Building Details

Year Built 1959

Listing Agency: THE PREVIEW GROUP

Listed By: MORGAN PARK Show Phone

Source: Corcoran

Added: Apr 24, 2025 Changed: Oct 3 Last Checked: Oct 16 at 9:15AM

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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 THE PREVIEW GROUP

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Investment Insights

Based on property information with market context.

This commercial property features a building with a total area of 6575 square feet, situated on a 33,976.8 square foot lot. The property has been updated with a new water tank, furnace, carpet and tile flooring, toilets, interior and exterior paint, a larger electrical panel, light fixtures, and faucets. The parking lots have been redone, and the landscaping has been completely renovated.

Key Highlights

• Completely renovated with numerous new updates including water tank, furnace, carpet, tile floors, toilets, interior and exterior paint, electrical panel, light fixtures, and faucets.
• Substantial building size: 6,575 SF.
• Large lot size: 33,976.8 SF.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$92,654

Cap Rate

3.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,853,080 $1.9M

Cap Rate 7%

$1,323,629 $1.3M

Cap Rate 9%

$1,029,489 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,575 SF

Gross rent

$142.0K $21.60/SF

− Vacancy

−$9.7K −$1.47/SF

EGI

$132.4K $20.13/SF

− OpEx

−$39.7K −$6.04/SF

NOI

$92.7K $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 Rate 5%

$1,853,080

Cap Rate 7%

$1,323,629

Cap Rate 9%

$1,029,489

Alternative Uses

Best Use

Retail

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,654 @ 7.0% cap · market cap 3.09%

Second Best

Industrial

$912.3K

$798.3K – $1.06M (±1% cap)

NOI $63,860 @ 7.0% cap · market cap 2.13%

Theoretical Best

Office A

$1.83M

$1.60M – $2.14M (±1% cap)

NOI $128,356 @ 7.0% cap · market cap 4.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Parking lots & garages

Suggested Use

Top Pick Auto Repair Shop Building Supply Auto Parts Store Garden Center Storage Facility Pharmacy

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

Location Intelligence

Trade Area within ½ mile

548

Businesses Nearby

71k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 42% Shops & Services 38% Groceries 21%

McDonald's Dining

27,142 visits/mo 0.4 miles

Grocery Outlet Bargain Market Groceries

14,655 visits/mo 0.4 miles

Dollar Tree Shops & Services

14,079 visits/mo 0.4 miles

Bank of America Shops & Services

8,366 visits/mo 0.5 miles

Tesla Motors Shops & Services

4,097 visits/mo 0.4 miles

Demographics for 98037, WA

29,584

Population

12,032

Households

2.5

Avg Household Size

39

Median Age

37%

College-Educated

88%

High-School Grad

5.8 sq mi

ZIP Area

5,101

Density / Sq Mi

$104,357

Median Household Income

$57,281

Median Earnings

$1,864

Median Rent

$683,600

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Parking lot & garage - Commercial property in Lynnwood with recent updates and ample space.

Where is this parking lot & garage located?

The property is located at 4305 178th Lynnwood, WA.

What is the asking price?

The asking price for this property is $3,000,000.

What are key features of this property?

This property features: Completely renovated with numerous new updates including water tank, furnace, carpet, tile floors, toilets, interior and exterior paint, electrical panel, light fixtures, and faucets.; Substantial building size: 6,575 SF.; Large lot size: 33,976.8 SF.