Warehouse with Loading
117 23rd Street SE, Puyallup, WA 98372
For Sale
$7,995,000
A fenced, paved site accommodates warehouse operations, with dedicated office space and substantial electrical service.
Property Size39,257 SF
Lot Size1.82 Acres
Price / SF$203.66
Days on Market48
Property Features for 117 23rd Street SE
General Information
Standard status
Size
Lot size
Property subtype
Warehouse & Industrial
Office Build-Out
Dock-High Doors
Drive-In Doors
Power
Voltage
Three-Phase Power
Sprinkler System
Additional Details
Fenced Yard
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
Lee & Associates Commercial Real Estate Services
Listed By:
Sean Durkin, SIOR, MSRE, CCIM · License WA #106798
(425) 830-2647
Source:
Lee-associates
Added: Sep 24
Changed: Nov 10
Last Checked: Nov 10 at 6:57AM
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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Investment Insights
Based on property information with market context.
The 39,257-square-foot warehouse occupies a fully fenced and paved 1.82-acre site. Its 1,818 square feet of office space supports administrative functions alongside the warehouse areas. The metal section offers 19-foot clear height, while the concrete block area has 12-foot clear height.
Loading is served by two docks and three oversized grade-level doors. The facility is equipped with 400 amps of 480-volt, three-phase power and a full sprinkler system.
Loading is served by two docks and three oversized grade-level doors. The facility is equipped with 400 amps of 480-volt, three-phase power and a full sprinkler system.
Key Highlights
- 39,257 SF building on a 1.82‑acre fenced, paved site
- 1,818 SF of office space
- 19' clear height in the 21,000 SF metal building section
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$553,182
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,063,640
$11.1M
Cap Rate 7%
$7,902,600
$7.9M
Cap Rate 9%
$6,146,467
$6.1M
Market Conditions
NOI Build-Up for 39,257 SF
Gross rent
$706.6K $18.00/SF
− Vacancy
−$55.8K −$1.42/SF
EGI
$650.8K $16.58/SF
− OpEx
−$97.6K −$2.49/SF
NOI
$553.2K $14.09/SF
Area
Pierce County, WA
Vacancy
7.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,063,640
Cap Rate 7%
$7,902,600
Cap Rate 9%
$6,146,467
Alternative Uses
Best Use
Warehouse
$7.90M
$6.91M – $9.22M
NOI $553,182 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.60M
$9.28M – $12.37M
NOI $742,202 @ 7.0% cap · market cap 9.28%
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
Lease Details
2
Dock-high doors
3
Drive-in doors
Yes
Sprinkler system
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98372, WA
26,652
Population
10,701
Households
2.5
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
13.3 sq mi
ZIP Area
2,004
Density / Sq Mi
$100,316
Median Household Income
$55,892
Median Earnings
$1,745
Median Rent
$570,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Warehouses in Pierce County, WA
Properties on Market for Warehouses in Pierce County
Vacancy Rate% for Industrial in West region
Similar Off Market Nearby
- Extra Space Storage — 239 15th St SE, Puyallup, WA 98372
- Linden Park Storage — 2102 E Main Ave Ste 106, Puyallup, WA 98372
- Stor-Eze — 6601 114th Ave Ct E, Puyallup, WA 98372
- Mike N Terry's Outdoor Fun Park — 6326 114th Ave Ct E, Puyallup, WA 98372
Frequently Asked Questions
What type of property is this?
Warehouse - A fenced, paved site accommodates warehouse operations, with dedicated office space and substantial electrical service.
Where is this warehouse located?
The property is located at 117 23rd Street SE Puyallup, WA.
What is the asking price?
The asking price for this property is $7,995,000.
What are key features of this property?
This property features: 39,257 SF building on a 1.82‑acre fenced, paved site; 1,818 SF of office space; 19' clear height in the 21,000 SF metal building section
