Strip Mall
For Sale
Contact for pricing
1805 S 316th St, Federal Way, WA 98003
Retail-oriented commercial property with a substantial building footprint.
Property Size25,536 SF
Price / SF$293.70
Days on Market151
Property Features for 1805 S 316th St
General Information
Standard status
Active
Size
25,536 SF
Property subtype
Retail
Listing Agency:
RealtyAll.com
(206) 436-4989
Listed By:
Brian Do · License #WA
Source:
Crexi
Added: Apr 4
Changed: Aug 31
Last Checked: Aug 31 at 9:38PM
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 RealtyAll.com
Investment Insights
Based on property information with market context.
This strip mall property offers 25,536 square feet of commercial space for sale. The asset is located at 1805 S 316th St in Federal Way, Washington, providing a defined retail-oriented commercial setting.
Key Highlights
- 25,536 square feet of commercial space
- Located at 1805 S 316th St, Federal Way, WA 98003
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
$456,804
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
6.09%
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%
$9,136,080
$9.1M
Cap Rate 7%
$6,525,771
$6.5M
Cap Rate 9%
$5,075,600
$5.1M
Market Conditions
NOI Build-Up for 25,536 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
$674.2K $26.40/SF
− Vacancy
−$21.6K −$0.84/SF
EGI
$652.6K $25.56/SF
− OpEx
−$195.8K −$7.67/SF
NOI
$456.8K $17.89/SF
Area
King County, WA
Vacancy
3.20%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
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%
$9,136,080
Cap Rate 7%
$6,525,771
Cap Rate 9%
$5,075,600
Alternative Uses
Best Use
Retail
$6.53M
$5.71M – $7.61M
NOI $456,804 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.23M
$8.95M – $11.93M
NOI $715,948 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,894
Businesses Nearby
1M
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 26%
Dining 24%
Superstores 21%
Apparel 14%
Target
Superstores
128,173 visits/mo
0.4 miles
Walmart
Superstores
88,513 visits/mo
0.3 miles
Safeway
Groceries
51,331 visits/mo
0.5 miles
T.J. Maxx
Apparel
50,639 visits/mo
0.1 miles
McDonald's
Dining
44,198 visits/mo
0.4 miles
Demographics for 98003, WA
51,751
Population
20,380
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
4,500
Density / Sq Mi
$70,800
Median Household Income
$39,497
Median Earnings
$1,650
Median Rent
$428,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail-oriented commercial property with a substantial building footprint.
Where is this strip mall located?
The property is located at 1805 S 316th St Federal Way, WA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 25,536 square feet of commercial space; Located at 1805 S 316th St, Federal Way, WA 98003
