Renovated Design
New
For Sale
Contact for pricing
11104 Gravelly Lake Dr SW, Lakewood, WA 98499
CBD zoning supports a range of commercial uses, including retail and office operations.
Property Size5,164 SF
Price / SF$271.11
Days on Market5
Property Features for 11104 Gravelly Lake Dr SW
General Information
Standard status
Active
Size
5,164 SF
Property subtype
RETAIL
Listing Agency:
Lee & Associates Commercial Real Estate Services
(253) 238-2842
Listed By:
Rachel Corp · License #WA 41623
Source:
Moodyscre
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 7:44AM
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
Investment Insights
Based on property information with market context.
This 5164-square-foot showroom property has been newly renovated and is currently used as a design showroom. Its configuration is positioned for contractor office and showroom operations, while CBD zoning permits a broad range of commercial uses, including retail and office applications.
The property is located less than 1/2 mile from Lakewood Town Center, with access to I-5, the Lakewood business parks, and JBLM. The address is 11104 Gravelly Lake Dr SW, Lakewood, WA 98499.
The property is located less than 1/2 mile from Lakewood Town Center, with access to I-5, the Lakewood business parks, and JBLM. The address is 11104 Gravelly Lake Dr SW, Lakewood, WA 98499.
Key Highlights
- 5164‑square‑foot newly renovated showroom property
- Current design showroom use with contractor office/showroom suitability
- CBD zoning allows retail, office, and other commercial uses
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
$73,144
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
5.22%
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%
$1,462,880
$1.5M
Cap Rate 7%
$1,044,914
$1.0M
Cap Rate 9%
$812,711
$812.7K
Market Conditions
NOI Build-Up for 5,164 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
$113.4K $21.96/SF
− Vacancy
−$15.9K −$3.07/SF
EGI
$97.5K $18.89/SF
− OpEx
−$24.4K −$4.72/SF
NOI
$73.1K $14.16/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,462,880
Cap Rate 7%
$1,044,914
Cap Rate 9%
$812,711
Alternative Uses
Best Use
Office B
$1.04M
$914.3K – $1.22M
NOI $73,144 @ 7.0% cap · market cap 5.22%
Second Best
Retail
$639.5K
$559.6K – $746.1K
NOI $44,766 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,632 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Balanced
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Showroom - CBD zoning supports a range of commercial uses, including retail and office operations.
Where is this showroom located?
The property is located at 11104 Gravelly Lake Dr SW Lakewood, WA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 5164‑square‑foot newly renovated showroom property; Current design showroom use with contractor office/showroom suitability; CBD zoning allows retail, office, and other commercial uses
