Multi-Use Flex
For Sale
$3,895,000
18824 Smokey Point Boulevard, Arlington, WA 98223
Multi-use flex building with three 16' roll-up doors, offices, sprinkler system, and a floating concrete second floor.
Property Size17,000 SF
Price / SF$229.12
Days on Market47
Property Features for 18824 Smokey Point Boulevard
General Information
Standard status
Active
Size
17,000 SF
Warehouse & Industrial
Clear Height
25 ft
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
2008
Stories
2
Listing Agency:
KW Everett
Listed By:
Kris Cantrell
(425) 212-2007
Source:
Lincolnpnwteam
Added: Jul 24
Changed: Sep 8
Last Checked: Aug 25 at 7:00AM
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 KW Everett
Investment Insights
Based on property information with market context.
For sale is a 17,000-square-foot multi-use flex warehouse designed with substantial warehouse and office components. The building includes 4 tax parcels, with approximately 14,000 square feet on the main level and an additional 3,000 square feet featuring a custom floating concrete second floor. Operational features include three 16' roll-up doors, a sprinkler system, and five heat pumps. The layout also provides five bathrooms, two main rooms with 25' ceilings, and numerous office spaces for day-to-day administrative support.
Located at 18824 Smokey Point Blvd in Arlington, WA, the property is described as being in the busy Smokey Point area off the 172nd street exit, with easy in-and-out access and tons of parking. Nearby employers and retail anchors mentioned in the remarks include Amazon, Costco, Target, and Lowes, along with Arlington Airport.
This is a versatile setup for users seeking both overhead warehouse space and dedicated office area within the same facility configuration.
Located at 18824 Smokey Point Blvd in Arlington, WA, the property is described as being in the busy Smokey Point area off the 172nd street exit, with easy in-and-out access and tons of parking. Nearby employers and retail anchors mentioned in the remarks include Amazon, Costco, Target, and Lowes, along with Arlington Airport.
This is a versatile setup for users seeking both overhead warehouse space and dedicated office area within the same facility configuration.
Key Highlights
- 17,000 sq ft multi‑use flex building in the busy Smokey Point area off the 172nd St exit
- Includes 4 tax parcels with 14,000 sq ft on the main level and a 3,000 sq ft custom floating concrete 2nd floor
- Three 16' roll‑up doors for flexible loading and access
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
$302,793
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
7.77%
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%
$6,055,860
$6.1M
Cap Rate 7%
$4,325,614
$4.3M
Cap Rate 9%
$3,364,367
$3.4M
Market Conditions
NOI Build-Up for 17,000 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
$465.1K $27.36/SF
− Vacancy
−$61.4K −$3.61/SF
EGI
$403.7K $23.75/SF
− OpEx
−$100.9K −$5.94/SF
NOI
$302.8K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /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%
$6,055,860
Cap Rate 7%
$4,325,614
Cap Rate 9%
$3,364,367
Alternative Uses
Best Use
Office B
$4.33M
$3.78M – $5.05M
NOI $302,793 @ 7.0% cap · market cap 7.77%
Second Best
Warehouse
$3.07M
$2.69M – $3.58M
NOI $214,940 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$4.74M
$4.15M – $5.53M
NOI $331,870 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25 ft
Clear height
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
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?
Flex space - Multi-use flex building with three 16' roll-up doors, offices, sprinkler system, and a floating concrete second floor.
Where is this flex space located?
The property is located at 18824 Smokey Point Boulevard Arlington, WA.
What is the asking price?
The asking price for this property is $3,895,000.
What are key features of this property?
This property features: 17,000 sq ft multi‑use flex building in the busy Smokey Point area off the 172nd St exit; Includes 4 tax parcels with 14,000 sq ft on the main level and a 3,000 sq ft custom floating concrete 2nd floor; Three 16' roll‑up doors for flexible loading and access
