Retail Corridor Retail
For Sale
Contact for pricing
24202 104th Ave SE, Kent, WA 98030
Retail space in Kent with two ingress and egress points along 104th Ave and visibility at high-traffic intersections.
Property Size11,700 SF
Price / SF$337.73
Days on Market147
Property Features for 24202 104th Ave SE
General Information
Standard status
Active
Size
11,700 SF
Property subtype
Retail
Zoning
CC
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$266,960
Additional Details
Traffic Count
30,000 vehicles/day
Building Details
Year Built
1990
Tenancy
Multi
Listing Agency:
Kidder Mathews Seattle
Listed By:
Andrew Graff · License #WA 131683
(206) 332-1486
Source:
Crexi
Added: Apr 11
Changed: Sep 3
Last Checked: Sep 1 at 6:51AM
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 Kidder Mathews Seattle
Investment Insights
Based on property information with market context.
This for-sale retail property is positioned within a centrally located retail corridor in Kent’s East Hill neighborhood. The offering includes two convenient ingress and egress locations along 104th Ave, designed to support straightforward customer access from the street.
The property benefits from strong intersection visibility at 104th and 240th in Kent, with the remarks citing 30,000+ vehicles per day. It is described as being near major employment hubs including Seattle, Bellevue, Renton, and Tacoma, supporting convenient access to job centers, amenities, and transportation options.
The surrounding trade area is described as having dense demographics, including 255,000+ residents within a 5-mile radius and a reported 32% population increase over the past decade.
The property benefits from strong intersection visibility at 104th and 240th in Kent, with the remarks citing 30,000+ vehicles per day. It is described as being near major employment hubs including Seattle, Bellevue, Renton, and Tacoma, supporting convenient access to job centers, amenities, and transportation options.
The surrounding trade area is described as having dense demographics, including 255,000+ residents within a 5-mile radius and a reported 32% population increase over the past decade.
Key Highlights
- Retail space in Kent with two ingress/egress points along 104th Ave
- High‑traffic visibility at the 104th Ave & 240th intersection in Kent (30,000+ vehicles per day)
- Centrally located within the East Hill neighborhood in Kent
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
$171,759
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
4.35%
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%
$3,435,180
$3.4M
Cap Rate 7%
$2,453,700
$2.5M
Cap Rate 9%
$1,908,433
$1.9M
Market Conditions
NOI Build-Up for 11,700 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
$256.9K $21.96/SF
− Vacancy
−$11.6K −$0.99/SF
EGI
$245.4K $20.97/SF
− OpEx
−$73.6K −$6.29/SF
NOI
$171.8K $14.68/SF
Area
Kent, WA
Vacancy
4.50%
Lease Rate
$21.96 /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%
$3,435,180
Cap Rate 7%
$2,453,700
Cap Rate 9%
$1,908,433
Alternative Uses
Best Use
Retail
$2.45M
$2.15M – $2.86M
NOI $171,759 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.38M
$3.84M – $5.12M
NOI $306,919 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
Explore this area
Business Placement
Demographics for 98030, WA
38,933
Population
13,519
Households
2.9
Avg Household Size
35
Median Age
28%
College-Educated
86%
High-School Grad
7.2 sq mi
ZIP Area
5,407
Density / Sq Mi
$91,218
Median Household Income
$46,681
Median Earnings
$1,797
Median Rent
$540,100
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?
Retail space - Retail space in Kent with two ingress and egress points along 104th Ave and visibility at high-traffic intersections.
Where is this retail space located?
The property is located at 24202 104th Ave SE Kent, WA.
What is the asking price?
The asking price for this property is $3,951,450.
What are key features of this property?
This property features: Retail space in Kent with two ingress/egress points along 104th Ave; High‑traffic visibility at the 104th Ave & 240th intersection in Kent (30,000+ vehicles per day); Centrally located within the East Hill neighborhood in Kent
