Office, Warehouse, and Mezzanine Flex
For Sale
Contact for pricing
113 6th St, Lynden, WA 98264
Flex building with partitioned office area, storefront windows, warehouse space with grade door, mezzanine, and off-street parking.
Property Size12,470 SF
Price / SF$151.96
Days on Market352
Property Features for 113 6th St
General Information
Standard status
Active
Size
12,470 SF
Property subtype
OFFICE
Additional Details
Road Access
Yes
Drive-In Doors
1
Listing Agency:
The Muljat Group Inc.
(360) 820-2000
Listed By:
Troy Muljat, CCIM · License #2199
(360) 820-2000
Source:
Moodyscre
Added: Aug 26, 2025
Changed: Aug 8
Last Checked: Aug 8 at 11:00AM
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 flex space at 113 6th St in Lynden, WA is built for mixed office and warehouse use, with a blend of office, warehouse, and mezzanine space plus off-street parking. The main office area includes partitioned offices, a conference room, cubicles, and a reception area, with storefront windows for street-facing presence.
The property sits on a corner of 6th Street and Grover, only a block from Front Street. Warehouse space includes work areas, storage, a grade door, and an additional mezzanine. The warehouse is described as having lots of power to support a range of operational needs.
This listing is for all three legal parcels: 4003202023060000, 4003201973060000, and 4003201933030000, totaling 12,470 SF.
The property sits on a corner of 6th Street and Grover, only a block from Front Street. Warehouse space includes work areas, storage, a grade door, and an additional mezzanine. The warehouse is described as having lots of power to support a range of operational needs.
This listing is for all three legal parcels: 4003202023060000, 4003201973060000, and 4003201933030000, totaling 12,470 SF.
Key Highlights
- 12,470 SF flex property with office, warehouse, and mezzanine areas
- Corner location on 6th Street and Grover in Lynden, WA
- Only a block from Front Street
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
$94,406
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
4.98%
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%
$1,888,120
$1.9M
Cap Rate 7%
$1,348,657
$1.3M
Cap Rate 9%
$1,048,956
$1.0M
Market Conditions
NOI Build-Up for 12,470 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
$148.1K $11.88/SF
− Vacancy
−$2.9K −$0.23/SF
EGI
$145.2K $11.65/SF
− OpEx
−$50.8K −$4.08/SF
NOI
$94.4K $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%
$1,888,120
Cap Rate 7%
$1,348,657
Cap Rate 9%
$1,048,956
Alternative Uses
Best Use
Office B
$2.49M
$2.18M – $2.91M
NOI $174,491 @ 7.0% cap · market cap 9.21%
Second Best
Flex RnD
$1.35M
$1.18M – $1.57M
NOI $94,406 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$2.94M
$2.57M – $3.43M
NOI $205,924 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
580
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex building with partitioned office area, storefront windows, warehouse space with grade door, mezzanine, and off-street parking.
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 $1,895,000.
What are key features of this property?
This property features: 12,470 SF flex property with office, warehouse, and mezzanine areas; Corner location on 6th Street and Grover in Lynden, WA; Only a block from Front Street
