11104 Gravelly Lake Dr SW, Lakewood, WA 98499

Building Details

Building Size 4,971 SF More

Year Built 1938 More

Listing Agency: Lee & Associates Commercial Real Estate Services

Listed By: Rachel Corp · License WA #41623 Show Phone

Source: Lee-associates

Added: Aug 8 Changed: Nov 4 Last Checked: Nov 10 at 7:31AM

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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

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

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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.

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 / Yr

$70,410

Cap Rate

5.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,408,200 $1.4M

Cap Rate 7%

$1,005,857 $1.0M

Cap Rate 9%

$782,333 $782.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,971 SF

Gross rent

$109.2K $21.96/SF

− Vacancy

−$15.3K −$3.07/SF

EGI

$93.9K $18.89/SF

− OpEx

−$23.5K −$4.72/SF

NOI

$70.4K $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 Rate 5%

$1,408,200

Cap Rate 7%

$1,005,857

Cap Rate 9%

$782,333

Alternative Uses

Best Use

Office B

$1.01M

$880.1K – $1.17M (±1% cap)

NOI $70,410 @ 7.0% cap · market cap 5.22%

Second Best

Retail

$615.6K

$538.7K – $718.2K (±1% cap)

NOI $43,093 @ 7.0% cap · market cap 3.19%

Theoretical Best

Office A

$1.34M

$1.17M – $1.57M (±1% cap)

NOI $93,983 @ 7.0% cap · market cap 6.96%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Veterans Roofing Construction Company

Suggested Use

Top Pick Law Firm Garden Center (Bike/Boat/Book/etc) Store Big Box & Wholesale Store Gym & Fitness Center Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

508

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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 $1,350,000.

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