Flex Space with
For Sale
$2,250,000
1343 Cole St, Enumclaw, WA 98022
A street-facing showroom, private offices, and a substantial heated shop area occupy this two-parcel property.
Property Size8,000 SF
Lot Size0.50 Acres
Price / SF$281.25
Days on Market72
Property Features for 1343 Cole St
General Information
Standard status
Active
Size
8,000 SF
Lot size
0.50 Acres
Property subtype
Commercial
Site & Location
Road Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Span
Yes
Warehouse Space
5,200 SF
Drive-In Doors
5
Voltage
440 V
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Amenities
showroom
private offices
ADA-accessible bathrooms
heated clear-span shop space
ground-level bay doors
440V three-phase power
fully fenced
gated access
forced-air natural gas furnaces with AC
standing seam metal roof
additional storage/office/breakroom space upstairs
fire suppression vent hood
Building Details
Year Built
1919
Year Renovated
1990
Buildings
1
Stories
2
Building Size
8,000 SF
Listing Agency:
KW Mountains to Sound Realty
Listed By:
Todd V. Huizenga · License #82949
(360) 825-6505
Source:
Pugetsoundpropertyguide
Added: Jul 25
Changed: Oct 3
Last Checked: Oct 4 at 10:21AM
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 Mountains to Sound Realty
Investment Insights
Based on property information with market context.
This flex property combines a customer-facing showroom and private offices with a large heated, clear-span shop. The showroom includes two ADA-accessible bathrooms; the shop has five ground-level bay doors, 440V three-phase power, and another bathroom. Upstairs, more than 800 SF is configured for storage, office, or breakroom use. The building was remodeled from the studs out in 1990 and has two forced-air natural gas furnaces, AC units, and a standing seam metal roof. A fire-suppression vent hood remains in place.
The two parcels total 1/2 acre in downtown Enumclaw, with gated access from both Cole St and Railroad St. The building contains 8,000+- SF, including a 2,500+ SF showroom facing Cole St and 5,200+- SF of shop space.
The two parcels total 1/2 acre in downtown Enumclaw, with gated access from both Cole St and Railroad St. The building contains 8,000+- SF, including a 2,500+ SF showroom facing Cole St and 5,200+- SF of shop space.
Key Highlights
- Two parcels totaling 1/2 acre in downtown Enumclaw
- 8,000+- SF building with 2,500+ SF showroom and 5,200+- SF shop
- Five 12' x 12' ground‑level bay doors and 440V three‑phase power
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
$143,109
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
6.36%
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%
$2,862,180
$2.9M
Cap Rate 7%
$2,044,414
$2.0M
Cap Rate 9%
$1,590,100
$1.6M
Market Conditions
NOI Build-Up for 8,000 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
$211.2K $26.40/SF
− Vacancy
−$6.8K −$0.84/SF
EGI
$204.4K $25.56/SF
− OpEx
−$61.3K −$7.67/SF
NOI
$143.1K $17.89/SF
Area
King County, WA
Vacancy
3.20%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,862,180
Cap Rate 7%
$2,044,414
Cap Rate 9%
$1,590,100
Alternative Uses
Best Use
Retail
$2.04M
$1.79M – $2.39M
NOI $143,109 @ 7.0% cap · market cap 6.36%
Second Best
Flex RnD
$1.64M
$1.44M – $1.91M
NOI $114,853 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$3.20M
$2.80M – $3.74M
NOI $224,294 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98022, WA
22,874
Population
9,828
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
726.5 sq mi
ZIP Area
31
Density / Sq Mi
$116,613
Median Household Income
$59,360
Median Earnings
$1,626
Median Rent
$577,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - A street-facing showroom, private offices, and a substantial heated shop area occupy this two-parcel property.
Where is this flex space located?
The property is located at 1343 Cole St Enumclaw, WA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Two parcels totaling 1/2 acre in downtown Enumclaw; 8,000+- SF building with 2,500+ SF showroom and 5,200+- SF shop; Five 12' x 12' ground‑level bay doors and 440V three‑phase power
