116th Steele Street Center — Sale in Tacoma, WA

  • Price: $3.5M
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Tacoma, WA 98444
  • Size: 9,424 SF

Investment Figures

Price per square foot
$376

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Retail Investment or Owner/User Purchase Opportunity with Available Space for Lease 116th Steele Street Center is a ±9,424 SF retail asset is positioned on a ±1.53-acre parcel in Tacoma, WA, just minutes from Joint Base Lewis-McChord and Interstate 5. This highly visible, well-maintained center features a strong mix of long-term, service-oriented tenants and benefits from CE (Commercial Employment) zoning, allowing for a wide range of office, and retail uses. Constructed in 2005, the single-story building showcases durable concrete tilt-up construction with decorative split-faced masonry accents. The property offers ample surface parking (±60 stalls) and is easily accessible via public transportation along Steele Street. Recent capital improvements include a new roof installation in April 2025, further supporting long-term asset stability and reduced nearterm capital exposure.

Market Context

This retail in Tacoma, WA is listed for sale at $3,539,000 across 9,424 SF ($376/SF). It has been on the market for 195 days. Compare it against other retail listings for sale in Tacoma, WA — view the full market.

As of Q1 2026, the Seattle / Bellevue retail market showed a 16.8% vacancy rate, and cap rates around 7.6%.

Above-average vacancy gives buyers leverage and a wide set of comparables.

Retail market FAQ

What is the typical cap rate for retail in Seattle / Bellevue?
About 7.6% as of Q1 2026.
Is the Seattle / Bellevue retail market tightening or softening?
Vacancy is around 16.8% (Q1 2026).

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