Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    12521 Evergreen Dr Mukilteo, WA 98275

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1.35 SF/Yr ($639 /Mo)

    Flex space with warehouse and office components available for lease.

    Property size:
    5,685 SF
    Lot size:
    1.54 Acres

    Property Features for 12521 Evergreen Dr

    General Information

    Size
    5,685 SF
    Lot size
    1.54 Acres

    We can help!

    Listing Contact
    Talor Okada
    Source: Moodyscre

    Listing Agent: Talor Okada

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Mukilteo Flex Space Available

    This flex space, located in Mukilteo, Washington, offers a total of approximately 5,685 square feet. The available space, designated as Suite C, includes approximately 2,625 square feet of warehouse area and approximately 3,060 square feet of office space distributed across two floors. The office build-out features 5 private offices, 2 bullpen areas, an open reception area, a kitchenette, and 4 restrooms. The property is zoned for Light Industrial use within the City of Mukilteo. It benefits from 3-phase electrical service and provides easy access to I-405, SR 526, and I-5. Ample parking is available, and monument signage opportunities exist.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Industrial Coatings & Sealants Building Materials Supplier Centennial Glass Glass Shop Eagles Nest Foundation Social Services Organization

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mukilteo
    County
    Snohomish
    State
    Washington
    Longitude
    -122.28385
    Latitude
    47.884001

    Nearby Similar for Lease

    • Contact for pricing
      108,661 SF

      Mukilteo Business Park Flex Space

      Office and office/warehouse suites available in Mukilteo Business Park.
      8217-8229 44Th Ave W | Mukilteo, Mukilteo, WA 98275
      View Details
    • Contact for pricing

      Seattle Paine Field Hangar Facility

      43,458 SF aircraft hangar and office facility for lease.
      10727 Bernie Webber Dr, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      10,010 SF

      Mukilteo Speedway Retail Space

      High-Visibility Retail Opportunity in Mukilteo
      11811 Mukilteo Speedway, Mukilteo, WA 98275
      View Details
    • $700 /Mo
      282 SF

      Prime Office Space in Mukilteo

      Office space with Puget Sound views in historic Mukilteo.
      649 5Th St, Mukilteo, WA 98275
      View Details
    • $7,000 /Mo
      3,057 SF

      Turn-Key Office Building Near Boeing

      Stand-alone office building with modern design near Paine Field.
      8425 44Th Ave W, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      10,123 SF

      Mukilteo Warehouse with Flexible Layout

      Adaptable warehouse space available for lease in Mukilteo, Washington.
      8225 44Th Ave W, Mukilteo, WA 98275
      View Details
    • $28 SF/Yr
      1,260 SF

      Retail Space Near Boeing

      Prime retail location near Boeing and Paine Field.
      10100 Mukilteo Speedway, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      3,500 SF

      Mukilteo Speedway Flex Space Available

      Flex space available in Mukilteo, Washington.
      11524 Mukilteo Speedway, Mukilteo, WA 98275
      View Details
    • $1.00 SF/Yr
      3,536 SF

      Industrial Space Near Boeing Field

      Industrial space with office and warehouse components for lease.
      7929 44Th Ave W, Mukilteo, WA 98275
      View Details
    • $22 SF/Yr
      3,553 SF

      Office Space in Mukilteo, WA

      Office space featuring an open layout and private offices.
      12121 Harbour Reach Dr, Mukilteo, WA 98275
      View Details
    • $12 SF/Yr
      9,010 SF

      Mukilteo Retail Space with Locker Rooms

      Large retail space with existing locker rooms available for lease.
      11811 Mukilteo Speedway, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      33,552 SF

      New Construction Warehouse Space Available

      New construction warehouse space with dock and grade loading.
      4301 78Th St SW, Mukilteo, WA 98275
      View Details

    FAQs

    What type of property is this?
    Flex space - Flex space with warehouse and office components available for lease.
    Where is this flex space located?
    The property is located at 12521 Evergreen Dr Mukilteo, WA.
    What is the lease rate?
    The lease rate is $1.35 SF/Yr.
    What are key features of this property?
    This property features: - Easy access to I-405, SR 526, and I-5.; - +/- 5,685 SF Total: Includes +/- 2,625 SF Warehouse and +/- 3,060 SF Office space.; - Office build-out with **5 private offices, 2 bullpen areas, open reception, kitchenette and 4 restrooms.**
    (425) 492-5145
    Request Owner's contact information
    12521 Evergreen Dr Mukilteo, WA 98275
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    12521 Evergreen Dr
    Mukilteo, WA 98275
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12521 Evergreen Dr Mukilteo, WA 98275
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Talor Okada
    (425) 492-5145
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.