Standalone Flex
For Sale
$1,495,000
724 Auburn Way N, Auburn, WA 98002
Renovated standalone space with gated access, on-site parking, and an adaptable first-floor work area.
Property Size3,828 SF
Price / SF$390.54
Days on Market26
Property Features for 724 Auburn Way N
General Information
Standard status
Active
Size
3,828 SF
Property subtype
Office
Listing Agency:
NAI Puget Sound Properties
Listed By:
Kyle Sterling · License #126435
(425) 586-5608
Source:
Nai-psp
Added: Aug 8
Changed: Aug 26
Last Checked: Sep 1 at 3:47PM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This standalone flex property provides approximately 3,828 SF within a 10,572 SF lot. Constructed in 2007 and extensively renovated in 2022, the building is in excellent condition and available for immediate occupancy. Its configuration combines professional office potential with a substantial first-floor open storage and work area, supporting office, medical, showroom, light-industrial, and other flex uses identified for the property.
The building is set back from Auburn Way in a quieter setting while remaining convenient to area amenities. Gated access and on-site parking add practical functionality for an owner-user operation, with the private standalone format offering control over the premises and access.
The building is set back from Auburn Way in a quieter setting while remaining convenient to area amenities. Gated access and on-site parking add practical functionality for an owner-user operation, with the private standalone format offering control over the premises and access.
Key Highlights
- ±3,828 SF standalone office/flex building
- ±10,572 SF lot
- Built in 2007; extensively renovated in 2022
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
$80,721
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
5.40%
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%
$1,614,420
$1.6M
Cap Rate 7%
$1,153,157
$1.2M
Cap Rate 9%
$896,900
$896.9K
Market Conditions
NOI Build-Up for 3,828 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
$137.8K $36.00/SF
− Vacancy
−$30.2K −$7.88/SF
EGI
$107.6K $28.12/SF
− OpEx
−$26.9K −$7.03/SF
NOI
$80.7K $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%
$1,614,420
Cap Rate 7%
$1,153,157
Cap Rate 9%
$896,900
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.35M
NOI $80,721 @ 7.0% cap · market cap 5.40%
Second Best
Flex RnD
$785.1K
$687.0K – $916.0K
NOI $54,957 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,325 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,195
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98002, WA
38,474
Population
15,279
Households
2.5
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
7.2 sq mi
ZIP Area
5,344
Density / Sq Mi
$77,714
Median Household Income
$44,616
Median Earnings
$1,613
Median Rent
$397,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Chomp! Foods — 110 2nd St SW, Auburn, WA 98001
- Crown Catering — 419 E Main St, Auburn, WA 98002
- 1 OAK Sandwiches — 1314 Auburn Way N, Auburn, WA 98001
Frequently Asked Questions
What type of property is this?
Flex space - Renovated standalone space with gated access, on-site parking, and an adaptable first-floor work area.
Where is this flex space located?
The property is located at 724 Auburn Way N Auburn, WA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: ±3,828 SF standalone office/flex building; ±10,572 SF lot; Built in 2007; extensively renovated in 2022
