Two Connected Buildings for Mixed
For Sale
Contact for pricing
123 N Lewis St, Monroe, WA 98272
Two connected downtown buildings with prominent street frontage and flexible space for retail, office, or mixed use.
Property Size8,242 SF
Lot Size0.30 Acres
Price / SF$133.46
Days on Market391
Property Features for 123 N Lewis St
General Information
Standard status
Active
Size
8,242 SF
Lot size
0.30 Acres
Property subtype
RETAIL
Amenities
Oversized display windows
wide open spaces
Building Details
Buildings
2
Listing Agency:
Gilpin Realty, Inc.
(425) 238-3851
Listed By:
Gabe Gilpin
(425) 238-3851
Source:
Moodyscre
Added: Jul 23, 2025
Changed: Aug 14
Last Checked: Aug 16 at 8:01AM
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 Gilpin Realty, Inc.
Investment Insights
Based on property information with market context.
Mixed-use property featuring two connected buildings at 123 N Lewis St in downtown Monroe. The buildings total 8,242 square feet on a 13,068 square foot lot, with a main building of 6,750 square feet and an attached building of 1,492 square feet.
The property offers prominent street frontage and is described as having excellent visibility and high traffic, with oversized display windows designed to support customer-facing uses. Exterior has been freshly painted, and the interior is described as offering wide open spaces that can be configured for retail, office, or mixed-use applications.
Ownership includes the option to generate rental revenue through multiple space configurations or to occupy the buildings directly. Long-term lease is potentially available.
The property offers prominent street frontage and is described as having excellent visibility and high traffic, with oversized display windows designed to support customer-facing uses. Exterior has been freshly painted, and the interior is described as offering wide open spaces that can be configured for retail, office, or mixed-use applications.
Ownership includes the option to generate rental revenue through multiple space configurations or to occupy the buildings directly. Long-term lease is potentially available.
Key Highlights
- Two connected buildings total 8,242 SF
- Main building 6,750 SF plus attached building 1,492 SF
- Prominent street frontage with excellent visibility and high traffic
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
$92,908
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
8.45%
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%
$1,858,160
$1.9M
Cap Rate 7%
$1,327,257
$1.3M
Cap Rate 9%
$1,032,311
$1.0M
Market Conditions
NOI Build-Up for 8,242 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
$165.2K $20.04/SF
− Vacancy
−$16.5K −$2.00/SF
EGI
$148.7K $18.04/SF
− OpEx
−$55.7K −$6.76/SF
NOI
$92.9K $11.27/SF
Area
Snohomish County, WA
Vacancy
10.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
37.50%
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%
$1,858,160
Cap Rate 7%
$1,327,257
Cap Rate 9%
$1,032,311
Alternative Uses
Best Use
Office B
$2.10M
$1.84M – $2.45M
NOI $146,801 @ 7.0% cap · market cap 13.35%
Second Best
Retail
$1.66M
$1.45M – $1.94M
NOI $116,145 @ 7.0% cap · market cap 10.56%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,899 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,340
Businesses Nearby
Explore this area
Business Placement
Demographics for 98272, WA
31,127
Population
10,313
Households
3
Avg Household Size
38
Median Age
29%
College-Educated
92%
High-School Grad
106.3 sq mi
ZIP Area
293
Density / Sq Mi
$115,894
Median Household Income
$51,879
Median Earnings
$1,902
Median Rent
$638,300
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?
Mixed-use property - Two connected downtown buildings with prominent street frontage and flexible space for retail, office, or mixed use.
Where is this mixed-use property located?
The property is located at 123 N Lewis St Monroe, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two connected buildings total 8,242 SF; Main building 6,750 SF plus attached building 1,492 SF; Prominent street frontage with excellent visibility and high traffic
