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South Hill Plaza 3850 S Meridian 27,319 SF 85% Leased Retail Building Puyallup, WA 98373 $11,200,000 ($409.97/SF) 6.84% Cap Rate
EXECUTIVE SUMMARY
South Hill Plaza (the “Property”) is located at one of the busiest intersections in Pierce County (58,000 cars/day) at the epicenter of the region’s most active retail corridor, along Meridian. Traffic is supported by the adjacent regional South Hill Mall (1.1 million SF). The properties operate symbiotically.
The rent roll has been optimized with several recent lease renewals and new tenant signatures, offering an atypically long weighted average lease term (WALT) of 4.3 years. The tenants are particularly well suited to the market with a focus on medical/dental tenants and an array of daily-need retailers. None of the tenants at South Hill Plaza are retailers of hard/soft goods.
The ownership recently signed a new lease for the vacant "elbow" suite in July 2025. With this new lease, the property is 100% occupied. While the initial rent for the new tenant is below-market at $11.00/sf, the rent increases dramatically in year 2 to $13.00/sf (+18%).
The rent roll has been optimized with several recent lease renewals and new tenant signatures, offering an atypically long weighted average lease term (WALT) of 4.3 years. The tenants are particularly well suited to the market with a focus on medical/dental tenants and an array of daily-need retailers. None of the tenants at South Hill Plaza are retailers of hard/soft goods.
The ownership recently signed a new lease for the vacant "elbow" suite in July 2025. With this new lease, the property is 100% occupied. While the initial rent for the new tenant is below-market at $11.00/sf, the rent increases dramatically in year 2 to $13.00/sf (+18%).
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
27,319 SF
Building Class
C
Year Built
1989
Price
$11,200,000
Price Per SF
$409.97
Cap Rate
6.84%
NOI
$766,080
Percent Leased
85%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.47
Lot Size
1.34 AC
Zoning
UCX - urban center mixed-use zone
Parking
105 Spaces (3.84 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Pylon Sign
- Signage
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Melody Boba
- Accommodation and Food Services
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Melody Boba | Accommodation and Food Services | - | $9.99 | Lorem Ipsum | Jan 0000 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
Great for a variety of retail needs. There is great signage available for the new tenant, including signage on both the front and back of the Premises, as well as on the two monument signs, which is a huge plus!
| Space | Size | Space Use | Position | Available |
| Suite 6 | 4,231 SF | Retail | In-Line | May 2026 |
Suite 6
| Size |
| 4,231 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| May 2026 |
1 of 2
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Suite 6
| Size | 4,231 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | May 2026 |
Great for a variety of retail needs. There is great signage available for the new tenant, including signage on both the front and back of the Premises, as well as on the two monument signs, which is a huge plus!
Walk Score®
Very Walkable (70)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,716,800 | |
| Land Assessment | $2,500,300 | Total Assessment | $6,217,100 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,500,300
Improvements Assessment
$3,716,800
Total Assessment
$6,217,100
1 of 14
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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South Hill Plaza | 3850 S Meridian
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