Lynnwood Commercial Property For
For Sale
$3,000,000
Pending
4305 178th, Lynnwood, WA 98037
Commercial property in Lynnwood with recent updates and ample space.
Property Size6,575 SF
Days on Market496
Property Features for 4305 178th
General Information
Standard status
Pending
Size
6,575 SF
Property subtype
Commercial
Building Details
Year Built
1959
Listing Agency:
THE PREVIEW GROUP
(425) 774-2200
Listed By:
MORGAN PARK
Source:
Corcoran
Added: Apr 24, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:35AM
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
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 = 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
$92,654
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
3.09%
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%
$1,853,080
$1.9M
Cap Rate 7%
$1,323,629
$1.3M
Cap Rate 9%
$1,029,489
$1.0M
Market Conditions
NOI Build-Up for 6,575 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
$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 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%
$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
NOI $92,654 @ 7.0% cap · market cap 3.09%
Second Best
Industrial
$912.3K
$798.3K – $1.06M
NOI $63,860 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,356 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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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.
