10601 Gravelly Lake DrLakewood, WA 98499

Property Details for 10601 Gravelly Lake Dr

Year built

1951

Construction

WOOD FRAME

Lot size

0.31 AC

Property size (Sq ft)

504 SF

Zone code

CBD

Property type

Retail space

APN

8860000070

APU

8860000070

Description

This exceptional investment opportunity presents a prime commercial property situated on a 0.26-acre corner lot at 10601 Gravelly Lake Dr SW in Lakewood, WA. The property boasts a combined building square footage exceeding 2800 square feet, comprised of a main building (2378 sq ft), a separate salon (580 sq ft), and a sizable storage/converted garage space. Its strategic location within the Central Business District ensures high visibility and significant foot traffic, making it ideal for a variety of commercial ventures. The property benefits from its position amidst established businesses and a thriving residential area, promising consistent growth and strong rental potential. The versatile layout allows for diverse uses, catering to a wide range of business needs. This is a rare chance to acquire a well-positioned commercial property in a rapidly developing area of Lakewood, offering significant return on investment. The property's size, location, and flexible space make it an attractive prospect for both established businesses seeking expansion and entrepreneurs looking to establish a new venture. Don't miss this opportunity to own a piece of Lakewood's vibrant commercial landscape. The asking price is $750,000.

• CAP approach

  CAP return

  Valuation

  6%

  $200,484

  6.5%

  $185,062

  7%

  $171,843

• Comparable approach

  Method

  Valuation

  Relative Method

  $340,590

  Geo Method

  $244,592

• Alternative Use

  Use

  Valuation

  Residential

  $156,107

  Hospitality

  $142,993

  Educational

  $118,968

  Medical

  $123,060

  Retail

  $185,062

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.1605

Longitude

-122.52

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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