Former Rite Aid in
11220 Canyon Rd E Puyallup, WA 98446
For Sale
$5,500,000
Pending
Former Rite Aid on a hard corner with high traffic.
Property Size16,750 SF
Days on Market224
Property Features for 11220 Canyon Rd E
General Information
Standard status
Pending
Size
16,750 SF
Property subtype
Commercial
Building Details
Year Built
1999
Listing Agency:
PACIFIC RIM REAL ESTATE GROUP, INC.
(253) 961-4305
Listed By:
MICHAEL AVILA
Source:
Corcoran
Added: Dec 15, 2025
Changed: Jul 10
Last Checked: Jul 23 at 7:12AM
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 PACIFIC RIM REAL ESTATE GROUP, INC.
Investment Insights
Based on property information with market context.
The former Rite Aid property is located on a hard corner in East Pierce County, situated at a major intersection with high traffic. The location captures commuter traffic traveling to and from Frederickson, Puyallup, Spanaway, and Tacoma. The property is zoned with flexible zoning (Ucor), accommodating a variety of retail, office, and medical uses. The property size is 16750 square feet.
Key Highlights
- High‑traffic location on a major intersection in East Pierce County
- Flexible Ucor zoning allows for retail, office, and medical uses
- Catches commuter traffic from multiple cities (Frederickson, Puyallup, Spanaway, Tacoma)
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $241.2k | $14.40 |
| − Vacancy | −$17.8k | −$1.07 |
| EGI | $223.4k | $13.33 |
| − OpEx | −$55.8k | −$3.33 |
| NOI | $167.5k | $10.00 |
16,750 SF · lease $14.40/SF/yr · vacancy 7.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.39M
$2.09M – $2.79M
NOI $167,513 @ 7.0% cap · market cap 3.05%
Second Best
Retail
$2.07M
$1.82M – $2.42M
NOI $145,202 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$4.52M
$3.96M – $5.28M
NOI $316,680 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Nga T. Chuong, PharmD — 11509 Canyon Rd E, Puyallup, WA 98373
- Christine C. Chavez, PharmD — 11509 Canyon Rd E, Puyallup, WA 98373
- Safeway Pharmacy — 11501 Canyon Rd E, Puyallup, WA 98373
- Kevin W. Jang, RPh — 11501 Canyon Rd E, Puyallup, WA 98373
- Northwest CBD — 11601 Canyon Rd E #105, Puyallup, WA 98373
Frequently Asked Questions
What type of property is this?
Drug store - Former Rite Aid on a hard corner with high traffic.
Where is this drug store located?
The property is located at 11220 Canyon Rd E Puyallup, WA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: High‑traffic location on a major intersection in East Pierce County; Flexible Ucor zoning allows for retail, office, and medical uses; Catches commuter traffic from multiple cities (Frederickson, Puyallup, Spanaway, Tacoma)
