Snohomish Redevelopment
For Sale
$1,950,000
119 - 125 Avenue B, Snohomish, WA 98290
Redevelopment opportunity in the heart of historic Snohomish.
Property Size8,144 SF
Lot Size0.64 Acres
Price / SF$239.44
Days on Market163
Property Features for 119 - 125 Avenue B
General Information
Standard status
Active
Size
8,144 SF
Lot size
0.64 Acres
Property subtype
Retail
Listing Agency:
NAI Puget Sound Properties
(425) 652-1722
Listed By:
Blake Stedman · License #WA2495
(425) 652-1722
Source:
Naiglobal
Added: Mar 6
Changed: Jul 10
Last Checked: Aug 16 at 5:06AM
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 property, situated in the core of Snohomish's historical downtown, presents a redevelopment opportunity within a walkable commercial district known for its character. The location provides easy access to SR-9. The property has a total lot size of 0.64 acres, which is equivalent to 27,520 square feet. The existing building provides 8,144 square feet of space. Zoned Historical Business (HB), the site accommodates various pedestrian and auto-oriented commercial uses, such as retail, boutique offices, restaurants, specialty services, and entertainment. The zoning benefits from reduced parking requirements, supporting higher-density infill development. On-site parking is ample, and water, sewer, electricity, and gas utilities are available.
Key Highlights
- Prime redevelopment opportunity in the heart of Snohomish's historic downtown.
- Zoned Historical Business (HB) allowing for diverse commercial uses like retail, office, restaurants, and entertainment.
- Reduced parking requirements support higher‑density infill development.
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
$114,764
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
5.89%
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%
$2,295,280
$2.3M
Cap Rate 7%
$1,639,486
$1.6M
Cap Rate 9%
$1,275,156
$1.3M
Market Conditions
NOI Build-Up for 8,144 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
$175.9K $21.60/SF
− Vacancy
−$12.0K −$1.47/SF
EGI
$163.9K $20.13/SF
− OpEx
−$49.2K −$6.04/SF
NOI
$114.8K $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%
$2,295,280
Cap Rate 7%
$1,639,486
Cap Rate 9%
$1,275,156
Alternative Uses
Best Use
Retail
$1.64M
$1.43M – $1.91M
NOI $114,764 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,985 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,434
Businesses Nearby
Explore this area
Business Placement
Demographics for 98290, WA
37,535
Population
15,348
Households
2.4
Avg Household Size
42
Median Age
38%
College-Educated
95%
High-School Grad
117.5 sq mi
ZIP Area
319
Density / Sq Mi
$129,656
Median Household Income
$68,573
Median Earnings
$1,591
Median Rent
$717,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Redevelopment opportunity in the heart of historic Snohomish.
Where is this retail space located?
The property is located at 119 - 125 Avenue B Snohomish, WA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Prime redevelopment opportunity in the heart of Snohomish's historic downtown.; Zoned Historical Business (HB) allowing for diverse commercial uses like retail, office, restaurants, and entertainment.; Reduced parking requirements support higher‑density infill development.
