Secured-Parking Flex
For Sale
Contact for pricing
15615 Hwy 99, Lynnwood, WA 98087
Urban Commercial flex property combining warehouse and retail space with secured parking and immediate availability.
Property Size23,743 SF
Price / SF$138.99
Days on Market727
Property Features for 15615 Hwy 99
General Information
Standard status
Active
Size
23,743 SF
Property subtype
Industrial, Retail
Zoning
Urban Commercial
Lease Type
NNN
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Building Details
Stories
2
Listing Agency:
Rosen Harbottle Commercial Real Estate
Listed By:
Caleb Farnworth, CCIM · License #WA 94397
Source:
Crexi
Added: Sep 3, 2024
Changed: Aug 30
Last Checked: Aug 30 at 11:26AM
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 Rosen Harbottle Commercial Real Estate
Investment Insights
Based on property information with market context.
This Urban Commercial property combines warehouse and retail components within a fully sprinklered building. Up to 12,056 SF is available immediately, and the site includes secured parking. The flexible configuration supports commercial users seeking space that can accommodate both storage-oriented and customer-facing functions.
Located at 15615 Hwy 99 in Lynnwood, the property provides access to Highway 99, SR 525, 1-405, and I-5. The location connects the building with several regional transportation routes while retaining a warehouse-and-retail format suited to varied commercial operations. The property is offered for sale or lease.
Located at 15615 Hwy 99 in Lynnwood, the property provides access to Highway 99, SR 525, 1-405, and I-5. The location connects the building with several regional transportation routes while retaining a warehouse-and-retail format suited to varied commercial operations. The property is offered for sale or lease.
Key Highlights
- Up to 12,056 SF available immediately
- Warehouse and retail components in one property
- Fully sprinklered 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
$300,195
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
9.10%
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%
$6,003,900
$6.0M
Cap Rate 7%
$4,288,500
$4.3M
Cap Rate 9%
$3,335,500
$3.3M
Market Conditions
NOI Build-Up for 23,743 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
$378.9K $15.96/SF
− Vacancy
−$25.8K −$1.09/SF
EGI
$353.2K $14.87/SF
− OpEx
−$53.0K −$2.23/SF
NOI
$300.2K $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%
$6,003,900
Cap Rate 7%
$4,288,500
Cap Rate 9%
$3,335,500
Alternative Uses
Best Use
Retail
$4.78M
$4.18M – $5.58M
NOI $334,583 @ 7.0% cap · market cap 10.14%
Second Best
Warehouse
$4.29M
$3.75M – $5.00M
NOI $300,195 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$6.62M
$5.79M – $7.73M
NOI $463,506 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98087, WA
40,711
Population
16,625
Households
2.4
Avg Household Size
35
Median Age
39%
College-Educated
91%
High-School Grad
5.7 sq mi
ZIP Area
7,142
Density / Sq Mi
$106,541
Median Household Income
$56,592
Median Earnings
$2,010
Median Rent
$633,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Chef Tonys Catering — 3223 164th St SW R, Lynnwood, WA 98087
Frequently Asked Questions
What type of property is this?
Flex space - Urban Commercial flex property combining warehouse and retail space with secured parking and immediate availability.
Where is this flex space located?
The property is located at 15615 Hwy 99 Lynnwood, WA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Up to 12,056 SF available immediately; Warehouse and retail components in one property; Fully sprinklered building
