Three-Story Office Building
For Sale
Contact for pricing
1006 Fryar Ave, Sumner, WA 98390
Three-floor office building with both front and rear entrances, ample lower-level storage, and parking across a small campus.
Property Size6,725 SF
Price / SF$222.90
Days on Market544
Property Features for 1006 Fryar Ave
General Information
Standard status
Active
Size
6,725 SF
Total Parking Spaces
24
Property subtype
OFFICE
Amenities
ample storage
front and rear entrances
attractive landscaping
good signage exposure
Building Details
Stories
3
Tenancy
Multi
Listing Agency:
Timothy Johnson Commercial Properties, LLC
(253) 589-9999
Listed By:
Margot Johnson
(253) 209-9998
Source:
Moodyscre
Added: Mar 20, 2025
Changed: Sep 9
Last Checked: Sep 14 at 11:28AM
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 Timothy Johnson Commercial Properties, LLC
Investment Insights
Based on property information with market context.
1006 Fryar Ave is a three-floor office building totaling 6,925 RSF, occupied by the owner and tenanted by two professional businesses. The property includes both front and rear entrances to support convenient access, along with ample storage available on the lower level.
The building is located in Sumner just off Cannery Way and is part of a four-building campus. Three of the buildings on the campus are occupied by dental practices, and this location benefits from 24 common area parking spaces plus landscaping and signage exposure to traffic.
With its functional three-story layout, on-site storage, and shared parking for visitors and staff, the property is well suited for an owner-user looking to occupy part of the building while benefiting from existing tenancy.
The building is located in Sumner just off Cannery Way and is part of a four-building campus. Three of the buildings on the campus are occupied by dental practices, and this location benefits from 24 common area parking spaces plus landscaping and signage exposure to traffic.
With its functional three-story layout, on-site storage, and shared parking for visitors and staff, the property is well suited for an owner-user looking to occupy part of the building while benefiting from existing tenancy.
Key Highlights
- Total 6,925 RSF three‑floor office building in Sumner, just off Cannery Way
- Owner‑occupied building with two professional business tenants
- Front and rear entrances for access plus ample storage on the lower level
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
$95,254
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
6.35%
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%
$1,905,080
$1.9M
Cap Rate 7%
$1,360,771
$1.4M
Cap Rate 9%
$1,058,378
$1.1M
Market Conditions
NOI Build-Up for 6,725 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
$147.7K $21.96/SF
− Vacancy
−$20.7K −$3.07/SF
EGI
$127.0K $18.89/SF
− OpEx
−$31.8K −$4.72/SF
NOI
$95.3K $14.16/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,905,080
Cap Rate 7%
$1,360,771
Cap Rate 9%
$1,058,378
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,254 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,144 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 98390, WA
11,727
Population
4,836
Households
2.4
Avg Household Size
39
Median Age
23%
College-Educated
91%
High-School Grad
9.2 sq mi
ZIP Area
1,275
Density / Sq Mi
$97,815
Median Household Income
$56,909
Median Earnings
$1,886
Median Rent
$471,500
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Three-floor office building with both front and rear entrances, ample lower-level storage, and parking across a small campus.
Where is this office building located?
The property is located at 1006 Fryar Ave Sumner, WA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Total 6,925 RSF three‑floor office building in Sumner, just off Cannery Way; Owner‑occupied building with two professional business tenants; Front and rear entrances for access plus ample storage on the lower level
