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    20509 Mountain Hwy Spanaway, WA 98387

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    20509 Mountain Hwy Spanaway, WA 98387

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    • Lifestyle centers
    • 65,293 SF
    • 3.95 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 20509 Mountain Hwy

    Lot size
    3.95 lot acres
    Property size
    65,293 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Granite Ridge Shopping Center, located at 20509 Mountain Hwy E in Spanaway, WA 98387, presents a significant commercial development opportunity. This 65,293 square foot shopping center sits on a 3.95-acre lot and includes 46 parking spaces. The property is strategically positioned at the intersection of SR 7 and 204th Street E, within the southernmost retail core of Spanaway. The center boasts shadow-anchored proximity to Walmart and is home to established national tenants such as Starbucks, AT&T, Arby's, Jack in the Box, and Taco Bell, ensuring consistent customer traffic. The development comprises seven lots, with several already developed and occupied. Available lots include Lot 5 (44,651 sq ft, 1.02 acres), Lot 6 (17,752 sq ft, 0.41 acres), and Lot 7 (2,890 sq ft, 0.07 acres). These lots are available for sale or lease individually or as a whole, offering flexibility for various commercial uses. The combined acreage allows for larger-scale development. The property benefits from high traffic counts of 29,911 ADT. This prime location and existing infrastructure make Granite Ridge Shopping Center an attractive investment opportunity. Contact for details on available lots and leasing/purchase options.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Spanaway
    County
    Pierce
    State
    Washington
    Longitude
    -122.417
    Latitude
    47.0714

    Comparable in this City

    • Value Estimation
      $940,000
      5,427 SF

      17821 Pacific S Ave

      SHOPPING CENTER, STRIP CENTER • 5,427 SF
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    • Value Estimation
      $620,000
      7,344 SF

      20709 Mtn E Hwy

      SHOPPING CENTER, STRIP CENTER • 7,344 SF
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    • Value Estimation
      $2,965,000
      23,950 SF

      17417 Pacific S Ave

      SHOPPING CENTER, STRIP CENTER • 23,950 SF
      17417 Pacific S Ave, Spanaway, WA 98387-8208
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    • Value Estimation
      $765,000
      8,600 SF

      20220 Mtn E Hwy

      SHOPPING CENTER, STRIP CENTER • 8,600 SF
      20220 Mtn E Hwy, Spanaway, WA 98387-1810
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    • Value Estimation
      $1,855,000
      14,660 SF

      17302 Pacific S Ave

      SHOPPING CENTER, STRIP CENTER • 14,660 SF
      17302 Pacific S Ave, Spanaway, WA 98387-8207
      View Details
    • Value Estimation
      $700,000
      6,210 SF

      115 176th E St

      SHOPPING CENTER, STRIP CENTER • 6,210 SF
      115 176th E St, Spanaway, WA 98387
      View Details

    Similar Nearby for Sale

    • $2,300,000
      7,571 SF

      Spanaway Showroom and Service Garage

      7,571 SF building with showroom and service garage.
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      Former Bingo Hall with Parking

      4,200 SF building with rental house and parking.
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    • $508,600
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      Retail Space on Pacific Avenue

      Retail location with high exposure and ample parking.
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      High-Traffic Automotive/Retail Opportunity

      Former auto showroom with service bays on Pacific Avenue.
      16002 Pacific Ave S, Spanaway, WA 98387
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    • $950,000

      Spanaway Commercial Land For Sale

      Commercial land for sale, tenant occupied, UCOR zoning.
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      Spanaway Land Parcel For Sale

      Cleared, partially fenced land parcel in Spanaway, Washington.
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    Similar Nearby for Lease

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      High-Exposure Retail Space in Spanaway

      Retail space with high visibility and ample parking.
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      8,921 SF

      Retail Space in High-Volume Center

      Retail space available in Fred Meyer Marketplace anchored shopping center.
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      Retail Spaces Available For Rent

      Retail spaces available, ranging from 1,204 to 2,234 SqFt.
      20220 Mountain Hwy E, Spanaway, WA 98387
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      1,200 SF

      Retail Space Near Fred Meyer

      Retail space shadow-anchored by Fred Meyer with high visibility.
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      Retail Space Available For Lease

      Retail space available for lease in Spanaway, Washington.
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    • $3,000 /Mo
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      Auto Sales Lot For Rent

      Auto sales lot with high traffic and office space.
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    Spanaway, WA 98387
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    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
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