Sumner Warehouse Space
For Sale
Contact for pricing
1615 Puyallup St, Sumner, WA
72,450 SF warehouse/industrial space for lease in Sumner, WA.
Property Size72,450 SF
Lot Size5.28 Acres
Price / SF$178.74
Days on Market809
Property Features for 1615 Puyallup St
General Information
Standard status
Active
Size
72,450 SF
Lot size
5.28 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Newmark
(425) 362-1410
Listed By:
Thad Mallory, SIOR
(425) 362-1410
Source:
Moodyscre
Added: May 21, 2024
Changed: Jul 6
Last Checked: Jul 22 at 4:07AM
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 Newmark
Investment Insights
Based on property information with market context.
This property offers 72,450 square feet of warehouse and industrial space. Located in Sumner, WA, the property is suitable for warehouse and industrial use.
Key Highlights
- 72,450 SF warehouse/industrial space available - an expansive opportunity.
- Located in Sumner, WA.
- Space is for lease.
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
$884,793
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
6.83%
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%
$17,695,860
$17.7M
Cap Rate 7%
$12,639,900
$12.6M
Cap Rate 9%
$9,831,033
$9.8M
Market Conditions
NOI Build-Up for 72,450 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
$1.13M $15.60/SF
− Vacancy
−$89.3K −$1.23/SF
EGI
$1.04M $14.37/SF
− OpEx
−$156.1K −$2.16/SF
NOI
$884.8K $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%
$17,695,860
Cap Rate 7%
$12,639,900
Cap Rate 9%
$9,831,033
Alternative Uses
Best Use
Warehouse
$12.64M
$11.06M – $14.75M
NOI $884,793 @ 7.0% cap · market cap 6.83%
Second Best
Industrial
$10.41M
$9.11M – $12.14M
NOI $728,653 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$19.57M
$17.12M – $22.83M
NOI $1,369,757 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Williams Ave LLC — 1512 Hubbard St, Sumner, WA 98390
Frequently Asked Questions
What type of property is this?
Warehouse - 72,450 SF warehouse/industrial space for lease in Sumner, WA.
Where is this warehouse located?
The property is located at 1615 Puyallup St Sumner, WA.
What is the asking price?
The asking price for this property is $12,950,000.
What are key features of this property?
This property features: 72,450 SF warehouse/industrial space available - an expansive opportunity.; Located in Sumner, WA.; Space is for lease.
