,977 130,334
Employees
P HO TO S
CITY S U M M AR Y
TA C O M A , WA is rooted in the arts and has a vibrant urban core that is alive
with culture. Situated along the Puget Sound, Tacoma is a mid-sized urban port city
of Pierce County just over 30 miles south of Seattle. The museum district is home
for its world-renowned Museum of Glass, while the waterfront, parks, gardens and
wildlife make Tacoma a nature wonderland ready for all to explore.TA CO MA | KIR K L A N D | SE AT T L E | P O R T L A ND
R E L ATIO N S HIP FOCU SED. RESULT S DR IV E N .
ANDY JESSBERGER
253.471.5507
andy@firstwesternproperties.com
First Western Properties—Tacoma Inc. | 253.472.0404 © First Western Properties, Inc. DISCLAIMER: The above information has been secured from sources believed to be reliable,
however, no representations are made to its accuracy. Prospective tenants or buyers should consult their professional advisors
6402 Tacoma Mall Blvd, Tacoma, WA 98409 | fwp-inc.com and conduct their own independent investigation. Properties are subject to change in price and/or availability without notice.You can also read
