Former Retail Space on
For Sale
$3,500,000
22201 Meridian Ave E, Graham, WA 98338
High-traffic location, former Rite Aid available for sale.
Property Size17,471 SF
Price / SF$200.33
Days on Market1078
Property Features for 22201 Meridian Ave E
General Information
Standard status
Active
Size
17,471 SF
Building Details
Year Built
2009
Listing Agency:
KIDDER MATHEWS
Listed By:
BRIAN ENGELKING · License #24581
(253) 722-1418
Source:
Corcoran
Added: Nov 8, 2023
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 KIDDER MATHEWS
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Investment Insights
Based on property information with market context.
This is a former Rite Aid retail property situated at the intersection of 224th and Meridian. The property has a size of 17471 square feet and is located in Graham, WA.
Key Highlights
- High traffic intersection location
- Former Rite Aid
- Built in 2009
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,724
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,494,480
$3.5M
Cap Rate 7%
$2,496,057
$2.5M
Cap Rate 9%
$1,941,378
$1.9M
Market Conditions
NOI Build-Up for 17,471 SF
Gross rent
$251.6K $14.40/SF
− Vacancy
−$18.6K −$1.07/SF
EGI
$233.0K $13.33/SF
− OpEx
−$58.2K −$3.33/SF
NOI
$174.7K $10.00/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,494,480
Cap Rate 7%
$2,496,057
Cap Rate 9%
$1,941,378
Alternative Uses
Best Use
Specialty Retail
$2.50M
$2.18M – $2.91M
NOI $174,724 @ 7.0% cap · market cap 4.99%
Second Best
Retail
$2.16M
$1.89M – $2.52M
NOI $151,453 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$4.72M
$4.13M – $5.51M
NOI $330,311 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98338, WA
30,147
Population
11,336
Households
2.7
Avg Household Size
39
Median Age
19%
College-Educated
92%
High-School Grad
53.9 sq mi
ZIP Area
559
Density / Sq Mi
$112,788
Median Household Income
$55,190
Median Earnings
$1,889
Median Rent
$471,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- James K. Kao, RPh — 22201 Meridian Ave E, Graham, WA 98338
- COVID-19 Drive-Thru Testing at Walgreens — 22320 meridian ave e, graham, wa 983388427
- Michael Howard — 22320 Meridian E, Graham, WA 983388427
- Rite Aid Pharmacy — 22201 Meridian Ave E, Graham, WA 98338
- Walgreens Pharmacy — 22320 Meridian E, Graham, WA 98338
Frequently Asked Questions
What type of property is this?
Drug store - High-traffic location, former Rite Aid available for sale.
Where is this drug store located?
The property is located at 22201 Meridian Ave E Graham, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High traffic intersection location; Former Rite Aid; Built in 2009
