Puyallup Two-Story Commercial
For Sale
$1,190,000
Pending
126 15th Street SE, Puyallup, WA 98372
Two-story, 4,488 SF commercial building in Puyallup, Washington.
Property Size4,488 SF
Days on Market521
Property Features for 126 15th Street SE
General Information
Standard status
Pending
Size
4,488 SF
Property subtype
Commercial
Building Details
Year Built
1937
Listing Agency:
REAL ESTATE 2000 CORP.
(425) 280-6542
Listed By:
DAVID HILBERT
Source:
Corcoran
Added: Mar 31, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:02AM
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 REAL ESTATE 2000 CORP.
Investment Insights
Based on property information with market context.
Located just off Main Street in Puyallup, Washington, this two-story commercial building offers 4,488 square feet of space suitable for an owner-user or investor. The building features 10 offices, 3 conference rooms, and several large open spaces. There are 21 dedicated parking spaces available. Previously used as a medical office, the floor plan offers various options for alternative uses. The property is positioned as an income-generating asset with potential for a strong return on investment.
Key Highlights
- Prime commercial location just off Main St in Puyallup.
- Versatile 4,488 square foot two‑story building suitable for owner/user or investor.
- Potential for attractive 9% or more cap rate.
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
$63,638
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
5.35%
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%
$1,272,760
$1.3M
Cap Rate 7%
$909,114
$909.1K
Cap Rate 9%
$707,089
$707.1K
Market Conditions
NOI Build-Up for 4,488 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
$123.3K $27.48/SF
− Vacancy
−$17.3K −$3.85/SF
EGI
$106.1K $23.63/SF
− OpEx
−$42.4K −$9.45/SF
NOI
$63.6K $14.18/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$27.48 /SF/Yr
Expense Ratio
40.00%
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%
$1,272,760
Cap Rate 7%
$909,114
Cap Rate 9%
$707,089
Alternative Uses
Best Use
Healthcare Medical
$909.1K
$795.5K – $1.06M
NOI $63,638 @ 7.0% cap · market cap 5.35%
Second Best
Office B
$908.1K
$794.6K – $1.06M
NOI $63,569 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,851 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Under-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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Puyallup Valley Veterinary: Kime Karen DVM — 2208 e main, puyallup, wa 98372
- Puyallup Valley Veterinary Clinic — 2208 E Main Ave, Puyallup, WA 98372
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story, 4,488 SF commercial building in Puyallup, Washington.
Where is this medical office space located?
The property is located at 126 15th Street SE Puyallup, WA.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Prime commercial location just off Main St in Puyallup.; Versatile 4,488 square foot two‑story building suitable for owner/user or investor.; Potential for attractive 9% or more cap rate.
