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    5118 Point Fosdick Dr NW Gig Harbor, WA 98335
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    5118 Point Fosdick Dr NW Gig Harbor, WA 98335

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    • Drive through restaurants
    • 3,004 SF
    For Lease
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    Retail Space in Gig Harbor For Lease
    Contact for pricing

    Retail Space in Gig Harbor

    Retail spaces available within the Olympic Towne Center.

    5118 Point Fosdick Dr NW, Gig Harbor, WA 98335
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    Property ID
    US90-1816891
    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

    • Dairy Queen / Restaurant / Take-out & Catering

    Property Details for 5118 Point Fosdick Dr NW

    Year built
    1986
    Construction
    WOOD FRAME
    Property size
    3,004 SF
    Property type
    Drive through restaurants
    APN
    221173801
    APU
    221173801

    Description

    This exceptional retail space, totaling 3,944 square feet, is situated within the vibrant Olympic Towne Center in Gig Harbor, Washington. Located at 5118 Point Fosdick Dr NW, 98335, this property boasts a highly desirable location within Pierce County's CBA Gig Harbor submarket. The center is anchored by major retailers including Fred Meyer, Ocean 5, Table 47, PetSmart, Hops & Drops, Wells Fargo, and Xfinity, ensuring high foot traffic and strong brand recognition. The entire Olympic Towne Center encompasses 184,376 square feet across a single building, offering a robust and established retail environment. This particular space is part of a multi-tenant building, providing opportunities for synergy and shared customer base. The property sits on a substantial 17.97-acre lot, offering ample parking and visibility from Olympic Dr NW. The available space presents a unique opportunity for businesses seeking a prominent location within a thriving commercial hub. The property is classified as both retail and commercial/office space, offering flexibility for a variety of uses. This is a rare opportunity to establish a presence in one of Gig Harbor's most sought-after retail destinations.

    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
    -122.58
    Latitude
    47.3052
    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
    $4,875
    $0.00
    $575,600
    $575,600
    -
    $0.00
    $575,600
    $575,600

    Comparable in this City

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    • Value Estimation
      $915,000
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      5111 Pt Fosdick Dr

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      5111 Pt Fosdick Dr, Gig Harbor, WA 98335-1716
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    • Value Estimation by Request
      2,264 SF

      5916 26th St NW Ct

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    • Value Estimation by Request
      1,591 SF

      5117 Pt Fosdick Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,591 SF
      5117 Pt Fosdick Dr, Gig Harbor, WA 98335-1716
      View Details
    • Value Estimation
      $805,000
      1,144 SF

      5508 Pt Fosdick Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,144 SF
      5508 Pt Fosdick Dr, Gig Harbor, WA 98335-1725
      View Details
    • Value Estimation
      $1,590,000
      3,866 SF

      2761 Ruston Way

      RESTAURANT • 3,866 SF
      2761 Ruston Way, Gig Harbor, WA 98335
      View Details

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    Similar Nearby for Lease

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      Gig Harbor Retail Space Available

      Premier shopping destination with high gross leasable area.
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      View Details
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      Gig Harbor Retail Space Available

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      Office Retail Flex Space Available

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      View Details
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    Gig Harbor, WA 98335
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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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