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Pacific Professional Building 22659 Pacific Hwy S 9,630 SF 100% Leased Flex Building Des Moines, WA 98198 $2,395,000 ($248.70/SF) 6% Cap Rate
Investment Highlights
- Diversified mixed-use asset on a single parcel offering stable office rental income plus residential cash flow from the single-family home and duplex
- Newer construction (1998) with existing utilities and off-street parking
- Prime transit-oriented location with ~30,000 vehicles per day on SR 99 and direct access to the Kent Des Moines Light Rail Station (10–12 minute walk)
- Attractive basis with a 6.00% current cap and 6.34% proforma cap
- High-visibility office component benefits from heavy SR 99 traffic
- Flexible PR-C zoning supporting higher-density mixed-use and residential development along the SR 99 corridor
Executive Summary
This rare infill asset consists of a 1998 construction 11,514 sq ft highway-fronting office building together with a single-family residence and duplex on the same parcel, delivering diversified income streams in a high-visibility corridor. The property also sits on a large 29,959 SF lot zoned PR-C (Pacific Ridge Commercial) offering unique redevelopment opportunities. The most logical being to develop a 60-unit apartment building where the SFH and Duplex currently sit and keep the existing office building for extended income (Buyer to Verify). The stabilized current operations reflect a current cap rate of 6.00% and a proforma cap rate of 6.34%.
The property enjoys prime frontage along Pacific Highway South (SR 99), a primary north-south arterial carrying approximately 30,000 vehicles per day. It offers direct access to I-5 via SR-516(Kent-Des Moines Road) and is only 8–12 minutes from Sea-Tac International Airport. Exceptional transit access to the Kent Des Moines Light Rail Station (1 Line – Sound Transit Federal Way Link Extension, opened December 6, 2025): Just 0.6–0.8 miles / 10–12 minute walk or under 2-minute drive, Frequent 1 Line service, 12-minute ride to Sea-Tac International Airport, ~40-45 minutes to Downtown Seattle, 500+ space park-and-ride garage with seamless bus integration)
The property enjoys prime frontage along Pacific Highway South (SR 99), a primary north-south arterial carrying approximately 30,000 vehicles per day. It offers direct access to I-5 via SR-516(Kent-Des Moines Road) and is only 8–12 minutes from Sea-Tac International Airport. Exceptional transit access to the Kent Des Moines Light Rail Station (1 Line – Sound Transit Federal Way Link Extension, opened December 6, 2025): Just 0.6–0.8 miles / 10–12 minute walk or under 2-minute drive, Frequent 1 Line service, 12-minute ride to Sea-Tac International Airport, ~40-45 minutes to Downtown Seattle, 500+ space park-and-ride garage with seamless bus integration)
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
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-
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| Other Income |
-
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-
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| Vacancy Loss |
-
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-
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| Effective Gross Income |
-
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-
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| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
40/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 250060-0050 | Improvements Assessment | $1,195,700 (2024) |
| Land Assessment | $1,078,500 (2024) | Total Assessment | $2,274,200 (2024) |
Property Taxes
Parcel Number
250060-0050
Land Assessment
$1,078,500 (2024)
Improvements Assessment
$1,195,700 (2024)
Total Assessment
$2,274,200 (2024)
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Pacific Professional Building | 22659 Pacific Hwy S
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