Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    11122 Steele St S Lakewood, WA 98499

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $550 /Mo ($5 SF/Yr)

    Retail space in a strong commercial corridor, formerly Subway.

    Property size:
    1,200 SF
    Lot size:
    1,200 SF

    Property Features for 11122 Steele St S

    General Information

    Standard status
    Active
    Size
    1,200 SF

    Building Details

    Year built
    2003

    We can help!

    Listing Contact
    Michael Armanious, Ccim
    Source: Corcoran

    Listing Agency: KELLER WILLIAMS REALTY TACOMA Listing Agent: Michael Armanious, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Functional Retail Space in Lakewood

    Located at 11122 Steele Street S in Lakewood, WA 98499, this 1,200-square-foot retail space is positioned within a strong neighborhood-serving commercial corridor in the Tacoma–Lakewood market. The property benefits from consistent traffic, established surrounding uses, and excellent accessibility. Formerly a Subway sandwich shop, the space offers an opportunity for food service and retail users to capitalize on existing infrastructure. Steele Street serves as a well-traveled connector, drawing steady vehicular traffic and supporting daily-use retail concepts. The surrounding trade area includes a strong residential presence, along with a mix of national retailers, local businesses, and service providers.
    Location Intelligence

    Current Use by Public Records

    A's Barber Shop ... Barber Shop Café Elite Take-out & Catering

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Pierce
    State
    Washington
    Longitude
    -122.4683706
    Latitude
    47.1561451

    Nearby Similar for Lease

    • $4,316 /Mo
      2,495 SF

      Retail Space in High-Traffic Corridor

      Turnkey retail space in a high-traffic location near H Mart.
      8730 Tacoma Way, Lakewood, WA 98499
      View Details
    • $4,395 /Mo
      2,930 SF

      Medical Office Space Available

      2,930 SF medical office space for lease.
      8907 Gravelly Lake Dr SW, Lakewood, WA 98499
      View Details
    • $15 SF/Yr
      1,810 SF

      Lakewood Office Space Available

      Well-maintained office space with 11 offices and reception area.
      8820 59Th Ave SW, Lakewood, WA 98499
      View Details
    • $30 SF/Yr
      3,498 SF

      Lakewood Retail/Office Space Available

      Freestanding building near JBLM, available for retail or office.
      10020 Bridgeport Way SW, Lakewood, WA 98499
      View Details
    • $12 SF/Yr
      420 SF

      Corner Office Suite with Storage

      Basement corner suite with two rooms and storage area.
      10116 36Th Avenue Ct SW, Lakewood, WA 98499
      View Details
    • $2,501 /Mo
      1,364 SF

      Retail Space in Lakewood Center

      Retail space available in a busy Lakewood strip mall.
      10518 Pacific Hwy SW, Lakewood, WA 98499
      View Details
    • $2,662 /Mo
      2,315 SF

      Lakewood Flex Space Available Now

      Flex space with office, GL door, available for rent.
      10025 Tacoma Way, Lakewood, WA 98499
      View Details
    • $1,565 /Mo
      1,105 SF

      Lakewood Office Suite For Lease

      Office suite in established commercial corridor, convenient access, open layout.
      3615 Steilacoom Blvd SW, Lakewood, WA 98499
      View Details
    • $2,793 /Mo
      1,676 SF

      Lakewood Office Suite For Lease

      Prime office suite in established commercial corridor, ideal for medical.
      3615 Steilacoom Blvd SW, Lakewood, WA 98499
      View Details
    • $5,250 /Mo
      2,800 SF

      Medical Office Space Available

      Office space in park-like setting with ADA access.
      9101 Bridgeport Way SW, Lakewood, WA 98499
      View Details
    • $9,338 /Mo
      6,057 SF

      Lakewood Flex Space with Yard

      Flex space with office, warehouse, and fenced yard.
      10310 Tacoma Way, Lakewood, WA 98499
      View Details
    • $8,745 /Mo
      3,498 SF

      Lakewood Retail/Office Pad Opportunity

      Two-story, 3,498 SF retail/office space available 10/1/2025.
      10020 Bridgeport Way SW, Lakewood, WA 98499
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space in a strong commercial corridor, formerly Subway.
    Where is this retail space located?
    The property is located at 11122 Steele St S Lakewood, WA.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: - High-traffic location on Steele Street, a well-traveled connector.; - Existing infrastructure suitable for food service or retail, formerly a Subway.; - Located in a strong, established commercial corridor.
    Request Owner's contact information
    11122 Steele St S Lakewood, WA 98499
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    11122 Steele St S
    Lakewood, WA 98499
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    11122 Steele St S Lakewood, WA 98499
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael Armanious, Ccim
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!