Mixed-Use Corner
New
For Sale
$450,000
19815 Mountain Highway E, Spanaway, WA 98387
Multiple ground-floor commercial areas are paired with a remodeled one-bedroom apartment above.
Property Size3,160 SF
Lot Size0.24 Acres
Price / SF$142.41
Days on Market3
Property Features for 19815 Mountain Highway E
General Information
Standard status
Active
Size
3,160 SF
Lot size
0.24 Acres
Property subtype
Commercial
Site & Location
Corner Location
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Building Details
Year Built
1955
Buildings
1
Tenancy
Multi
Listing Agency:
Yelm Windermere
Listed By:
Sheryl K. Williams · License #NWM87192
Source:
Nwhomeexperts
Added: Sep 22
Last Checked: Sep 24 at 7:20AM
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 Yelm Windermere
Investment Insights
Based on property information with market context.
This mixed-use property combines a 2,584-square-foot main level with an upstairs one-bedroom apartment on a 0.24-acre corner lot. The ground floor includes an occupied hair salon, a large open retail area with two dressing rooms, a rear room with vaulted ceilings, plumbing for two additional sinks, and a 3/4 bath. Two smaller front rooms have separate access toward the parking area and Mountain Highway. The property contains approximately 3,160 square feet in total.
The apartment has been fully remodeled, while the building also features double-pane vinyl windows, exterior paint, laminate flooring, three mini-splits, and a roof installed in 2017. The property is served by a well and septic system. The hair salon has operated in place for 7 years, and the apartment and salon have maintained full occupancy in recent years. Located at 19815 Mountain Highway E in Spanaway, the property includes on-site parking and multiple spaces for continued commercial use.
The apartment has been fully remodeled, while the building also features double-pane vinyl windows, exterior paint, laminate flooring, three mini-splits, and a roof installed in 2017. The property is served by a well and septic system. The hair salon has operated in place for 7 years, and the apartment and salon have maintained full occupancy in recent years. Located at 19815 Mountain Highway E in Spanaway, the property includes on-site parking and multiple spaces for continued commercial use.
Key Highlights
- 0.24‑acre corner lot on Mountain Highway with approximately 3,160 sq ft total
- 2,584 sq ft main level with multiple commercial areas
- Fully remodeled 1‑bedroom apartment upstairs
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
$38,239
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
8.50%
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%
$764,780
$764.8K
Cap Rate 7%
$546,271
$546.3K
Cap Rate 9%
$424,878
$424.9K
Market Conditions
NOI Build-Up for 3,160 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
$75.1K $23.76/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$69.5K $22.00/SF
− OpEx
−$31.3K −$9.90/SF
NOI
$38.2K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$764,780
Cap Rate 7%
$546,271
Cap Rate 9%
$424,878
Alternative Uses
Best Use
Apartment 5plus
$546.3K
$478.0K – $637.3K
NOI $38,239 @ 7.0% cap · market cap 8.50%
Second Best
Mixed Use
$536.3K
$469.3K – $625.7K
NOI $37,541 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$853.5K
$746.8K – $995.7K
NOI $59,744 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
260
Businesses Nearby
174k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 56%
Dining 36%
Electronics 5%
Shops & Services 3%
Walmart
Superstores
96,939 visits/mo
0.3 miles
McDonald's
Dining
30,859 visits/mo
0.4 miles
Panda Express
Dining
13,465 visits/mo
0.4 miles
Starbucks
Dining
10,592 visits/mo
0.5 miles
Denny's
Dining
7,636 visits/mo
0.5 miles
Demographics for 98387, WA
51,630
Population
17,151
Households
3
Avg Household Size
35
Median Age
17%
College-Educated
91%
High-School Grad
26.6 sq mi
ZIP Area
1,941
Density / Sq Mi
$101,141
Median Household Income
$54,167
Median Earnings
$1,837
Median Rent
$424,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multiple ground-floor commercial areas are paired with a remodeled one-bedroom apartment above.
Where is this mixed-use property located?
The property is located at 19815 Mountain Highway E Spanaway, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 0.24‑acre corner lot on Mountain Highway with approximately 3,160 sq ft total; 2,584 sq ft main level with multiple commercial areas; Fully remodeled 1‑bedroom apartment upstairs
