22659 Pacific Hwy S - Flex FOR SALE


Des Moines, WA 98198- Pacific Ridge
$2,395,000 USD
206-505-9437
22659 Pacific Hwy S, Des Moines, WA for Sale
$2,395,000 USD
Flex - FOR SALE
1/40
null | 6% Cap Rate

22659 Pacific Hwy S
Des Moines, WA 98198
Pacific Ridge


HIGHLIGHTS

  • Diversified mixed-use asset on a single parcel offering stable office rental income plus residential cash flow from the single-family home and duplex
  • Attractive basis with a 6.00% current cap and 6.34% proforma cap
  • Newer construction (1998) with existing utilities and off-street parking
  • High-visibility office component benefits from heavy SR 99 traffic
  • Prime transit-oriented location with ~30,000 vehicles per day on SR 99 and direct access to the Kent Des Moines Light Rail Station (10–12 minute walk)
  • Flexible PR-C zoning supporting higher-density mixed-use and residential development along the SR 99 corridor

OVERVIEW

This rare infill asset consists of a 1998 construction 11,514 sq ft highway-fronting office building together with a single-family residence and duplex on the same parcel, delivering diversified income streams in a high-visibility corridor. The property also sits on a large 29,959 SF lot zoned PR-C (Pacific Ridge Commercial) offering unique redevelopment opportunities. The most logical being to develop a 60-unit apartment building where the SFH and Duplex currently sit and keep the existing office building for extended income (Buyer to Verify). The stabilized current operations reflect a current cap rate of 6.00% and a proforma cap rate of 6.34%. The property enjoys prime frontage along Pacific Highway South (SR 99), a primary north-south arterial carrying approximately 30,000 vehicles per day. It offers direct access to I-5 via SR-516(Kent-Des Moines Road) and is only 8–12 minutes from Sea-Tac International Airport. Exceptional transit access to the Kent Des Moines Light Rail Station (1 Line – Sound Transit Federal Way Link Extension, opened December 6, 2025): Just 0.6–0.8 miles / 10–12 minute walk or under 2-minute drive, Frequent 1 Line service, 12-minute ride to Sea-Tac International Airport, ~40-45 minutes to Downtown Seattle, 500+ space park-and-ride garage with seamless bus integration)

FOR SALE DETAILS

PRICE

$2,395,000 USD

PRICE/SF

$249 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pacific Professional Building

PROPERTY TYPE

Flex

ADD'L SUBTYPES

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1998

UTILITIES

-

CLEAR CEILING HT

-

DOCKS

-

DRIVE INS

1

PARKING SPACES

39

LAND DETAILS

LAND ACRES

0.69

LAND SF

30,056

ZONING

HC, Des Moines

APN/PARCEL ID

250060-0050

ASK ABOUT THIS PROPERTY

Chad MartiniWestlake Associates, Inc.More Info
206-505-9437

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Chad MartiniWestlake Associates, Inc.More Info
206-505-9437

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.