Key Center Retail
15610 Olson Drive NW Lakebay, WA 98349
15610 Olson Drive NW, Lakebay, WA, 98349
$1,080,000
For Sale
$1,080,000
Retail space in Key Center, former restaurant and bar.
Property Size3,926 SF
Price / SF$275.09
Days on Market481
Property Features for 15610 Olson Drive NW
General Information
- Standard status
- Active
- Size
- 3,926 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1962
Listing Agency
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(253) 686-7474
Listed by
RACHEL CORP · License #WA 41623
Source
Corcoran
Added: Mar 23, 2025 Checked: Jul 16 at 6:03 am
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
Investment Insights
Based on property information with market context.
Located in Key Center, this retail space is situated across from Key IGA. The property, formerly a restaurant and bar, offers 3,926 square feet of space. The location is suitable for various uses, including restaurants, day care centers, and food service establishments. This retail hub is central to the Key Peninsula market area.
Key Highlights
- Prime retail corner location in Key Center.
- Across the street from Key IGA.
- Central to the Key Peninsula market area.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.5k | $14.40 |
| − Vacancy | −$7.9k | −$2.02 |
| EGI | $48.6k | $12.38 |
| − OpEx | −$14.6k | −$3.72 |
| NOI | $34.0k | $8.67 |
3,926 SF · lease $14.40/SF/yr · vacancy 14.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$486.2K
$425.4K – $567.2K
NOI $34,034 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$927.8K – $1.24M
NOI $74,226 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
FAQs
What type of property is this?
Retail space - Retail space in Key Center, former restaurant and bar.
Where is this retail space located?
The property is located at 15610 Olson Drive NW Lakebay, WA.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: Prime retail corner location in Key Center.; Across the street from Key IGA.; Central to the Key Peninsula market area.
