Shadow-Anchored Retail Shopping
For Sale
Contact for pricing
26015 104th Avenue Southeast, Kent, WA 98030
Puget Sound retail center with a shadow anchor and a 10-year Ross extension for long-term tenant stability.
Property Size86,909 SF
Price / SF$243.36
Days on Market64
Property Features for 26015 104th Avenue Southeast
General Information
Standard status
Active
Size
86,909 SF
Property subtype
Retail
Building Details
Year Built
1995
Listing Agency:
Northmarq - Seattle
Listed By:
Jack Hallberg · License #WA 24010216
Source:
Crexi
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 5 at 10:38AM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
This for-sale retail shopping center is described as shadow-anchored within the Puget Sound market, featuring a 10-year Ross extension. The listing is positioned as an income-oriented retail asset with the extension providing an additional period of contractual certainty tied to the Ross tenancy.
The property is identified as a shopping center at 26015 104th Avenue Southeast in Kent, Washington. Public remarks note the asset’s shadow-anchor structure and emphasize the 10-year Ross extension, indicating a focus on the strength and duration of the related retail tenancy. The seller is requesting offers by June 30.
For prospective buyers and brokers, the combination of a shadow-anchored setup and a specified 10-year extension can support underwriting that centers on the term of the Ross lease rather than near-term rollover risk. This offering is best suited for investors seeking a retail shopping center profile where a major off-site tenant relationship is reinforced by a longer remaining term. Interested parties should review the offering materials for lease terms, expense structure, and the full tenant and unit mix to confirm fit with their return and risk objectives.
The property is identified as a shopping center at 26015 104th Avenue Southeast in Kent, Washington. Public remarks note the asset’s shadow-anchor structure and emphasize the 10-year Ross extension, indicating a focus on the strength and duration of the related retail tenancy. The seller is requesting offers by June 30.
For prospective buyers and brokers, the combination of a shadow-anchored setup and a specified 10-year extension can support underwriting that centers on the term of the Ross lease rather than near-term rollover risk. This offering is best suited for investors seeking a retail shopping center profile where a major off-site tenant relationship is reinforced by a longer remaining term. Interested parties should review the offering materials for lease terms, expense structure, and the full tenant and unit mix to confirm fit with their return and risk objectives.
Key Highlights
- Retail center built in 1995
- Shadow‑anchored Puget Sound retail center
- Includes a 10‑year Ross extension for longer‑term tenant stability
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
$1,275,847
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
6.03%
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%
$25,516,940
$25.5M
Cap Rate 7%
$18,226,386
$18.2M
Cap Rate 9%
$14,176,078
$14.2M
Market Conditions
NOI Build-Up for 86,909 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
$1.91M $21.96/SF
− Vacancy
−$85.9K −$0.99/SF
EGI
$1.82M $20.97/SF
− OpEx
−$546.8K −$6.29/SF
NOI
$1.28M $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%
$25,516,940
Cap Rate 7%
$18,226,386
Cap Rate 9%
$14,176,078
Alternative Uses
Best Use
Retail
$18.23M
$15.95M – $21.26M
NOI $1,275,847 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$32.57M
$28.50M – $38.00M
NOI $2,279,830 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
Balanced
Demand for This Use
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?
Shopping center - Puget Sound retail center with a shadow anchor and a 10-year Ross extension for long-term tenant stability.
Where is this shopping center located?
The property is located at 26015 104th Avenue Southeast Kent, WA.
What is the asking price?
The asking price for this property is $21,150,000.
What are key features of this property?
This property features: Retail center built in 1995; Shadow‑anchored Puget Sound retail center; Includes a 10‑year Ross extension for longer‑term tenant stability
