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6108 Mt Tacoma Dr SW
Lakewood, WA 98499
European Square · Retail Property For Sale
Investment Highlights
- Anchors extended through 9/30/2031 — 65% of the building locked in for 5+ years
- Annual CPI rent bumps on every tenant — built-in NOI growth
- 32,000+ VPD between two signalized intersections, plus daily foot traffic from an adjacent 60K SF office building
- 100% leased with no rollover until late 2027
- Hess Bakery (since 1968) and German Pastry Shop (40+ years on-site) — 1,000+ Google reviews, 4.4–4.8 stars
- 235K residents within 5 miles, $101K average HH income
Executive Summary
100% occupied 11,866 SF neighborhood retail center anchored by long-tenured German specialty food tenants, Hess Bakery & Deli and German Pastry Shop, both of which recently executed 5-year lease extensions through September 2031. The Property offers stable in-place cash flow with an approximate 5-year weighted average lease term, no near-term rollover, and contractual annual CPI rent increases across all tenants. Ideally situated between two signalized intersections with combined traffic counts exceeding 32,000 vehicles per day, the center benefits from consistent consumer visibility, strong daily foot traffic from an adjacent 60,000 SF office building, and close proximity to Joint Base Lewis-McChord, one of Washington State’s largest employment hubs.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
11,866 SF
Building Class
C
Year Built
1980
Price
$3,010,000
Price Per SF
$253.67
Cap Rate
7.16%
NOI
$215,540
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.35
Lot Size
0.77 AC
Zoning
CBD - Central Business District
Parking
49 Spaces (4.13 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Pylon Sign
- Signage
Property Taxes
| Parcel Number | 021902-2224 | Improvements Assessment | $1,114,400 |
| Land Assessment | $871,300 | Total Assessment | $1,985,700 |
Property Taxes
Parcel Number
021902-2224
Land Assessment
$871,300
Improvements Assessment
$1,114,400
Total Assessment
$1,985,700
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