Building Details

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Listing Agency: NAI Puget Sound Properties Tacoma Show Phone

Listed By: Kyle Schipper · License #WA

Source: Crexi

Added: May 30, 2024 Changed: Aug 8 Last Checked: Aug 8 at 11:42AM

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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 NAI Puget Sound Properties Tacoma

Investment Insights

Based on property information with market context.

This retail space, located in Fall City, WA, offers 5872 square feet of commercial real estate. The property is currently for sale.

Key Highlights

• No property information was provided to extract selling points.

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

$105,042

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

6.18%

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%

$2,100,840 $2.1M

Cap Rate 7%

$1,500,600 $1.5M

Cap Rate 9%

$1,167,133 $1.2M

Market Conditions

NOI Build-Up for 5,872 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

$155.0K $26.40/SF

− Vacancy

−$5.0K −$0.84/SF

EGI

$150.1K $25.56/SF

− OpEx

−$45.0K −$7.67/SF

NOI

$105.0K $17.89/SF

Area

King County, WA

Vacancy

3.20%

Lease Rate

$26.40 /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%

$2,100,840

Cap Rate 7%

$1,500,600

Cap Rate 9%

$1,167,133

Alternative Uses

Best Use

Retail

$1.50M

$1.31M – $1.75M (±1% cap)

NOI $105,042 @ 7.0% cap · market cap 6.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.35M

$2.06M – $2.74M (±1% cap)

NOI $164,632 @ 7.0% cap · market cap 9.68%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Retail space

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Explore this area Business Placement

Demographics for 98024, WA

5,141

Population

2,083

Households

2.5

Avg Household Size

45

Median Age

53%

College-Educated

93%

High-School Grad

22.1 sq mi

ZIP Area

233

Density / Sq Mi

$152,726

Median Household Income

$76,775

Median Earnings

$1,405

Median Rent

$1,005,100

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Retail space - Retail space available for sale in Fall City, WA.

Where is this retail space located?

The property is located at 33723 & 33731 SE Redmond Fall City, WA.

What is the asking price?

The asking price for this property is $1,700,000.

What are key features of this property?

This property features: No property information was provided to extract selling points.