Auto Body Shop For
For Sale
$725,000
Pending
2006 Broadway Ave, Everett, WA 98201
2500 SF auto body shop on 6098 SF lot.
Property Size2,500 SF
Days on Market697
Property Features for 2006 Broadway Ave
General Information
Standard status
Pending
Size
2,500 SF
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
DOWNTOWN DENNIS REAL ESTATE SERVICE, LLC
Listed By:
DENNIS WAGNER
(425) 257-2000
Source:
Corcoran
Added: Oct 17, 2024
Changed: Jul 10
Last Checked: Sep 13 at 7:47AM
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 DOWNTOWN DENNIS REAL ESTATE SERVICE, LLC
Investment Insights
Based on property information with market context.
This is a 2500 square foot auto body shop situated on a 6098 square foot lot. The property is currently vacant, with the previous tenant's lease now expired. The property is available for sale and suitable for automotive or retail use.
Key Highlights
- Vacant auto body shop ready for immediate occupancy
- Substantial 6098 Sf lot size
- 2500 Sf retail space
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
$36,099
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
4.98%
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%
$721,980
$722.0K
Cap Rate 7%
$515,700
$515.7K
Cap Rate 9%
$401,100
$401.1K
Market Conditions
NOI Build-Up for 2,500 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
$54.0K $21.60/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$51.6K $20.63/SF
− OpEx
−$15.5K −$6.19/SF
NOI
$36.1K $14.44/SF
Area
Everett, WA
Vacancy
4.50%
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%
$721,980
Cap Rate 7%
$515,700
Cap Rate 9%
$401,100
Alternative Uses
Best Use
Retail
$515.7K
$451.2K – $601.7K
NOI $36,099 @ 7.0% cap · market cap 4.98%
Second Best
Industrial
$329.2K
$288.0K – $384.0K
NOI $23,041 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$827.5K
$724.1K – $965.4K
NOI $57,926 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,569
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98201, WA
30,421
Population
15,196
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
91%
High-School Grad
18.8 sq mi
ZIP Area
1,618
Density / Sq Mi
$73,822
Median Household Income
$48,830
Median Earnings
$1,443
Median Rent
$476,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Auto shop - 2500 SF auto body shop on 6098 SF lot.
Where is this auto shop located?
The property is located at 2006 Broadway Ave Everett, WA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Vacant auto body shop ready for immediate occupancy; Substantial 6098 Sf lot size; 2500 Sf retail space
