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    Prime Corner Lot on Peninsula Title is generated by Realmo AI

    15610 92nd St KPN, Lakebay, WA

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    One-acre corner lot suitable for various commercial developments.

    Type:RETAIL
    Lot size:
    0.92 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    187
    Last Refresh:
    May 19 at 8:30 pm

    Property Features for 15610 92nd St KPN

    General Information

    Standard status
    Active
    Lot size
    0.92 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Rachel Corp
    Rachel Corp

    Listing agent Rachel Corp License #WA 41623

    Listing office Lee & Associates Commercial Real Estate Services

    Listing date Nov 24, 2025

    Source Moodyscre

    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

    HighLights

    • Prime one‑acre corner lot in a highly desirable Key Peninsula location.
    • High‑visibility frontage on Key Peninsula Highway, ideal for commercial ventures.
    • Versatile zoning allows for diverse development options: urgent care, daycare, hotel, retail, office, residential, or mixed‑use.
    • Existing structure includes a spacious retail area and three additional spaces with private entrances.
    • Excellent accessibility and high traffic location, offering significant development or expansion potential.
    • Proximity to Tacoma and Seattle while maintaining a tranquil, rural setting with access to outdoor recreation.

    Overview

    This level, one-acre corner lot is located in the Key Peninsula community. The property has high-visibility frontage on Key Peninsula Highway. The property is suitable for an urgent care facility, daycare center, hotel/lodging, retail strip mall, office space, residential development, or a mixed-use project. The existing structure includes a spacious retail area and three additional office or retail spaces, each with private entrances. Situated in a high-traffic area with accessibility, this property offers potential for new development or expanding the current structure. The Key Peninsula, located in Pierce County, Washington, is known for its natural beauty and proximity to the waters of Puget Sound. It stretches southward from the Kitsap Peninsula and is bordered by Henderson Bay, Carr Inlet, and Case Inlet. The Key Peninsula provides a rural atmosphere while being located near urban centers, approximately 25 miles west of Tacoma and within commuting distance to Seattle. The area is a haven for nature enthusiasts, with parks, trails, and water access points, including Penrose Point State Park, Joemma Beach State Park, and Key Peninsula Civic Center Park. The Key Peninsula offers essential amenities such as schools, grocery stores, restaurants, and community centers, with shopping and healthcare options accessible in nearby Gig Harbor and Tacoma. Major roadways, including the Key Peninsula Highway, provide access to neighboring communities and regional hubs.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakebay
    County
    Pierce
    State
    Washington
    Longitude
    -122.773
    Latitude
    47.2328

    FAQs

    What type of property is this?
    Strip mall - One-acre corner lot suitable for various commercial developments.
    Where is this strip mall located?
    The property is located at 15610 92nd St KPN 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 one‑acre corner lot in a highly desirable Key Peninsula location.; High‑visibility frontage on Key Peninsula Highway, ideal for commercial ventures.; Versatile zoning allows for diverse development options: urgent care, daycare, hotel, retail, office, residential, or mixed‑use.
    (253) 383-8382 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Rachel Corp
    Rachel Corp
    Real Estate License ID: WA 41623
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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