Flex Space with Warehouse and
New
For Sale
$2,600,000
1002 Central Avenue North, Kent, WA 98031
Vacant owner-user property with warehouse, office/showroom space, and a secured paved yard.
Property Size6,838 SF
Lot Size0.76 Acres
Price / SF$380.23
Days on Market2
Property Features for 1002 Central Avenue North
General Information
Standard status
Active
Size
6,838 SF
Lot size
0.76 Acres
Property subtype
Industrial
Zoning
GC
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
22 ft
Warehouse Space
3,254 SF
Office Build-Out
2,384 SF
Drive-In Doors
1
Additional Details
Asking Price
$2,600,000
Amenities
Large Paved Gated and Fenced Yard
One Grade-Level Loading Door
Building Details
Building Size
6,838 SF
Listing Agency:
NAI Puget Sound Properties
Listed By:
Sam Johnson · License #138068
(425) 586-5620
Source:
Nai-psp
Added: Sep 16
Last Checked: Sep 16 at 1:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This vacant flex property combines 6,838 SF of building area with a 33,190 SF lot. The layout includes a 3,254 SF warehouse, 2,384 SF of office/showroom space, and a large paved yard enclosed by fencing and a gate. The warehouse has an approximately 22-foot ceiling and one grade-level loading door.
Located on Central Avenue in Kent, the property offers direct frontage along the avenue. GC zoning supports uses including contractor shops, automotive operations, retail, and office use. The combination of warehouse, showroom, office, and secured yard areas provides a functional setup for an owner-user operation.
Located on Central Avenue in Kent, the property offers direct frontage along the avenue. GC zoning supports uses including contractor shops, automotive operations, retail, and office use. The combination of warehouse, showroom, office, and secured yard areas provides a functional setup for an owner-user operation.
Key Highlights
- 6,838 SF building on a 33,190 SF lot
- 3,254 SF warehouse with an approximately 22‑foot ceiling
- 2,384 SF of office/showroom space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$100,384
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,007,680
$2.0M
Cap Rate 7%
$1,434,057
$1.4M
Cap Rate 9%
$1,115,378
$1.1M
Market Conditions
NOI Build-Up for 6,838 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$150.2K $21.96/SF
− Vacancy
−$6.8K −$0.99/SF
EGI
$143.4K $20.97/SF
− OpEx
−$43.0K −$6.29/SF
NOI
$100.4K $14.68/SF
Area
Kent, WA
Vacancy
4.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,007,680
Cap Rate 7%
$1,434,057
Cap Rate 9%
$1,115,378
Alternative Uses
Best Use
Retail
$1.43M
$1.25M – $1.67M
NOI $100,384 @ 7.0% cap · market cap 3.86%
Second Best
Flex RnD
$1.30M
$1.13M – $1.51M
NOI $90,773 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$2.56M
$2.24M – $2.99M
NOI $179,377 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
22 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98031, WA
43,055
Population
14,342
Households
3
Avg Household Size
37
Median Age
30%
College-Educated
89%
High-School Grad
7.7 sq mi
ZIP Area
5,592
Density / Sq Mi
$101,458
Median Household Income
$50,000
Median Earnings
$1,956
Median Rent
$552,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant owner-user property with warehouse, office/showroom space, and a secured paved yard.
Where is this flex space located?
The property is located at 1002 Central Avenue North Kent, WA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 6,838 SF building on a 33,190 SF lot; 3,254 SF warehouse with an approximately 22‑foot ceiling; 2,384 SF of office/showroom space
