Mixed-Use Property Near Shopping
For Sale
Contact for pricing
112 Gilkey Rd, Burlington, WA 98233
1,579 SF mixed-use space on 10,018 SF land.
Property Size1,579 SF
Lot Size0.23 Acres
Price / SF$316.66
Days on Market863
Property Features for 112 Gilkey Rd
General Information
Standard status
Active
Size
1,579 SF
Lot size
0.23 Acres
Property subtype
Office, Mixed Use, Land
Zoning
MUC-2
Building Details
Year Built
1955
Buildings
1
Stories
1
Units
1
Listing Agency:
Learned Commercial, Inc
(360) 770-1388
Listed By:
Clay Learned · License #WA
Source:
Crexi
Added: Apr 11, 2024
Changed: Aug 20
Last Checked: Aug 14 at 7:21AM
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 Learned Commercial, Inc
Investment Insights
Based on property information with market context.
This property features approximately 1,579 square feet of office or urban residential space situated on a lot of approximately 10,018 square feet. The property is zoned MUC-2: Mixed Use Commercial. It is located across from the Fred Meyer Shopping Center. The property is currently occupied.
Key Highlights
- Mixed use commercial (muc‑2) zoning offers flexibility
- 1,579 +/- sf office/urban residential space
- Large lot size: 10,018 +/- sf land
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
$14,788
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
2.96%
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%
$295,760
$295.8K
Cap Rate 7%
$211,257
$211.3K
Cap Rate 9%
$164,311
$164.3K
Market Conditions
NOI Build-Up for 1,579 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
$25.6K $16.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$23.7K $14.99/SF
− OpEx
−$8.9K −$5.62/SF
NOI
$14.8K $9.37/SF
Area
Skagit County, WA
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$295,760
Cap Rate 7%
$211,257
Cap Rate 9%
$164,311
Alternative Uses
Best Use
Mixed Use
$211.3K
$184.9K – $246.5K
NOI $14,788 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$642.2K
$561.9K – $749.2K
NOI $44,954 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 98233, WA
16,034
Population
7,295
Households
2.2
Avg Household Size
38
Median Age
23%
College-Educated
90%
High-School Grad
33.2 sq mi
ZIP Area
483
Density / Sq Mi
$83,560
Median Household Income
$43,697
Median Earnings
$1,567
Median Rent
$466,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 1,579 SF mixed-use space on 10,018 SF land.
Where is this mixed-use property located?
The property is located at 112 Gilkey Rd Burlington, WA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Mixed use commercial (muc‑2) zoning offers flexibility; 1,579 +/- sf office/urban residential space; Large lot size: 10,018 +/- sf land
