Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    12121 Key Peninsula NW Hwy Gig Harbor, WA 98329-6006
    Back to Search
    Property profile & analytics

    12121 Key Peninsula NW Hwy, Gig Harbor, WA 98329-6006

    View on Map
    • Grocery and convenience stores
    • 1,976 SF
    • 1.69 lot acres
    Off-Market
    Property ID
    US90-1607619
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Shell / Restaurant

    Property Details for 12121 Key Peninsula NW Hwy

    Year built
    1986
    Construction
    WOOD FRAME
    Lot size
    1.69 lot acres
    Zone code
    RNC
    Property type
    Grocery and convenience stores
    APN
    122305028
    APU
    122305028

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 30, 2001 $950,000 Young T Lim Key Center Petroleum LLC Grant Deed $1.2M · Us Bank NA
    May 18, 2000 $950,000 Key Center Shell Akaal Investors LLC Grant Deed $1.2M · Amresco Independence Funding
    Apr 13, 1993 $380,000 Julius Templeton Unknown Grant Deed $179k · Seller
    — — Young T Lim — Deed Of Trust · related $1M · Bank Of America
    — — Young T Lim — Deed Of Trust · related $700k · Unibank
    — — Young T Lim — Deed Of Trust · related $205k · Key Center Petroleum LLC
    — — Cyl Enterprises INC — Deed Of Trust · related $155k · Sun Energy INC
    — — Akaal Investors LLC — Deed Of Trust · related $1.1M · City Bank
    — — Cyl Ents INC — Deed Of Trust · related $893k · Bank Of America
    — — Akaal Investors LLC — Deed Of Trust · related $283k · Northwind Petroleum LLC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.718
    Latitude
    47.3682
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $5,832
    $342,700
    $240,900
    $583,600
    -
    $342,700
    $240,900
    $583,600

    Comparable in this City

    • Value Estimation
      $5,000,000
      3,790 SF

      9522 State Rte 302nd NW

      CONVENIENCE STORE (W/FUEL PUMP)
      9522 State Rte 302nd NW, Wauna, WA 98329
      View Details
    • Value Estimation by Request
      3,456 SF

      16915 State Rte 302nd NW

      CONVENIENCE STORE (W/FUEL PUMP)
      16915 State Rte 302nd NW, Wauna, WA 98329-5833
      View Details
    • Value Estimation by Request
      600 SF

      11717 State Rte 302nd NW, Unit 14

      RETAIL STORES (PERSONAL SERVICES)
      11717 State Rte 302nd NW, Gig Harbor, WA 98329-7223
      View Details
    • Value Estimation by Request
      2,224 SF

      11818 State Rte 302nd NW

      RETAIL STORES (PERSONAL SERVICES)
      11818 State Rte 302nd NW, Gig Harbor, WA 98329-4160
      View Details
    • Value Estimation
      $595,000
      900 SF

      12400 134th NW Ave, Unit 12404

      RETAIL STORES (PERSONAL SERVICES)
      12400 134th NW Ave, Gig Harbor, WA 98329-5544
      View Details
    • Value Estimation
      $2,915,000
      23,610 SF

      14122 92nd NW Ave

      RETAIL STORES (PERSONAL SERVICES)
      14122 92nd NW Ave, Wauna, WA 98329-8868
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Gig Harbor Flex Space Available

      Office, retail, and flex spaces for sale in Gig Harbor.
      11901 137 Ave NW, Gig Harbor, WA 98329
      View Details
    • Contact for pricing

      Gig Harbor Flex Space Available

      Office, retail, and flex spaces available in Gig Harbor.
      11901 137 Ave NW, Gig Harbor, WA 98329
      View Details
    • Contact for pricing
      3,488 SF

      Established Auto Repair Business Opportunity

      Profitable auto repair business and real estate for sale.
      9707 Key Peninsula Hwy NW, Gig Harbor, WA 98329
      View Details
    • $400,000

      Private Wooded Acres with RV Hookups

      10-acre wooded parcel with electricity and RV hookups.
      12815 154 Ave NW, Gig Harbor, WA 98329
      View Details
    • Contact for pricing

      Gig Harbor Waterfront Land Opportunity

      Rare waterfront parcel with southwest-facing shoreline and stunning views.
      11648 Vipond Dr NW, Gig Harbor, WA 98329
      View Details
    • $400,000

      Private Wooded Acres with Utilities

      10-acre wooded parcel with electricity and RV hookups.
      12815 154 Ave Northwest, Gig Harbor, WA 98329
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,800 SF

      Retail Space with Highway Access

      Retail space with excellent highway access and ample parking.
      14122-14228 92Nd Ave NW, Gig Harbor, WA 98329
      View Details
    • $6,333 /Mo
      3,800 SF

      Retail Space with Highway Access

      Retail space with great highway access and ample parking.
      14122 92Nd Ave NW, Gig Harbor, WA 98329
      View Details
    • $36,000
      2,000 SF

      11901 137th Ave Ct NW, Gig Harbor, WA 98329

      Flex space
      11901 137 Avenue Ct NW, Gig Harbor, WA 98329
      View Details
    • Contact for pricing
      2,999 SF

      Gig Harbor Office/Flex Space Available

      Office and flex spaces available for lease in Gig Harbor.
      11901 137 Avenue Ct NW, Gig Harbor, WA 98329
      View Details
    • $4,499 /Mo
      2,999 SF

      Gig Harbor Flex Space Available

      Flex, industrial, and office spaces for lease in Gig Harbor.
      11901 137 Avenue Ct NW, Gig Harbor, WA 98329
      View Details
    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.
    12121 Key Peninsula NW Hwy
    Gig Harbor, WA 98329-6006
    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
    12121 Key Peninsula NW Hwy, Gig Harbor, WA, 98329
    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!