Historic Building in
For Sale
$5,800,000
Pending
1024 1st St, Snohomish, WA 98290
Historic mixed-use building with retail and office suites for sale.
Property Size19,502 SF
Days on Market1210
Property Features for 1024 1st St
General Information
Standard status
Pending
Size
19,502 SF
Property subtype
Commercial
Building Details
Year Built
1893
Listing Agency:
WORKMAN REAL ESTATE SERVICES
(425) 754-4518
Listed By:
LAURA HUNTINGTON
Source:
Corcoran
Added: Apr 18, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:33AM
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 WORKMAN REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
The Historic Marks Building presents an opportunity for either an owner-user or an investment. The building is currently 100% occupied. Architectural features include original brick, stone, and glass elements on the exterior, which are also integrated into the interior retail and office suites. The upper floors offer views of the Snohomish River Valley, Cascade Mountains, and the Historic Business District. The building incorporates original doors, windows, and high ceilings, complemented by original wood floors. Modern updates include plumbing, electrical, and HVAC systems, along with high-speed internet access and an elevator that services the main and upper floors. The property has a size of 19502 square feet and is located in Snohomish, WA.
Key Highlights
- 100% Occupied: Ideal for investors seeking immediate income.
- Historic Building: Original brick, stone, glass, doors, windows, and wood floors provide unique character.
- Updated Systems: Modern plumbing, electrical, HVAC, and high‑speed internet ensure comfort and efficiency.
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
$347,357
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
5.99%
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%
$6,947,140
$6.9M
Cap Rate 7%
$4,962,243
$5.0M
Cap Rate 9%
$3,859,522
$3.9M
Market Conditions
NOI Build-Up for 19,502 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
$533.6K $27.36/SF
− Vacancy
−$70.4K −$3.61/SF
EGI
$463.1K $23.75/SF
− OpEx
−$115.8K −$5.94/SF
NOI
$347.4K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /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%
$6,947,140
Cap Rate 7%
$4,962,243
Cap Rate 9%
$3,859,522
Alternative Uses
Best Use
Office B
$4.96M
$4.34M – $5.79M
NOI $347,357 @ 7.0% cap · market cap 5.99%
Second Best
Retail
$3.93M
$3.44M – $4.58M
NOI $274,819 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$5.44M
$4.76M – $6.35M
NOI $380,714 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 98290, WA
37,535
Population
15,348
Households
2.4
Avg Household Size
42
Median Age
38%
College-Educated
95%
High-School Grad
117.5 sq mi
ZIP Area
319
Density / Sq Mi
$129,656
Median Household Income
$68,573
Median Earnings
$1,591
Median Rent
$717,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic mixed-use building with retail and office suites for sale.
Where is this office building located?
The property is located at 1024 1st St Snohomish, WA.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: 100% Occupied: Ideal for investors seeking immediate income.; Historic Building: Original brick, stone, glass, doors, windows, and wood floors provide unique character.; Updated Systems: Modern plumbing, electrical, HVAC, and high‑speed internet ensure comfort and efficiency.
