Turn-Key Commercial Building in
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427 E Main, Puyallup, WA
6,003 SF commercial building with mezzanine, high visibility, ample parking.
Property Size6,003 SF
Lot Size0.41 Acres
Price / SF$299.85
Days on Market258
Property Features for 427 E Main
General Information
Standard status
Active
Size
6,003 SF
Lot size
0.41 Acres
Property subtype
RETAIL
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5787
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 7:54AM
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 Marcus & Millichap, Inc.
Investment Insights
Based on property information with market context.
Located at 427 E Main Ave in Puyallup, WA, this 6,003 square foot commercial building offers a 1,750 square foot mezzanine office and storage area. The property features a grade-level roll-up door, large pylon signage, multiple points of ingress and egress, and on-site parking. Situated along East Main Avenue, the location benefits from high visibility with over 18,000 vehicles per day and immediate access to Highway 512, which sees more than 80,000 vehicles daily. The CG (General Commercial) zoning allows for a range of uses, including automotive, retail, light manufacturing, veterinary, equipment rental, daycare, and health club facilities, and provides long-term redevelopment potential. The property is near Safeway, Fred Meyer, Tractor Supply, Planet Fitness, Goodwill, and multiple auto dealerships, with the Washington State Fairgrounds less than a mile away. The area has a dense customer base, with over 161,000 residents within a five-mile radius and average household incomes exceeding $114,000. The Puyallup retail submarket has a vacancy rate of 1.9 percent, with year-over-year rental growth of 4.7 percent and long-term rent growth averaging 4.1 percent annually over the past five years. There has been virtually no new retail construction in the last decade, and no projects are currently underway.
Key Highlights
- High‑traffic location on East Main Avenue with visibility to over 18,000 vehicles per day and immediate access to Highway 512 (80,000+ vehicles daily).
- Rare opportunity in a dynamic retail corridor with a low vacancy rate (1.9%) and consistent rental growth.
- Flexible CG (General Commercial) zoning allows for a wide range of uses and long‑term redevelopment potential.
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
$52,039
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
2.89%
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%
$1,040,780
$1.0M
Cap Rate 7%
$743,414
$743.4K
Cap Rate 9%
$578,211
$578.2K
Market Conditions
NOI Build-Up for 6,003 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
$86.4K $14.40/SF
− Vacancy
−$12.1K −$2.02/SF
EGI
$74.3K $12.38/SF
− OpEx
−$22.3K −$3.72/SF
NOI
$52.0K $8.67/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$14.40 /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%
$1,040,780
Cap Rate 7%
$743,414
Cap Rate 9%
$578,211
Alternative Uses
Best Use
Retail
$743.4K
$650.5K – $867.3K
NOI $52,039 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,494 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,855
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 73%
Shops & Services 27%
McDonald's
Dining
26,074 visits/mo
0.2 miles
KFC
Dining
8,300 visits/mo
0.2 miles
7-Eleven
Shops & Services
6,060 visits/mo
0.2 miles
Les Schwab Tire Center
Shops & Services
5,116 visits/mo
0.3 miles
Pizza Hut
Dining
2,695 visits/mo
0.2 miles
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 - 6,003 SF commercial building with mezzanine, high visibility, ample parking.
Where is this retail space located?
The property is located at 427 E Main Puyallup, WA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: High‑traffic location on East Main Avenue with visibility to over 18,000 vehicles per day and immediate access to Highway 512 (80,000+ vehicles daily).; Rare opportunity in a dynamic retail corridor with a low vacancy rate (1.9%) and consistent rental growth.; Flexible CG (General Commercial) zoning allows for a wide range of uses and long‑term redevelopment potential.
