Multi-Building Warehouse with
For Sale
$26,000,000
4351 Chennault Beach Rd, Mukilteo, WA 98275
Five-building industrial campus with substantial storage and an outdoor yard for warehousing and distribution uses.
Property Size125,282 SF
Price / SF$207.53
Days on Market20
Property Features for 4351 Chennault Beach Rd
General Information
Standard status
Active
Size
125,282 SF
Property subtype
Industrial
Additional Details
Outdoor Storage
Yes
Building Details
Buildings
5
Listing Agency:
Bellevue
(425) 453-3127
Listed By:
Talor Okada
(425) 453-3127
Source:
Colliers
Added: Jul 29
Changed: Aug 11
Last Checked: Aug 17 at 3:41AM
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 Bellevue
Investment Insights
Based on property information with market context.
This multi-building warehouse campus consists of five buildings with a total offering size of 125,282 SF building area. The property also includes approximately ±3,520 SF of storage and approximately ±70,000 SF of yard area, supporting warehousing, staging, and distribution operations.
The five buildings are located at 4351 and 4440 Chennault Beach Road, and 4403, 4433, 4463, and 4493 Russell Road in Mukilteo, WA 98275, within the South Everett/Mukilteo Industrial market.
With large-scale industrial vacancy primarily comprised of big box vacancies over 50,000 square feet in the broader market, this type of setup can be useful for operators seeking space that supports distribution needs and flexible outdoor operations.
The five buildings are located at 4351 and 4440 Chennault Beach Road, and 4403, 4433, 4463, and 4493 Russell Road in Mukilteo, WA 98275, within the South Everett/Mukilteo Industrial market.
With large-scale industrial vacancy primarily comprised of big box vacancies over 50,000 square feet in the broader market, this type of setup can be useful for operators seeking space that supports distribution needs and flexible outdoor operations.
Key Highlights
- 125,282 SF total building area across five buildings
- ±70,000 SF yard area for staging and outdoor operations
- ±3,520 SF storage included in the offering
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
$1,584,004
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
6.09%
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%
$31,680,080
$31.7M
Cap Rate 7%
$22,628,629
$22.6M
Cap Rate 9%
$17,600,044
$17.6M
Market Conditions
NOI Build-Up for 125,282 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
$2.00M $15.96/SF
− Vacancy
−$136.0K −$1.09/SF
EGI
$1.86M $14.87/SF
− OpEx
−$279.5K −$2.23/SF
NOI
$1.58M $12.64/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
15.00%
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%
$31,680,080
Cap Rate 7%
$22,628,629
Cap Rate 9%
$17,600,044
Alternative Uses
Best Use
Warehouse
$22.63M
$19.80M – $26.40M
NOI $1,584,004 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$34.94M
$30.57M – $40.76M
NOI $2,445,729 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98275, WA
21,642
Population
8,492
Households
2.5
Avg Household Size
44
Median Age
55%
College-Educated
98%
High-School Grad
7.3 sq mi
ZIP Area
2,965
Density / Sq Mi
$122,612
Median Household Income
$69,619
Median Earnings
$2,127
Median Rent
$830,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Safe Harbour Storage — 12118 Cyrus Way, Mukilteo, WA 98275
- Pack Rat Mini Storage — 12320 Mukilteo Speedway, Mukilteo, WA 98275
- Fishermen's Finest MUK — 4493 Russell Rd Ste. H, Mukilteo, WA 98275
- Money Saver Mini Storage — 12025 Mukilteo Speedway, Mukilteo, WA 98275
Frequently Asked Questions
What type of property is this?
Warehouse - Five-building industrial campus with substantial storage and an outdoor yard for warehousing and distribution uses.
Where is this warehouse located?
The property is located at 4351 Chennault Beach Rd Mukilteo, WA.
What is the asking price?
The asking price for this property is $26,000,000.
What are key features of this property?
This property features: 125,282 SF total building area across five buildings; ±70,000 SF yard area for staging and outdoor operations; ±3,520 SF storage included in the offering
