Neighborhood Retail Center with Mixed
3106 Sumner Tapps Hwy E Lake Tapps, WA 98391
For Sale
$5,600,000
Multi-tenant retail center featuring a sit-down restaurant, dentist, and service uses within a high-income Lake Tapps market.
Property Size16,432 SF
Price / SF$340.80
Days on Market56
Property Features for 3106 Sumner Tapps Hwy E
General Information
Standard status
Active
Size
16,432 SF
Property subtype
Commercial
Building Details
Year Built
1999
Listing Agency:
FIRST WESTERN PROPERTIES - TACOMA, INC.
Listed By:
JOSH PARNELL
Source:
Corcoran
Added: Jun 5
Changed: Jul 10
Last Checked: Jul 29 at 9:00AM
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 FIRST WESTERN PROPERTIES - TACOMA, INC.
Investment Insights
Based on property information with market context.
The Forest Canyon retail property totals 16,432 SF and operates as a multi-tenant retail center with a mix of sit-down restaurant, dentist, and service uses. The offering also notes that roughly 40% of the tenants are well under market rents, providing a leasing baseline for buyers evaluating current income versus in-place economics.
The property is located at 3106 Sumner Tapps Hwy E in Lake Tapps, WA 98391. The public remarks describe the area as a strong neighborhood retail market with very little retail competition. The Lake Tapps trade area is characterized as a high-end demographic market, with incomes over $200,000 within 1 mile of the property.
For tenants and buyers seeking a neighborhood-oriented retail mix, the current configuration supports daily convenience and service traffic, with both food service and medical/dental represented alongside complementary service users. For investors, the stated tenant rent position highlights an opportunity to underwrite how near-term leasing and rent adjustments could affect overall performance, based on the information provided in the offering remarks.
The property is located at 3106 Sumner Tapps Hwy E in Lake Tapps, WA 98391. The public remarks describe the area as a strong neighborhood retail market with very little retail competition. The Lake Tapps trade area is characterized as a high-end demographic market, with incomes over $200,000 within 1 mile of the property.
For tenants and buyers seeking a neighborhood-oriented retail mix, the current configuration supports daily convenience and service traffic, with both food service and medical/dental represented alongside complementary service users. For investors, the stated tenant rent position highlights an opportunity to underwrite how near-term leasing and rent adjustments could affect overall performance, based on the information provided in the offering remarks.
Key Highlights
- Multi‑tenant retail center totaling 16,432 SF
- Built in 1999
- Tenant mix includes a sit‑down restaurant, dentist, and service uses
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $451.6k | $27.48 |
| − Vacancy | −$63.2k | −$3.85 |
| EGI | $388.3k | $23.63 |
| − OpEx | −$155.3k | −$9.45 |
| NOI | $233.0k | $14.18 |
16,432 SF · lease $27.48/SF/yr · vacancy 14.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$3.33M
$2.91M – $3.88M
NOI $233,001 @ 7.0% cap · market cap 4.16%
Second Best
Office B
$3.32M
$2.91M – $3.88M
NOI $232,746 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,667 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Multi-tenant retail center featuring a sit-down restaurant, dentist, and service uses within a high-income Lake Tapps market.
Where is this retail space located?
The property is located at 3106 Sumner Tapps Hwy E Lake Tapps, WA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Multi‑tenant retail center totaling 16,432 SF; Built in 1999; Tenant mix includes a sit‑down restaurant, dentist, and service uses
