Silver Pond Medical Center
For Sale
$2,200,000
Pending
10101 19th Ave SE, Everett, WA 98208
Fully leased medical office building in South Everett's Silver Lake.
Property Size5,815 SF
Days on Market356
Property Features for 10101 19th Ave SE
General Information
Standard status
Pending
Size
5,815 SF
Property subtype
Commercial
Building Details
Year Built
2004
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(425) 417-5078
Listed By:
STUART WILLIAMS
Source:
Corcoran
Added: Aug 21, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:46AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
Silver Pond Medical Center is a fully leased medical office investment located in the Silver Lake submarket of South Everett. Constructed in 2004, the property features a 5,815 square foot medical office building on a 34,000 square foot parcel. The building offers visibility and access along 19th Ave SE. It benefits from low deferred maintenance and flexible floor plates suitable for medical or wellness use. There are 45 surface parking stalls, providing a parking ratio of 7.7 spaces per 1,000 square feet.
Key Highlights
- Fully leased medical office investment property.
- Excellent visibility and access along 19th Ave SE.
- Low deferred maintenance due to recent construction (2004).
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
$97,291
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
4.42%
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%
$1,945,820
$1.9M
Cap Rate 7%
$1,389,871
$1.4M
Cap Rate 9%
$1,081,011
$1.1M
Market Conditions
NOI Build-Up for 5,815 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
$153.5K $26.40/SF
− Vacancy
−$23.8K −$4.09/SF
EGI
$129.7K $22.31/SF
− OpEx
−$32.4K −$5.58/SF
NOI
$97.3K $16.73/SF
Area
Everett, WA
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,945,820
Cap Rate 7%
$1,389,871
Cap Rate 9%
$1,081,011
Alternative Uses
Best Use
Office B
$1.39M
$1.22M – $1.62M
NOI $97,291 @ 7.0% cap · market cap 4.42%
Second Best
Healthcare Medical
$1.26M
$1.10M – $1.47M
NOI $88,111 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$1.92M
$1.68M – $2.25M
NOI $134,737 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98208, WA
60,019
Population
22,534
Households
2.7
Avg Household Size
37
Median Age
34%
College-Educated
91%
High-School Grad
15.2 sq mi
ZIP Area
3,949
Density / Sq Mi
$102,546
Median Household Income
$53,626
Median Earnings
$1,859
Median Rent
$641,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased medical office building in South Everett's Silver Lake.
Where is this medical office space located?
The property is located at 10101 19th Ave SE Everett, WA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Fully leased medical office investment property.; Excellent visibility and access along 19th Ave SE.; Low deferred maintenance due to recent construction (2004).
