Smokey Point Medical/Professional Office
For Sale
$9,125,000
16410 Smokey Point Blvd, Arlington, WA 98223
Prominent, well-maintained medical/professional office building with high occupancy and visibility.
Property Size25,065 SF
Price / SF$364.05
Days on Market590
Property Features for 16410 Smokey Point Blvd
General Information
Standard status
Active
Size
25,065 SF
Building Details
Year Built
1992
Listing Agency:
NAI PUGET SOUND PROPERTIES
Listed By:
BLAKE STEDMAN · License #WA2495
(425) 652-1722
Source:
Corcoran
Added: Jan 25, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 NAI PUGET SOUND PROPERTIES
Investment Insights
Based on property information with market context.
This prominent medical and professional office building features 95% occupancy. The property was renovated in 2017 and is well maintained by ownership. It offers high visibility on Smokey Point Blvd, which sees over 100,000 daily traffic counts, and provides easy access to I-5 and SR-531. On-site parking is generous, with 118 shared parking spaces available for patients and staff. The building is positioned in a growing community with a diverse and expanding population. Its location offers close proximity to retail centers, restaurants, and other essential services, adding convenience for tenants. The property size is 25,065 square feet.
Key Highlights
- High visibility location on Smokey Point Blvd with 100,000+ daily traffic counts and easy access to I‑5 and SR‑531.
- 95% occupancy rate indicating strong tenant demand.
- Generous on‑site parking with 118 shared spaces for patients and staff.
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
$446,442
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
4.89%
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%
$8,928,840
$8.9M
Cap Rate 7%
$6,377,743
$6.4M
Cap Rate 9%
$4,960,467
$5.0M
Market Conditions
NOI Build-Up for 25,065 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
$685.8K $27.36/SF
− Vacancy
−$90.5K −$3.61/SF
EGI
$595.3K $23.75/SF
− OpEx
−$148.8K −$5.94/SF
NOI
$446.4K $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%
$8,928,840
Cap Rate 7%
$6,377,743
Cap Rate 9%
$4,960,467
Alternative Uses
Best Use
Office B
$6.38M
$5.58M – $7.44M
NOI $446,442 @ 7.0% cap · market cap 4.89%
Second Best
Healthcare Medical
$5.24M
$4.59M – $6.12M
NOI $366,985 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$6.99M
$6.12M – $8.16M
NOI $489,314 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
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.
Similar Off Market Nearby
- Petco Vaccination Clinic — 16508 Twin Lakes Ave, Marysville, WA 98271
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- Care 4 Pets Animal Hospital-Noemie Haas DVM — 3323 169th Pl NE, Arlington, WA 98223
- Karee McBroom - Advanced Care Animal Clinic — 16820 Smokey Point Blvd # 2, Arlington, WA 98223
Frequently Asked Questions
What type of property is this?
Medical Office Space - Prominent, well-maintained medical/professional office building with high occupancy and visibility.
Where is this medical office space located?
The property is located at 16410 Smokey Point Blvd Arlington, WA.
What is the asking price?
The asking price for this property is $9,125,000.
What are key features of this property?
This property features: High visibility location on Smokey Point Blvd with 100,000+ daily traffic counts and easy access to I‑5 and SR‑531.; 95% occupancy rate indicating strong tenant demand.; Generous on‑site parking with 118 shared spaces for patients and staff.
