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8510 S Tacoma Way 12,989 SF 77% Leased Retail Building Lakewood, WA 98499 $4,100,000 ($315.65/SF) 5.71% Cap Rate
Investment Highlights
- Value-Added Center - 5.7% Cap Rate on inplace income at 77% occupancy and 7.27% Cap Rate on proforma income at 97% occupied
- Koreatown Tacoma location – Strategically located adjacent to H-Mart, the largest Korean supermarket chain in the U.S.
- Stable Cash Flow with Upside – Combines reliable in place income with near term growth potential.
- Owner-User Opportunity – approximately 3,000 SF available for Owner-User opportunity
- Out of State Ownership – First time on the market in over 20 years.
- Strong Local Base – Population exceeding 283,000 within 5 miles radius and average household income of over $110,000.
Executive Summary
Kidder Mathews is pleased to exclusively present the opportunity to acquire Royal Plaza, a two-building multi-tenant retail center in Lakewood’s Koreatown at 8510-8534 S. Tacoma Way, Lakewood, WA.
The property consists of approximately 12,989-squarefoot retail space situated on ±1.14 acre and is currently occupied by eight seasoned tenants, with one vacant unit offering lease-up upside for an investor or potential owner-user opportunity.
The center features a stable mix of foods and service tenants, with several shop spaces currently leased below market rates. This presents a compelling value-add opportunity through the lease-up of the existing ±3,000 square foot vacancy, future rent increases, and/or strategic re-tenanting. For investors seeking stable in-place income with meaningful NOI growth potential, Royal Plaza represents a rare opportunity that balances downside protection with upside potential.
Royal Plaza benefits from its proximity to Joint Base Lewis-McChord (JBLM), home of I-Corps and the 62nd Airlift Wing. JBLM is one of the largest military installations on the West Coast, supporting ±60,000 military and civilian personnel, contributing nearly $3 billion annually to the local economy, and serving over 254,000 residents in the surrounding area.
The property is surrounded by a strong roster of national and regional retailers, including H-Mart Supermarket, Pal-Do World Market, WinCo Foods, Lowe's, Safeway, Walgreens, Starbucks, McDonald’s, Wells Fargo, and Chick-fil-A. This creates a high-traffic and synergistic retail corridor.
The property is strategically located and offers convenient access to key regional destinations.
• ±30 minutes to Olympia
• ±35 minutes to SeaTac International Airport
• ±45 minutes to Downtown Seattle
Positioned in the heart of South Tacoma submarket, this is one of most active retail corridors in Pierce County. Royal Plaza benefits from a dense and growing population base of more than 295,000 residents within a five-mile radius, with an average household income exceeding $99,000. This 1031 exchange-ready asset offers an attractive combination of stable cash flow, seasoned tenancy, value-add potential, and a prime location
The property consists of approximately 12,989-squarefoot retail space situated on ±1.14 acre and is currently occupied by eight seasoned tenants, with one vacant unit offering lease-up upside for an investor or potential owner-user opportunity.
The center features a stable mix of foods and service tenants, with several shop spaces currently leased below market rates. This presents a compelling value-add opportunity through the lease-up of the existing ±3,000 square foot vacancy, future rent increases, and/or strategic re-tenanting. For investors seeking stable in-place income with meaningful NOI growth potential, Royal Plaza represents a rare opportunity that balances downside protection with upside potential.
Royal Plaza benefits from its proximity to Joint Base Lewis-McChord (JBLM), home of I-Corps and the 62nd Airlift Wing. JBLM is one of the largest military installations on the West Coast, supporting ±60,000 military and civilian personnel, contributing nearly $3 billion annually to the local economy, and serving over 254,000 residents in the surrounding area.
The property is surrounded by a strong roster of national and regional retailers, including H-Mart Supermarket, Pal-Do World Market, WinCo Foods, Lowe's, Safeway, Walgreens, Starbucks, McDonald’s, Wells Fargo, and Chick-fil-A. This creates a high-traffic and synergistic retail corridor.
The property is strategically located and offers convenient access to key regional destinations.
• ±30 minutes to Olympia
• ±35 minutes to SeaTac International Airport
• ±45 minutes to Downtown Seattle
Positioned in the heart of South Tacoma submarket, this is one of most active retail corridors in Pierce County. Royal Plaza benefits from a dense and growing population base of more than 295,000 residents within a five-mile radius, with an average household income exceeding $99,000. This 1031 exchange-ready asset offers an attractive combination of stable cash flow, seasoned tenancy, value-add potential, and a prime location
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Building Size
12,989 SF
Building Class
C
Year Built/Renovated
1990/2018
Price
$4,100,000
Price Per SF
$315.65
Cap Rate
5.71%
NOI
$234,146
Percent Leased
77%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.26
Lot Size
1.14 AC
Zoning
C2
Parking
65 Spaces (5 Spaces per 1,000 SF Leased)
Frontage
114’ on Tacoma Way
Amenities
- Bus Line
- Pylon Sign
- Signage
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Great office/retail building with ample parking. Strong demographics and excellent traffic counts. Easy access off South Tacoma Way. Co-tenants include: Bakery, Restaurants, Hair Salon, Grocery and more. Please call listing broker for more information.
| Space | Size | Space Use | Position | Available |
| E | 2,700 SF | Retail | In-Line | Now |
E
| Size |
| 2,700 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
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E
| Size | 2,700 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
Great office/retail building with ample parking. Strong demographics and excellent traffic counts. Easy access off South Tacoma Way. Co-tenants include: Bakery, Restaurants, Hair Salon, Grocery and more. Please call listing broker for more information.
Moderately walkable
70/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 790000-0082 | Improvements Assessment | $1,161,800 |
| Land Assessment | $1,667,500 | Total Assessment | $2,829,300 |
Property Taxes
Parcel Number
790000-0082
Land Assessment
$1,667,500
Improvements Assessment
$1,161,800
Total Assessment
$2,829,300
1 of 11
Videos
Matterport 3D Exterior
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Photos
Street View
Street
Map
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8510 S Tacoma Way
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