Mixed-Use Investment Property in
For Sale
$9,500,000
Pending
10240 Bridgeport Way SW, Lakewood, WA 98499
Well-maintained mixed-use property with residential and retail units.
Property Size48,214 SF
Days on Market226
Property Features for 10240 Bridgeport Way SW
General Information
Standard status
Pending
Size
48,214 SF
Property subtype
Commercial
Building Details
Year Built
2005
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
REID JONES · License #87080
(206) 250-9655
Source:
Corcoran
Added: Jan 20
Changed: Aug 17
Last Checked: Aug 14 at 6:01AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Town Centre Village is a well-maintained mixed-use investment property. Constructed in 2005 and expanded in 2017, the property includes a main elevator-served building and a separate townhome-style fourplex. It features 37 residential units with one- to three-bedroom floor plans, along with 13 street-level retail suites. The residential units have been upgraded with contemporary flooring, cabinetry, and finishes. Every unit is equipped with a full in-unit washer and dryer. The retail tenants operate under established NNN leases and benefit from fully served HVAC systems. On-site amenities include secured 24-hour resident parking and a total of 87 parking spaces. The property contains 48214 square feet.
Key Highlights
- Diversified Income Streams: Combination of 37 residential units and 13 retail suites.
- Modern Upgrades: Residential units feature contemporary flooring, cabinetry, and finishes.
- Spacious Units: Large one- to three‑bedroom floor plans.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$583,436
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,668,720
$11.7M
Cap Rate 7%
$8,334,800
$8.3M
Cap Rate 9%
$6,482,622
$6.5M
Market Conditions
NOI Build-Up for 48,214 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.15M $23.76/SF
− Vacancy
−$84.8K −$1.76/SF
EGI
$1.06M $22.00/SF
− OpEx
−$477.4K −$9.90/SF
NOI
$583.4K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,668,720
Cap Rate 7%
$8,334,800
Cap Rate 9%
$6,482,622
Alternative Uses
Best Use
Apartment 5plus
$8.33M
$7.29M – $9.72M
NOI $583,436 @ 7.0% cap · market cap 6.14%
Second Best
Mixed Use
$8.18M
$7.16M – $9.55M
NOI $572,782 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$13.02M
$11.39M – $15.19M
NOI $911,545 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,333
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained mixed-use property with residential and retail units.
Where is this mixed-use property located?
The property is located at 10240 Bridgeport Way SW Lakewood, WA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Diversified Income Streams: Combination of 37 residential units and 13 retail suites.; Modern Upgrades: Residential units feature contemporary flooring, cabinetry, and finishes.; Spacious Units: Large one- to three‑bedroom floor plans.
