European Square | 6108 Mt Tacoma Dr SW
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European Square 6108 Mt Tacoma Dr SW
11,866 SF 100% Leased Retail Building Lakewood, WA 98499 $4,359,840 CAD ($367 CAD/SF) 6.70% Cap Rate
Investment Highlights
- 100% occupied neighborhood center with little-to-no historical vacancy
- Annual lift in base rent is provided by yearly CPI increases scheduled for all tenants
- The Property is exposed to over 32,000 VPD between two heavily trafficked intersections, with additional daily foot traffic
- Hess Bakery & Deli and the German Pastry Shop have occupied 65% of the building for over 40 years
- Lease extensions recently executed for Marcus Anthony, Charisma School of Dance, and an extension currently being negotiated for Crossroads Counseling
- Joint Base Lewis-McChord is the third-largest employer in Washington with over 110,000 active-duty members
Executive Summary
The Offering provides the opportunity to acquire a 100% occupied, 11,866 SF neighborhood commercial center in Lakewood, WA. The Property benefits from its location between two signalized intersections, exposed to over 32K VPD, and strong foot traffic from the adjacent 60,000 SF office building. Hess Bakery & Deli and the German Pastry Shop have occupied 65% of the building since it was constructed in 1980, and have expressed interest in extending their leases. Every tenant has an annual CPI rent increase, providing an estimated yearly base rent increase of 3.35%.
Property Facts
Sale Type
Investment
Property Type
Building Size
11,866 SF
Building Class
C
Year Built
1980
Price
$4,359,840 CAD
Price Per SF
$367 CAD
Cap Rate
6.70%
NOI
$291,932 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.35
Land Acres
0.77 AC
Zoning
CBD
Parking
49 Spaces (4.13 Spaces per 1,000 SF Leased)
Frontage
128 ft on Mt Tacoma Dr SW
Amenities
- Bus Line
- Pylon Sign
- Signage
Walk Score ®
Very Walkable (86)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 021902-2224 | Improvements Assessment | $1,556,672 CAD |
| Land Assessment | $1,217,093 CAD | Total Assessment | $2,773,765 CAD |
PROPERTY TAXES
Parcel Number
021902-2224
Land Assessment
$1,217,093 CAD
Improvements Assessment
$1,556,672 CAD
Total Assessment
$2,773,765 CAD
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Joe Dugoni -
Power Broker Sean Tufts -
Power Broker Kevin Adatto -
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European Square | 6108 Mt Tacoma Dr SW
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