Des Moines Office Building For
For Sale
$2,300,000
22608 Marine View Dr S, Des Moines, WA 98198
5,925 SF office building in Des Moines, Washington.
Property Size5,924 SF
Price / SF$388.19
Days on Market179
Property Features for 22608 Marine View Dr S
General Information
Standard status
Active
Size
5,924 SF
Class
A
Property subtype
Office
Building Details
Building Size
5,924 SF
Year Built
1950
Buildings
1
Listing Agency:
Kidder Mathews - Tukwila
Listed By:
Brian Clapp · License #51736
(206) 248-7316
Source:
Kidder
Added: Mar 8
Changed: Aug 8
Last Checked: Mar 26 at 9:48AM
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 Kidder Mathews - Tukwila
Investment Insights
Based on property information with market context.
This commercial real estate offering features a 5,925 square foot office building located in Des Moines, Washington.
Key Highlights
- 5,925 SF office building
- Located in Des Moines, Washington
- Office building
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
$124,940
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
5.43%
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%
$2,498,800
$2.5M
Cap Rate 7%
$1,784,857
$1.8M
Cap Rate 9%
$1,388,222
$1.4M
Market Conditions
NOI Build-Up for 5,925 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
$213.3K $36.00/SF
− Vacancy
−$46.7K −$7.88/SF
EGI
$166.6K $28.12/SF
− OpEx
−$41.6K −$7.03/SF
NOI
$124.9K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$2,498,800
Cap Rate 7%
$1,784,857
Cap Rate 9%
$1,388,222
Alternative Uses
Best Use
Office B
$1.78M
$1.56M – $2.08M
NOI $124,940 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,118 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 98198, WA
38,727
Population
15,267
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
7.7 sq mi
ZIP Area
5,029
Density / Sq Mi
$83,938
Median Household Income
$48,776
Median Earnings
$1,770
Median Rent
$527,100
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 - 5,925 SF office building in Des Moines, Washington.
Where is this office building located?
The property is located at 22608 Marine View Dr S Des Moines, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 5,925 SF office building; Located in Des Moines, Washington; Office building
