Multi-Use Office Building
For Sale
$579,999
708 E Penn St, Moses Lake, WA 98837
Office building with warehouse space in Moses Lake, Washington.
Property Size6,240 SF
Price / SF$297.44
Days on Market159
Property Features for 708 E Penn St
General Information
Standard status
Active
Size
6,240 SF
Class
B
Property subtype
Office
Building Details
Building Size
6,240 SF
Year Built
1954
Listing Agency:
SVN | Cornerstone
(509) 499-9229
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svn
Added: Mar 6
Changed: Aug 11
Last Checked: Aug 12 at 4:03AM
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 SVN | Cornerstone
Investment Insights
Based on property information with market context.
The property at 708 E Penn Street is a multi-use office building with warehouse space located in Moses Lake, Washington. The building features eight offices, a laboratory area, and a conference room. An open reception area and three restrooms are also present. The warehouse space is approximately 1,950 square feet and includes a 14-foot overhead door with a 12-foot clear height to the beam. The property is located off Wheeler Avenue and provides ample on-site parking, making it accessible.
Key Highlights
- Multi‑use office building with warehouse space.
- Well located off Wheeler Avenue with ample parking.
- Approximately 1,950 SF of warehouse 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
$20,885
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
3.60%
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%
$417,700
$417.7K
Cap Rate 7%
$298,357
$298.4K
Cap Rate 9%
$232,056
$232.1K
Market Conditions
NOI Build-Up for 1,950 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
$32.8K $16.80/SF
− Vacancy
−$4.9K −$2.52/SF
EGI
$27.8K $14.28/SF
− OpEx
−$7.0K −$3.57/SF
NOI
$20.9K $10.71/SF
Area
Grant County, WA
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$417,700
Cap Rate 7%
$298,357
Cap Rate 9%
$232,056
Alternative Uses
Best Use
Office B
$298.4K
$261.1K – $348.1K
NOI $20,885 @ 7.0% cap · market cap 3.60%
Second Best
Flex RnD
$265.0K
$231.8K – $309.1K
NOI $18,547 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$423.6K
$370.7K – $494.2K
NOI $29,652 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 98837, WA
46,262
Population
18,651
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
87%
High-School Grad
486.2 sq mi
ZIP Area
95
Density / Sq Mi
$70,732
Median Household Income
$44,214
Median Earnings
$1,128
Median Rent
$290,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with warehouse space in Moses Lake, Washington.
Where is this office building located?
The property is located at 708 E Penn St Moses Lake, WA.
What is the asking price?
The asking price for this property is $579,999.
What are key features of this property?
This property features: Multi‑use office building with warehouse space.; Well located off Wheeler Avenue with ample parking.; Approximately 1,950 SF of warehouse space.
