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8534 S Tacoma Way
Lakewood, WA 98499
Retail Property For Sale
Investment Highlights
- Value-Added Center - 5.7% Cap Rate on in place income at 77% occupancy and 7.27% Cap Rate on proforma income at 97% occupied
- Internet-Resistant Tenancy – Foods and Service tenants provide durable, needs based demand
- Established Retail Corridor – Surrounded by strong national retailers and dense and dense residential neighborhoods.
- Lease Up Opportunity – Approximately 3,000 SF of vacancy provides immediate upside.
- Strong Regional Economy – Strong South Tacoma submarket, driven by Port of Tacoma, Joint Base Lewis-McCord and the manufacturing and tech Sectors.
- Ideal 1031 Exchange Opportunity – Seasoned tenants, stable income, with value-add upside.
Executive Summary
Kidder Mathews is pleased to exclusively present the opportunity to acquire Royal Plaza, a two-building multi-tenant retail center in Lakewood’s Koreatown at 8510-8534 S. Tacoma Way, Lakewood, WA. The property consists of approximately 12,989-square foot retail space situated on ±1.14 acre and is currently occupied by eight seasoned tenants, with one vacant unit offering lease-up upside for an investor or potential owner-user opportunity.
The center features a stable mix of foods and service tenants, with several shop spaces currently leased below market rates. This presents a compelling value-add opportunity through the lease-up of the existing ±3,000 square foot vacancy, future rent increases, and/or strategic re-tenanting. For investors seeking stable in-place income with meaningful NOI growth potential, Royal Plaza represents a rare opportunity that balances downside protection with upside potential. Royal Plaza benefits from its proximity to Joint Base Lewis-McChord (JBLM), home of I-Corps and the 62nd Airlift Wing. JBLM is one of the largest military installations on the West Coast, supporting ±60,000 military and civilian personnel, contributing nearly $3 billion annually to the local economy, and serving over 254,000 residents in the surrounding area.
The property is surrounded by a strong roster of national and regional retailers, including H-Mart Supermarket, Pal-Do World Market, WinCo Foods, Lowe's, Safeway, Walgreens, Starbucks, McDonald’s, Wells Fargo, and Chick-fil-A. This creates a high-traffic and synergistic retail corridor. The property is strategically located and offers convenient access to key regional destinations.
Royal Plaza benefits from a dense and growing population base of more than 295,000 residents within a five-mile radius, with an average household income exceeding $99,000. This 1031 exchange-ready asset offers an attractive combination of stable cash flow, seasoned tenancy, value-add potential, and a prime location
The center features a stable mix of foods and service tenants, with several shop spaces currently leased below market rates. This presents a compelling value-add opportunity through the lease-up of the existing ±3,000 square foot vacancy, future rent increases, and/or strategic re-tenanting. For investors seeking stable in-place income with meaningful NOI growth potential, Royal Plaza represents a rare opportunity that balances downside protection with upside potential. Royal Plaza benefits from its proximity to Joint Base Lewis-McChord (JBLM), home of I-Corps and the 62nd Airlift Wing. JBLM is one of the largest military installations on the West Coast, supporting ±60,000 military and civilian personnel, contributing nearly $3 billion annually to the local economy, and serving over 254,000 residents in the surrounding area.
The property is surrounded by a strong roster of national and regional retailers, including H-Mart Supermarket, Pal-Do World Market, WinCo Foods, Lowe's, Safeway, Walgreens, Starbucks, McDonald’s, Wells Fargo, and Chick-fil-A. This creates a high-traffic and synergistic retail corridor. The property is strategically located and offers convenient access to key regional destinations.
Royal Plaza benefits from a dense and growing population base of more than 295,000 residents within a five-mile radius, with an average household income exceeding $99,000. This 1031 exchange-ready asset offers an attractive combination of stable cash flow, seasoned tenancy, value-add potential, and a prime location
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
4,793 SF
Building Class
C
Year Built/Renovated
1990/2018
Price
$5,700,107 CAD
Price Per SF
$1,189.26 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
0.57 AC
Zoning
C2
Parking
32 Spaces (5.77 Spaces per 1,000 SF Leased)
Frontage
123’ on S Tacoma Way
Amenities
- Bus Line
- Pylon Sign
- Signage
Property Taxes
| Parcel Number | 790000-0082 | Improvements Assessment | $1,594,547 CAD |
| Land Assessment | $2,288,610 CAD | Total Assessment | $3,883,158 CAD |
Property Taxes
Parcel Number
790000-0082
Land Assessment
$2,288,610 CAD
Improvements Assessment
$1,594,547 CAD
Total Assessment
$3,883,158 CAD
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