Flex Space with
For Sale
$650,000
113 6th Street, Lynden, WA 98264
Commercially zoned space offers a mezzanine, break room, and potential office or entry area.
Property Size3,420 SF
Price / SF$190.06
Days on Market351
Property Features for 113 6th Street
General Information
Standard status
Active
Size
3,420 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Mezzanine
1,170 SF
Taxes and HOA fees
Annual Taxes
$1,367
Amenities
break room
Building Details
Year Built
1984
Listing Agency:
Muljat Group
(360) 733-3030
Listed By:
Troy C. Muljat · License #2199
(360) 733-3030
Source:
Multifamilyspecialist
Added: Aug 27, 2025
Changed: Aug 11
Last Checked: Aug 12 at 12:17PM
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 Muljat Group
Investment Insights
Based on property information with market context.
Built in 1984, this flex property provides approximately 3,420 square feet of industrial space along with a 1,170-square-foot mezzanine. The layout also includes a break room or an area that could serve as an office and entry point.
The property occupies the corner of 6th Street and Grover in Lynden, one block from Front Street. Access to the parcel from Grover Street will need to be obtained.
The property occupies the corner of 6th Street and Grover in Lynden, one block from Front Street. Access to the parcel from Grover Street will need to be obtained.
Key Highlights
- Approximately 3,420 SF of industrial space
- 1,170 SF mezzanine
- Break room or potential office/entry area
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
$25,892
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
3.98%
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%
$517,840
$517.8K
Cap Rate 7%
$369,886
$369.9K
Cap Rate 9%
$287,689
$287.7K
Market Conditions
NOI Build-Up for 3,420 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
$40.6K $11.88/SF
− Vacancy
−$796 −$0.23/SF
EGI
$39.8K $11.65/SF
− OpEx
−$13.9K −$4.08/SF
NOI
$25.9K $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%
$517,840
Cap Rate 7%
$369,886
Cap Rate 9%
$287,689
Alternative Uses
Best Use
Flex RnD
$369.9K
$323.7K – $431.5K
NOI $25,892 @ 7.0% cap · market cap 3.98%
Second Best
Warehouse
$366.4K
$320.6K – $427.5K
NOI $25,650 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$806.8K
$706.0K – $941.3K
NOI $56,476 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned space offers a mezzanine, break room, and potential office or entry area.
Where is this flex space located?
The property is located at 113 6th Street Lynden, WA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Approximately 3,420 SF of industrial space; 1,170 SF mezzanine; Break room or potential office/entry area
