Duvall Office/Retail Condo For
For Sale
$1,490,000
109-14524 Main St Ne, Duvall, WA 98019
Mid-Town commercial condo with long-term tenant and high visibility.
Property Size5,700 SF
Price / SF$261.40
Days on Market148
Property Features for 109-14524 Main St Ne
General Information
Standard status
Active
Size
5,700 SF
Taxes and HOA fees
Annual Taxes
$11,579
Listing Agency:
Kelly Right RE of Seattle LLC
(206) 525-5235
Listed By:
Wen Xu
(206) 525-5235
Source:
Exprealty
Added: Apr 1
Changed: Aug 20
Last Checked: Aug 26 at 1:21PM
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 Kelly Right RE of Seattle LLC
Investment Insights
Based on property information with market context.
This ground floor commercial condo is located in historic Duvall. The end unit offers over 5,700 sq. ft. with two separate entrances: a main entrance with double doors and a side entrance with a single door. Customer parking is available directly in front of the unit, which also offers ADA access. Situated on Main Street in a high-traffic area, the property benefits from excellent visibility and is surrounded by established businesses, including Subway, Edward Jones Investment, Duvall Eye Care, and Evergreen Medical. The property is currently leased through 2028 with a long-term, stable tenant, providing immediate income potential. The tenant may be open to renewal, offering continued investment stability. Upon lease expiration, a future owner may choose to occupy or reposition the space. This versatile opportunity is located in a prime location.
Key Highlights
- Prime location on Main Street in Historic Duvall with high visibility and traffic.
- Currently leased through 2028 with a long‑term, stable tenant, providing immediate income.
- Over 5,700 sq. ft. of flexible office/retail space with two separate entrances.
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
$120,196
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
8.07%
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%
$2,403,920
$2.4M
Cap Rate 7%
$1,717,086
$1.7M
Cap Rate 9%
$1,335,511
$1.3M
Market Conditions
NOI Build-Up for 5,700 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
$205.2K $36.00/SF
− Vacancy
−$44.9K −$7.88/SF
EGI
$160.3K $28.12/SF
− OpEx
−$40.1K −$7.03/SF
NOI
$120.2K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$2,403,920
Cap Rate 7%
$1,717,086
Cap Rate 9%
$1,335,511
Alternative Uses
Best Use
Office B
$1.72M
$1.50M – $2.00M
NOI $120,196 @ 7.0% cap · market cap 8.07%
Second Best
Retail
$1.46M
$1.27M – $1.70M
NOI $101,965 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,810 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
Business Placement
Demographics for 98019, WA
12,284
Population
4,090
Households
3
Avg Household Size
39
Median Age
53%
College-Educated
97%
High-School Grad
35.7 sq mi
ZIP Area
344
Density / Sq Mi
$156,003
Median Household Income
$84,728
Median Earnings
$2,652
Median Rent
$746,500
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?
Retail space - Mid-Town commercial condo with long-term tenant and high visibility.
Where is this retail space located?
The property is located at 109-14524 Main St Ne Duvall, WA.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Prime location on Main Street in Historic Duvall with high visibility and traffic.; Currently leased through 2028 with a long‑term, stable tenant, providing immediate income.; Over 5,700 sq. ft. of flexible office/retail space with two separate entrances.
