Flex Office and Warehouse
For Sale
Contact for pricing
113 6th St, Lynden, WA 98264
Corner flex property includes partitioned office space and an approximately 2,000 SF warehouse with a grade door.
Property Size7,880 SF
Price / SF$171.32
Days on Market723
Property Features for 113 6th St
General Information
Standard status
Active
Size
7,880 SF
Property subtype
OFFICE
Additional Details
Drive-In Doors
1
Amenities
conference room
reception
Listing Agency:
The Muljat Group Inc.
(360) 733-3030
Listed By:
Troy Muljat, CCIM · License #2199
(360) 820-2000
Source:
Moodyscre
Added: Sep 24, 2024
Changed: Sep 13
Last Checked: Sep 15 at 11:13AM
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 The Muljat Group Inc.
Investment Insights
Based on property information with market context.
This corner office/industrial flex property combines partitioned office space with warehouse functionality. The main office area includes a reception area, conference room, and cubicles, supported by storefront-style windows.
The warehouse component provides approximately 2,000 SF of space with a grade door and lots of power, suited for a wide range of light industrial and storage needs. The property is located on 6th Street and Grover in Lynden, about one block from Front Street. This listing applies to parcels 4003202023060000 and 4003201973060000.
The warehouse component provides approximately 2,000 SF of space with a grade door and lots of power, suited for a wide range of light industrial and storage needs. The property is located on 6th Street and Grover in Lynden, about one block from Front Street. This listing applies to parcels 4003202023060000 and 4003201973060000.
Key Highlights
- Unique office/industrial corner property at 6th Street and Grover in Lynden, one block from Front Street
- Main office area includes partitioned offices, a conference room, cubicles, and a reception area
- Office includes storefront windows
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
$59,657
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%
$1,193,140
$1.2M
Cap Rate 7%
$852,243
$852.2K
Cap Rate 9%
$662,856
$662.9K
Market Conditions
NOI Build-Up for 7,880 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
$93.6K $11.88/SF
− Vacancy
−$1.8K −$0.23/SF
EGI
$91.8K $11.65/SF
− OpEx
−$32.1K −$4.08/SF
NOI
$59.7K $7.57/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$11.88 /SF/Yr
Expense Ratio
35.00%
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%
$1,193,140
Cap Rate 7%
$852,243
Cap Rate 9%
$662,856
Alternative Uses
Best Use
Flex RnD
$852.2K
$745.7K – $994.3K
NOI $59,657 @ 7.0% cap · market cap 4.42%
Second Best
Warehouse
$844.3K
$738.8K – $985.0K
NOI $59,100 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,127 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98264, WA
23,170
Population
8,395
Households
2.8
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
57.2 sq mi
ZIP Area
405
Density / Sq Mi
$95,225
Median Household Income
$47,046
Median Earnings
$1,611
Median Rent
$538,100
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 - Corner flex property includes partitioned office space and an approximately 2,000 SF warehouse with a grade door.
Where is this flex space located?
The property is located at 113 6th St Lynden, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Unique office/industrial corner property at 6th Street and Grover in Lynden, one block from Front Street; Main office area includes partitioned offices, a conference room, cubicles, and a reception area; Office includes storefront windows
