Mixed-Use Investment in Historic
For Sale
$1,100,000
Pending
148 Woods St, Monroe, WA 98272
Fully rented commercial space with residential units near historic district.
Property Size5,659 SF
Days on Market542
Property Features for 148 Woods St
General Information
Standard status
Pending
Size
5,659 SF
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
REAL BROKER LLC
Listed By:
REBECCA LOCKE
Source:
Corcoran
Added: Mar 11, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:32AM
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 BROKER LLC
Investment Insights
Based on property information with market context.
This fully rented mixed-use property is located one block from Monroe’s historic district. The property features a professional office space and three spacious townhouse-style residential units. There is an opportunity to maximize income potential with an optional two-car garage rental. The property benefits from professional landscaping, a newer roof, gutters, and multiple upgrades. The property offers excellent accessibility to major freeways. The building has a total size of 5659 square feet. The property has a strong tenant history and is always rented.
Key Highlights
- Fully rented commercial space with professional office and three residential units.
- Prime location one block from Monroe’s historic district.
- Excellent accessibility to major freeways.
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
$100,794
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
9.16%
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%
$2,015,880
$2.0M
Cap Rate 7%
$1,439,914
$1.4M
Cap Rate 9%
$1,119,933
$1.1M
Market Conditions
NOI Build-Up for 5,659 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
$154.8K $27.36/SF
− Vacancy
−$20.4K −$3.61/SF
EGI
$134.4K $23.75/SF
− OpEx
−$33.6K −$5.94/SF
NOI
$100.8K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
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%
$2,015,880
Cap Rate 7%
$1,439,914
Cap Rate 9%
$1,119,933
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,794 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,643 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,474 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,245
Businesses Nearby
Explore this area
Business Placement
Demographics for 98272, WA
31,127
Population
10,313
Households
3
Avg Household Size
38
Median Age
29%
College-Educated
92%
High-School Grad
106.3 sq mi
ZIP Area
293
Density / Sq Mi
$115,894
Median Household Income
$51,879
Median Earnings
$1,902
Median Rent
$638,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully rented commercial space with residential units near historic district.
Where is this mixed-use property located?
The property is located at 148 Woods St Monroe, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully rented commercial space with professional office and three residential units.; Prime location one block from Monroe’s historic district.; Excellent accessibility to major freeways.
