Two-Story Multi-Tenant Office
116 Andover Park E Tukwila, WA 98188
116 Andover Park E, Tukwila, WA, 98188
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For Sale
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Two-story, 100% leased office building on a 1.23-acre two-parcel assemblage in Tukwila’s Southcenter submarket.
Property Size23,542 SF
Lot Size1.23 Acres
Price / SF$297.34
Days on Market96
Property Features for 116 Andover Park E
General Information
- Standard status
- Active
- Size
- 23,542 SF
- Lot size
- 1.23 Acres
- Property subtype
- OFFICE
Listing agency
Newmark
(425) 362-1388
Listed by
Taylor Hoff, SIOR
(425) 362-1388
Source
Moodyscre
Added: Apr 17 Updated: Jul 21 at 3:15AM Checked: Jul 21 at 3:15AM
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 Newmark
Investment Insights
Based on property information with market context.
116 Andover Park E is a 23,542 SF, two-story multi-tenant office building on a 1.23-acre, two-parcel assemblage. The property is 100% leased, with space occupied by InnovAsian Cuisine, a privately held food manufacturer headquartered at the property, and FedEx Office, the retail arm of FedEx Corporation (NYSE: FDX).
The asset is located in Tukwila’s Southcenter submarket. The site is zoned TUC-TOD, which the seller notes provides meaningful long-term redevelopment optionality under one of the more flexible zoning designations in South King County.
The asset is located in Tukwila’s Southcenter submarket. The site is zoned TUC-TOD, which the seller notes provides meaningful long-term redevelopment optionality under one of the more flexible zoning designations in South King County.
Key Highlights
- 23,542 SF, two‑story multi‑tenant office building on a 1.23‑acre, two‑parcel assemblage
- 100% leased to InnovAsian Cuisine (food manufacturer headquartered on‑site) and FedEx Office
- Property located in Tukwila’s Southcenter submarket
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $847.5k | $36.00 |
| − Vacancy | −$185.6k | −$7.88 |
| EGI | $661.9k | $28.12 |
| − OpEx | −$165.5k | −$7.03 |
| NOI | $496.4k | $21.09 |
23,542 SF · lease $36.00/SF/yr · vacancy 21.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$7.09M
$6.21M – $8.27M
NOI $496,430 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.43M
$8.25M – $11.00M
NOI $660,042 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
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FAQs
What type of property is this?
Office building - Two-story, 100% leased office building on a 1.23-acre two-parcel assemblage in Tukwila’s Southcenter submarket.
Where is this office building located?
The property is located at 116 Andover Park E Tukwila, WA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 23,542 SF, two‑story multi‑tenant office building on a 1.23‑acre, two‑parcel assemblage; 100% leased to InnovAsian Cuisine (food manufacturer headquartered on‑site) and FedEx Office; Property located in Tukwila’s Southcenter submarket
