Snohomish Retail, Duplex, Parking
For Sale
$1,999,995
1200 2nd Street, Snohomish, WA 98290
Retail building, duplex, and parking lot in historic Snohomish.
Property Size6,862 SF
Days on Market369
Property Features for 1200 2nd Street
General Information
Standard status
Active
Size
6,862 SF
Class
C
Total Parking Spaces
14
Property subtype
Multi-Family
Zoning
HBD
Building Details
Building Size
6,862 SF
Year Built
1910
Listing Agency:
RE/MAX
Listed By:
Robert Serviss III · License #22007072
(425) 971-4060
Source:
Remaxcommercial
Added: Sep 1, 2025
Changed: Sep 4
Last Checked: Aug 4 at 2:49AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This offering presents a unique opportunity in historic downtown Snohomish, encompassing three parcels. The properties include a 5,760 square foot retail building, a 1,102 square foot duplex, and a dedicated 14-space parking lot. The retail building is configured into three suites. The large front suite is currently vacant, presenting an opportunity for an owner/user or value-add investment. The third suite recently renewed a 5-year lease with 5% annual escalators. The duplex is fully leased at strong rents, with both units currently operating on a month-to-month basis. The capitalization rate reflects the vacancy.
Key Highlights
- Prime location in historic downtown Snohomish.
- Substantial 5,760 sq ft retail building with value‑add potential.
- Includes a fully leased duplex generating income.
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
$114,388
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
5.72%
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%
$2,287,760
$2.3M
Cap Rate 7%
$1,634,114
$1.6M
Cap Rate 9%
$1,270,978
$1.3M
Market Conditions
NOI Build-Up for 6,862 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
$172.9K $25.20/SF
− Vacancy
−$9.5K −$1.39/SF
EGI
$163.4K $23.81/SF
− OpEx
−$49.0K −$7.14/SF
NOI
$114.4K $16.67/SF
Area
Snohomish County, WA
Vacancy
5.50%
Lease Rate
$25.20 /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%
$2,287,760
Cap Rate 7%
$1,634,114
Cap Rate 9%
$1,270,978
Alternative Uses
Best Use
Multifamily LT 5
$1.63M
$1.43M – $1.91M
NOI $114,388 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$1.47M
$1.28M – $1.71M
NOI $102,637 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,959 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,121
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 Multifamily 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?
Retail space - Retail building, duplex, and parking lot in historic Snohomish.
Where is this retail space located?
The property is located at 1200 2nd Street Snohomish, WA.
What is the asking price?
The asking price for this property is $1,999,995.
What are key features of this property?
This property features: Prime location in historic downtown Snohomish.; Substantial 5,760 sq ft retail building with value‑add potential.; Includes a fully leased duplex generating income.
