4203 218th Avenue E

The subject property is 1.25 acres and is situated across the street from Lake Tapps in Unincorporated Pierce County. The property is located on the easterly side of 218th Ave. E, and is situated approximately 426' south of 40th St. E. The subject property is primarily rectangular in shape and level. The Subject Property has zero wetlands/critical areas. Property access has already been improved and is a recorded ingress/egress easement from 218th Ave. E. to the northwest corner of Subject Property. Pursuant to the surveyor's site plan, the property is 54,693 square feet, or 1.25 acres. The site's current allowed use is for 'Utility Purposes,' and its current use is a Cellular Communications Site. There is a '100' Radius No-Cut Vegetative Recorded Easement' that surrounds the Cell Tower, which makes the property not suitable for further development. Seller/Lessor receives two (2) separate automatic monthly rent deposits from SBA Communications & T-Mobile; the total amount of both monthly rent deposits is $1,112.44. Seller/Lessor paid $277 for real estate taxes in 2025. The Yearly Net Operating Income ("NOI") is $13,072, and the Current Cap Rate is 6.08%. The current list price is $50,000 below the July 14, 2024, Fair Market Value MAI Appraisal of $265,000. The MAI Appraisal was ordered for estate planning purposes. The July, 2024 MAI Appraisal is available to brokers in supplements and, upon request, electronically available to interested private parties.