Pacific Ave

Project Details

12K SF Two Story Historic Retail Building Renovation

809 Pacific Ave, Tacoma, WA 98402

12,000 SF building listed on the national register utilizing federal tax credits through the national park service. Originally constructed as a parking garage, the second floor is entirely clear span space with 16' ceilings and concrete floors. Major renovation will restore the original character while updating building systems and structure.  A ten year lease was signed with Flatstick Pub and the building improvements will be constructed to their specifications.


Project Goals

  • Building was purchased from the owners of the Learning Sprout who were closing their business.
  • Identify and aggressively pursue tenants active in the submarket.
  • Coordinate historic renovation with the National Parks Service.

Key Investment Highlights

  • Maximize near term capital return through historic tax credits and refinance activities.
  • Generate stable long-term cash flow. 
  • Increase equity through tenant selection and lease negotiation.

By The Numbers

Acquired - 2017

Building - 12,000 SF

Built/Renovated - 1927/2020

Lot - 6,000 SF

Target Investment Return - 118% (Simple)

Interesting Building Fact

The building is listed on the National Register for receiving an architectural award when it was built as a parking garage in 1927.

Project Team

Developer:  47 North and 

Tenant: : Flatstick Pub

Architect:  Atelier Drome

Contractor:  47 North

Structural:  Swenson Say Faget

Features of Pacific Ave

Interested in connecting?

Contact Us