Freestanding Flex Warehouse
For Sale
Contact for pricing
1226 Andover Park E, Tukwila, WA 98188
Freestanding warehouse with 24’ clear height, five dock-high doors, and demisable office/showroom space.
Property Size26,674 SF
Lot Size1.02 Acres
Price / SF$267.11
Days on Market460
Property Features for 1226 Andover Park E
General Information
Standard status
Active
Size
26,674 SF
Total Parking Spaces
32
Lot size
1.02 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
24 ft
Dock-High Doors
5
Heavy Power
Yes
Sprinkler System
Yes
Building Details
Construction
concrete
Listing Agency:
The Andover Company, Inc.
(206) 244-0770
Listed By:
Shane Mahvi, SIOR
(206) 336-5338
Source:
Moodyscre
Added: Jun 11, 2025
Changed: Sep 11
Last Checked: Sep 13 at 5:21AM
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 The Andover Company, Inc.
Investment Insights
Based on property information with market context.
This freestanding flex warehouse totals 26,674 SF and includes 3,984 SF of office split into two areas (2,112 SF and 1,872 SF). The warehouse offers 24’ clear height, is sprinklered, and has five dock-high doors. The building can be demised to two spaces, and includes a white-boxed warehouse area.
The property sits on a 1.02 AC site with approximately 32 parking stalls, with potential for additional parking. Improvements noted in the offering include new motion-sensor warehouse LED lighting, a new HVAC unit, and updates to the north-end office/showroom area. A new building security system is also in place.
Additional items mentioned include cell tower income and solar power savings. Heavy power is available, though the buyer is to verify. Please arrange all site visits with the listing agents and do not disturb the current owner or user.
The property sits on a 1.02 AC site with approximately 32 parking stalls, with potential for additional parking. Improvements noted in the offering include new motion-sensor warehouse LED lighting, a new HVAC unit, and updates to the north-end office/showroom area. A new building security system is also in place.
Additional items mentioned include cell tower income and solar power savings. Heavy power is available, though the buyer is to verify. Please arrange all site visits with the listing agents and do not disturb the current owner or user.
Key Highlights
- 26,674 SF total freestanding warehouse available for sale with 3,984 SF office split into 2,112 SF and 1,872 SF spaces
- 24’ clear height warehouse with 5 dock‑high doors
- 1.02‑acre site with approx. 32 parking stalls (potential for additional parking)
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
$382,948
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
5.37%
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%
$7,658,960
$7.7M
Cap Rate 7%
$5,470,686
$5.5M
Cap Rate 9%
$4,254,978
$4.3M
Market Conditions
NOI Build-Up for 26,674 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
$734.6K $27.54/SF
− Vacancy
−$145.5K −$5.45/SF
EGI
$589.2K $22.09/SF
− OpEx
−$206.2K −$7.73/SF
NOI
$382.9K $14.36/SF
Area
King County, WA
Vacancy
19.80%
Lease Rate
$27.54 /SF/Yr
Expense Ratio
35.00%
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%
$7,658,960
Cap Rate 7%
$5,470,686
Cap Rate 9%
$4,254,978
Alternative Uses
Best Use
Flex RnD
$5.47M
$4.79M – $6.38M
NOI $382,948 @ 7.0% cap · market cap 5.37%
Second Best
Warehouse
$4.65M
$4.07M – $5.43M
NOI $325,755 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$10.68M
$9.35M – $12.46M
NOI $747,854 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24 ft
Clear height
5
Dock-high doors
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,028
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98188, WA
27,851
Population
12,025
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
3,438
Density / Sq Mi
$76,559
Median Household Income
$45,245
Median Earnings
$1,641
Median Rent
$452,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding warehouse with 24’ clear height, five dock-high doors, and demisable office/showroom space.
Where is this flex space located?
The property is located at 1226 Andover Park E Tukwila, WA.
What is the asking price?
The asking price for this property is $7,125,000.
What are key features of this property?
This property features: 26,674 SF total freestanding warehouse available for sale with 3,984 SF office split into 2,112 SF and 1,872 SF spaces; 24’ clear height warehouse with 5 dock‑high doors; 1.02‑acre site with approx. 32 parking stalls (potential for additional parking)
