Commercial Property Near
For Sale
$665,000
Pending
11608 Airport Rd, Everett, WA 98204
Commercial property with long-term tenant near Boeing and Highway 99.
Property Size1,828 SF
Days on Market848
Property Features for 11608 Airport Rd
General Information
Standard status
Pending
Size
1,828 SF
Property subtype
Commercial
Site & Location
Neighborhood
Holly
Building Details
Year Built
1978
Listing Agency:
REAL ESTATE 2000 CORP.
Listed By:
DAVID HILBERT
(425) 280-6542
Source:
Corcoran
Added: Jul 3, 2024
Changed: Oct 25
Last Checked: Oct 28 at 8:03AM
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 REAL ESTATE 2000 CORP.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property is located on Airport Road, just off Highway 99, and near Boeing and the new Snohomish County National Airport. Constructed in 1978, the 1,828-square-foot building sits on a 9,583-square-foot parcel and includes over 12 parking spots. The property is under a long-term triple net lease to Airport Massage, generating a monthly rent of $5,200 for the next five years. The annual gross and net income is $62,400, yielding a 9.4% CAP Rate.
Key Highlights
- High 9.4% CAP Rate
- Stable income stream of $62,400 annually
- Long‑term triple net lease in place with Airport Massage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,396
Cap Rate
3.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$527,920
$527.9K
Cap Rate 7%
$377,086
$377.1K
Cap Rate 9%
$293,289
$293.3K
Market Conditions
NOI Build-Up for 1,828 SF
Gross rent
$39.5K $21.60/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$37.7K $20.63/SF
− OpEx
−$11.3K −$6.19/SF
NOI
$26.4K $14.44/SF
Area
Everett, WA
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$527,920
Cap Rate 7%
$377,086
Cap Rate 9%
$293,289
Alternative Uses
Best Use
Retail
$377.1K
$330.0K – $439.9K
NOI $26,396 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$605.1K
$529.5K – $705.9K
NOI $42,356 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cash America Pawn
Shops & Services
2,344 visits/mo
0.3 miles
Avis Budget Car Rental
Shops & Services
2,019 visits/mo
0.4 miles
Demographics for 98204, WA
44,810
Population
18,914
Households
2.4
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
7.2 sq mi
ZIP Area
6,224
Density / Sq Mi
$66,592
Median Household Income
$44,349
Median Earnings
$1,732
Median Rent
$386,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Investment property - Commercial property with long-term tenant near Boeing and Highway 99.
Where is this investment property located?
The property is located at 11608 Airport Rd Everett, WA.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: High 9.4% CAP Rate; Stable income stream of $62,400 annually; Long‑term triple net lease in place with Airport Massage
