Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Land with Income Potential Title is generated by Realmo AI

    475 Larson Street, Eatonville, WA 98328

    View on Map
    Claim this Listing
    For Sale
    $375,000

    Versatile property with income and development potential in Eatonville.

    Type:Land or Vacant Lot
    Added:
    May 19, 2026
    Days on Market:
    13
    Last Refresh:
    May 20 at 5:23 am

    Property Features for 475 Larson Street

    General Information

    Standard status
    Active
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    PAULETTE EATON

    Listing agent PAULETTE EATON

    Listing office KELLER WILLIAMS SOUTH SOUND

    Listing date May 19, 2026

    Source Corcoran

    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 KELLER WILLIAMS SOUTH SOUND

    HighLights

    • Immediate cash flow opportunity.
    • Existing income from 3 tenant‑owned manufactured homes paying space rent.
    • 3 existing utility hookups with potential for a 4th.
    • Future development potential in a growing market.
    • Versatile property suitable for investors, developers, or estate vision.
    • Flexibility to explore various investment strategies.

    Overview

    This property presents an opportunity for investors and developers, featuring existing income and future development potential. Currently, the property is configured with 3 manufactured homes where tenants own their homes and pay space rent, creating an immediate income stream. The property includes 3 utility hookups, with the potential for a 4th hookup. Buyers are advised to verify all information and development potential to their satisfaction. This property offers flexibility in a growing market, suitable for those seeking a property with multiple possibilities. The property is located in Eatonville, WA.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eatonville
    County
    Pierce
    State
    Washington
    Longitude
    -122.2716183
    Latitude
    46.8657381

    Nearby Similar for Sale

    • $450,000
      2,505 SF

      Turnkey Aircraft Hangar in Eatonville

      Functional aircraft hangar with customizable space for aviation or distribution.
      163 Reagan Ln, Eatonville, WA 98328
      View Details
    • $1,550,000
      3,380 SF

      High Visibility Mixed-Use Property

      7.1 acre mixed-use property with income potential and views.
      5215 365th Street Ct E, Eatonville, WA 98328
      View Details
    • $450,000
      2,228 SF

      Turnkey Aircraft Hangar in Eatonville

      Functional aircraft hangar with customizable space for aviation or distribution.
      163 Reagan Lane #4 & 5, Eatonville, WA 98328
      View Details
    • $425,000

      Tanwax Lake Waterfront Legacy Estate

      Rare 20-acre waterfront property on Tanwax Lake.
      33722 Thomas Road East, Eatonville, WA 98328
      View Details
    • $1,550,000

      Versatile Mixed-Use Property with Income

      7.1-acre mixed-use property with multiple buildings and income potential.
      36510 Mountain Hwy E, Eatonville, WA
      View Details
    • $319,000

      Eatonville Land with Timber

      Two parcels totaling 12+ acres near Mt Rainier.
      53007 128th Avenue E, Eatonville, WA 98328
      View Details
    • $599,000

      Waterfront Land with Lake Access

      Two parcels with utilities and lake access on Tanwax Creek.
      34315 Tanwax Drive E, Eatonville, WA 98328
      View Details
    • $225,000

      Waterfront Land on Tanwax Lake

      One-acre waterfront property with lake access and utilities.
      34323 Tanwax Drive E, Eatonville, WA 98328
      View Details
    • $500,000

      New Hangar with Buildable Lot

      New hangar at Eatonville Airport with optional adjacent building lot.
      425 Jet Ct E, Eatonville, WA, 98328-7450
      View Details
    • $185,000

      Eatonville Land Development Opportunity

      Land with wetland and access constraints, development opportunity.
      33208 84th Avenue East, Eatonville, WA 98328
      View Details
    • $210,000

      8.2 Acres on Mountain Highway

      8.2-acre property with frontage on Mountain Highway.
      32504 Mountain Highway E #2, Eatonville, WA 98328
      View Details
    • $399,950

      Downtown Eatonville Commercial Building For Sale

      Commercial building in the heart of Eatonville, WA.
      121 Mashell Avenue N, Eatonville, WA 98328
      View Details

    FAQs

    What type of property is this?
    Land - Versatile property with income and development potential in Eatonville.
    Where is this land located?
    The property is located at 475 Larson Street Eatonville, WA.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Immediate cash flow opportunity.; Existing income from 3 tenant‑owned manufactured homes paying space rent.; 3 existing utility hookups with potential for a 4th.
    (360) 786-6900
    We can help!
    Listing Contact
    PAULETTE EATON
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    475 Larson Street, Eatonville, WA 98328
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!