Commercial Property Near
11608 Airport Rd Everett, WA 98204
For Sale
$665,000
Pending
Commercial property with long-term tenant near Boeing and Highway 99.
Property Size1,828 SF
Days on Market758
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.
(425) 280-6542
Listed By:
DAVID HILBERT
Source:
Corcoran
Added: Jul 3, 2024
Changed: Jul 6
Last Checked: Jul 23 at 8:01AM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.5k | $21.60 |
| − Vacancy | −$1.8k | −$0.97 |
| EGI | $37.7k | $20.63 |
| − OpEx | −$11.3k | −$6.19 |
| NOI | $26.4k | $14.44 |
1,828 SF · lease $21.60/SF/yr · vacancy 4.50% · expense 30.00%
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
Property Profile
Location Intelligence
Current Use
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
