Retail/Office Space with
For Sale
$895,000
22805 SE 216th Way, Maple Valley, WA 98038
Retail/office space with detached shop/warehouse and fenced yard/parking.
Property Size3,216 SF
Price / SF$278.30
Days on Market272
Property Features for 22805 SE 216th Way
General Information
Standard status
Active
Size
3,216 SF
Class
A
Property subtype
Office
Building Details
Building Size
3,216 SF
Listing Agency:
NAI Puget Sound Properties Bellevue
(206) 794-0443
Listed By:
Bob Swain, CCIM · License #25750
(206) 794-0443
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 20
Last Checked: Aug 20 at 5:31AM
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 NAI Puget Sound Properties Bellevue
Investment Insights
Based on property information with market context.
Located on a hard corner, this property is suitable for retail or office use. It offers convenient access to Lake Wilderness Park and the downtown area with boutiques and local eateries. The property includes a total of 3,216 square feet, with 2,376 square feet designated for retail or office space and an 840-square-foot detached shop or warehouse. The lot size is 14,831 square feet and includes a fenced storage yard or parking area. The zoning is NB; Neighborhood Business (King County), which allows for mixed-use development. Seller financing may be considered.
Key Highlights
- High‑visibility hard corner location ideal for retail or office use.
- Large 14,831 SF lot with 3,216 SF total building space.
- Includes a detached 840 SF shop/warehouse.
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
$67,816
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
7.58%
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%
$1,356,320
$1.4M
Cap Rate 7%
$968,800
$968.8K
Cap Rate 9%
$753,511
$753.5K
Market Conditions
NOI Build-Up for 3,216 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
$115.8K $36.00/SF
− Vacancy
−$25.4K −$7.88/SF
EGI
$90.4K $28.12/SF
− OpEx
−$22.6K −$7.03/SF
NOI
$67.8K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$1,356,320
Cap Rate 7%
$968,800
Cap Rate 9%
$753,511
Alternative Uses
Best Use
Office B
$968.8K
$847.7K – $1.13M
NOI $67,816 @ 7.0% cap · market cap 7.58%
Second Best
Retail
$821.9K
$719.1K – $958.8K
NOI $57,530 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,166 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 98038, WA
37,487
Population
13,157
Households
2.8
Avg Household Size
38
Median Age
46%
College-Educated
97%
High-School Grad
65.8 sq mi
ZIP Area
570
Density / Sq Mi
$144,733
Median Household Income
$73,422
Median Earnings
$2,152
Median Rent
$714,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail/office space with detached shop/warehouse and fenced yard/parking.
Where is this retail space located?
The property is located at 22805 SE 216th Way Maple Valley, WA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: High‑visibility hard corner location ideal for retail or office use.; Large 14,831 SF lot with **3,216 SF total building space**.; Includes a **detached 840 SF shop/warehouse**.
