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 Market803
Property Features for 11608 Airport Rd
General Information
Standard status
Pending
Size
1,828 SF
Property subtype
Commercial
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: Jul 6
Last Checked: Sep 13 at 7:27AM
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.
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 = 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
$26,396
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
3.97%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
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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
