Building Details

Year Built 2015

Tenancy Multi

Listing Agency: Lee & Associates Commercial Real Estate Services Show Phone

Listed By: Amanda Hahnemann, CCIM Show Phone

Source: Moodyscre

Added: Jul 14 Changed: Oct 25 Last Checked: Oct 26 at 7:31PM

Report an Issue

Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates Commercial Real Estate Services

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Pass Life Commercial Building is a fully leased retail investment of approximately 7,948 square feet, constructed in 2015 as the commercial centerpiece of The Pass Life mixed-use development. The property is occupied by an established collection of destination-oriented tenants, including Commonwealth Restaurant, Dru Bru Brewery, and the Washington State Ski & Snowboard Museum.

Located in Snoqualmie Pass, the property benefits from access via Interstate 90, with Seattle and Bellevue each less than one hour away. The area’s year-round recreation and interstate traffic support consistent consumer demand, with the Snoqualmie Pass market drawing more than two million annual visitors.

For investors and operators seeking an income-producing retail asset anchored by long-standing destination uses, Pass Life Commercial Building offers immediate occupancy through its tenant roster and an enduring role within the Pass Life mixed-use setting.

Key Highlights

• 7,948 SF retail investment building constructed in 2015
• Fully leased to multiple destination tenants
• Tenants include Commonwealth Restaurant, Dru Bru Brewery, and the Washington State Ski & Snowboard Museum

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$142,179

Cap Rate

2.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,843,580 $2.8M

Cap Rate 7%

$2,031,129 $2.0M

Cap Rate 9%

$1,579,767 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,948 SF

Gross rent

$209.8K $26.40/SF

− Vacancy

−$6.7K −$0.84/SF

EGI

$203.1K $25.56/SF

− OpEx

−$60.9K −$7.67/SF

NOI

$142.2K $17.89/SF

Area

King County, WA

Vacancy

3.20%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,843,580

Cap Rate 7%

$2,031,129

Cap Rate 9%

$1,579,767

Alternative Uses

Best Use

Retail

$2.03M

$1.78M – $2.37M (±1% cap)

NOI $142,179 @ 7.0% cap · market cap 2.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.18M

$2.79M – $3.71M (±1% cap)

NOI $222,836 @ 7.0% cap · market cap 4.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Shopping centers

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 98068, WA

530

Population

720

Households

0.7

Avg Household Size

43

Median Age

31%

College-Educated

99%

High-School Grad

245.3 sq mi

ZIP Area

2

Density / Sq Mi

$99,145

Median Earnings

$1,152

Median Rent

$760,800

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Frequently Asked Questions

What type of property is this?

Shopping center - Retail investment totaling 7,948 SF, constructed in 2015 and fully leased to multiple destination tenants.

Where is this shopping center located?

The property is located at 10 Pass Life Way Snoqualmie Pass, WA.

What is the asking price?

The asking price for this property is $4,800,000.

What are key features of this property?

This property features: 7,948 SF retail investment building constructed in 2015; Fully leased to multiple destination tenants; Tenants include Commonwealth Restaurant, Dru Bru Brewery, and the Washington State Ski & Snowboard Museum