1420 Meridian Ave E 16,480 SF 88% Leased Office Building Milton, WA 98354 $3,600,000 ($218.45/SF) 5.20% Cap Rate

Team Vara at Northmarq is proud to present the exclusive opportunity to acquire Surprise Lake Plaza, a high-visibility multi-tenant asset located at 1420 Meridian Ave E in Milton, WA. The property features two commercial buildings totaling 16,480 square feet situated on a substantial 2.49-acre lot. This versatile asset accommodates a wide array of commercial uses—including retail, office, and industrial—providing an investor with exceptional flexibility in tenanting and long-term positioning. Anchored by Dill Animal Hospital, which recently signed a 10-year lease, the property offers reliable income security while a new owner executes on value-add strategies. With a tenant roster currently paying below-market rents and near-term lease expirations in other suites providing a clear path to capturing market rates, this is a premier opportunity for an incoming investor to drive revenue and maximize appreciation.
Strategically positioned in the heart of the South End, the property offers unparalleled centrality between Tacoma, Fife, Puyallup, and Federal Way. It boasts exceptional visibility along the heavily trafficked Meridian Ave E corridor—which sees approximately 42,000 vehicles per day—and provides seamless access to major regional arterials including I-5, SR-167, and SR-18. The site is surrounded by local amenities such as Safeway, Grocery Outlet, Starbucks and Ace Hardware, and sits in proximity to major employment centers like Joint Base Lewis-McChord and the Port of Tacoma.
Furthermore, Team Vara is representing the same seller in the offering of an adjoining 4-acre multifamily-zoned site, providing a rare chance to acquire a 6.5-acre mixed-use development site in a development friendly municipality.