Listing Agency: RE/MAX Premier Group d***@remax.net Show Phone

Listed By: Dean Pollock · License #121150 Show Phone

Source: Exprealty

Added: May 2 Changed: Aug 10 Last Checked: Aug 11 at 10:54AM

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Investment Insights

Based on property information with market context.

A versatile automotive and flex setup sits on a fully fenced 1/3-acre lot. The 1,680 sq ft shop is the centerpiece and includes a loft, wood stove, and a built-in bar, supporting a hands-on workspace for projects or hosting. A car lift is already in place, making the configuration well-suited for mechanics and hands-on automotive work.

Outside, the grounds include a dedicated garden area and an additional 10ft x 20ft gambrel roof outbuilding. The outbuilding has its own loft, plus an office and laundry room, providing space to separate work needs from daily use. A covered deck extends the outdoor living area, and the property also includes a newer, fully covered 38-foot bumper-pull trailer with pop-outs and upgrades.

Location adds a recreational element. The property is directly across the street from Silver Lake and includes deeded access. That access supports year-round activities such as fishing and outdoor recreation. The property is also minutes to I-5 and a short drive to Mt. St. Helens, balancing practical commuting access with nearby regional getaways.

Key Highlights

• Fully fenced 1/3‑acre lot with a 1,680 sq ft shop featuring a loft, wood stove, and built‑in bar
• Shop includes a car lift, making it set up for vehicle work and other serious projects
• Additional 10 ft x 20 ft gambrel roof outbuilding with a loft, office, and laundry room

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

$23,674

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

6.31%

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%

$473,480 $473.5K

Cap Rate 7%

$338,200 $338.2K

Cap Rate 9%

$263,044 $263.0K

Market Conditions

NOI Build-Up for 1,680 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

$36.3K $21.60/SF

− Vacancy

−$2.5K −$1.47/SF

EGI

$33.8K $20.13/SF

− OpEx

−$10.1K −$6.04/SF

NOI

$23.7K $14.09/SF

Area

Snohomish County, WA

Vacancy

6.80%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

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%

$473,480

Cap Rate 7%

$338,200

Cap Rate 9%

$263,044

Alternative Uses

Best Use

Retail

$338.2K

$295.9K – $394.6K (±1% cap)

NOI $23,674 @ 7.0% cap · market cap 6.31%

Second Best

Flex RnD

$270.6K

$236.8K – $315.7K (±1% cap)

NOI $18,944 @ 7.0% cap · market cap 5.05%

Theoretical Best

Office A

$468.5K

$410.0K – $546.6K (±1% cap)

NOI $32,797 @ 7.0% cap · market cap 8.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Auto shops

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Building Supply Hair Salon HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Service bays

Yes

Fenced yard

Yes

Water rights

Location Intelligence

Trade Area within ½ mile

311

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Daniel's Auto Body — Everett, WA 98204, United States
• A&D New & Used Tireshop — 13014 Hwy 99, Everett, WA 98204
• Lynnwood Auto Electric — 13224 hwy 99, everett, wa 98204
• Pacific Ship Repair & Fab — 13228 4th Ave W a, Everett, WA 98204
• Mary's Towing, Inc. — 13303 Hwy 99, Everett, WA 98204

Frequently Asked Questions

What type of property is this?

Auto shop - Fully fenced property with a 1,680 sq ft shop, car lift, outbuilding, and outdoor recreation space.

Where is this auto shop located?

The property is located at 116 Mason Rd Silver Lake, WA.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: Fully fenced 1/3‑acre lot with a 1,680 sq ft shop featuring a loft, wood stove, and built‑in bar; Shop includes a car lift, making it set up for vehicle work and other serious projects; Additional 10 ft x 20 ft gambrel roof outbuilding with a loft, office, and laundry room