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Forest Canyon Park - Lake Tapps 3106 Sumner Tapps Hwy 16,432 SF 100% Leased Retail Building Sumner, WA 98391 $5,600,000 ($340.80/SF) 7.60% Cap Rate
Investment Highlights
- Prime Neighborhood Location: High-traffic corridor with accessibility and exposure to a growing residential area.
- Long-Term Market Strength: Residential and household income growth with strong demand and limited supply.
- Flexible Multi-Building Layout: Suitable for retail, office, and service users.
- Positioned on Sumner Tapps Highway E, providing visibility and connectivity to WA-410 & SR-167.
Executive Summary
The Forest Canyon retail property is 16,432 SF and 40% of the tenants are well under the market rents. This strong neighborhood retail property is well positioned for growth and stability with very little retail competition. Lake Tapps is a high end demographic market with incomes over $200,000 within 1 mile of the property. The tenant mix includes a mix of a sit down restaurant, dentist and service uses.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Building Size
16,432 SF
Building Class
B
Year Built
1997
Price
$5,600,000
Price Per SF
$340.80
Cap Rate
7.60%
NOI
$425,600
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.05
Lot Size
6.93 AC
Zoning
NC - Neighborhood Center
Parking
100 Spaces (5.86 Spaces per 1,000 SF Leased)
Frontage
351’ on Sumner-Tapps Hwy E
Amenities
- Signage
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 052008-3035 | Improvements Assessment | $1,525,700 |
| Land Assessment | $2,591,900 | Total Assessment | $4,117,600 |
Property Taxes
Parcel Number
052008-3035
Land Assessment
$2,591,900
Improvements Assessment
$1,525,700
Total Assessment
$4,117,600
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Forest Canyon Park - Lake Tapps | 3106 Sumner Tapps Hwy
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