Warehouse with Loading
New
For Sale
Contact for pricing
117 23rd Street SE, Puyallup, WA 98372
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 Market6
Property Features for 117 23rd Street SE
General Information
Standard status
Active
Size
39,257 SF
Lot size
1.82 Acres
Property subtype
Industrial
Warehouse & Industrial
Office Build-Out
1,818 SF
Dock-High Doors
2
Drive-In Doors
3
Power
400 amps
Voltage
480 V
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Fenced Yard
Yes
Building Details
Buildings
1
Building Size
39,257 SF
Construction
metal and concrete block
Listing Agency:
Lee & Associates - Bellevue
Listed By:
Sean Durkin · License #106798
Source:
Crexi
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 26 at 5:01AM
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 - Bellevue
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 = 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
$479,425
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
6.00%
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%
$9,588,500
$9.6M
Cap Rate 7%
$6,848,929
$6.8M
Cap Rate 9%
$5,326,944
$5.3M
Market Conditions
NOI Build-Up for 39,257 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
$612.4K $15.60/SF
− Vacancy
−$48.4K −$1.23/SF
EGI
$564.0K $14.37/SF
− OpEx
−$84.6K −$2.16/SF
NOI
$479.4K $12.21/SF
Area
Pierce County, WA
Vacancy
7.90%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$9,588,500
Cap Rate 7%
$6,848,929
Cap Rate 9%
$5,326,944
Alternative Uses
Best Use
Warehouse
$6.85M
$5.99M – $7.99M
NOI $479,425 @ 7.0% cap · market cap 6.00%
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.
Property Analytics
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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
Vacancy Rate% for Industrial in West region
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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
