Multi-Tenant Neighborhood Strip
For Sale
$2,350,000
6812 196th St SW, Lynnwood, WA 98036
Retail property with direct exposure along 196th Street SW and access to Interstate 5.
Property Size8,400 SF
Days on Market16
Property Features for 6812 196th St SW
General Information
Standard status
Active
Size
8,400 SF
Property subtype
Retail
Zoning
CDM
Additional Details
Highway Access
Yes
Building Details
Building Size
8,400 SF
Year Built
1962
Stories
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Danforth
Listed By:
Gretchen Hamm · License #84913
(206) 972-1651
Source:
Cbcworldwide
Added: Sep 16
Changed: Sep 26
Last Checked: Oct 1 at 8:02AM
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 Coldwell Banker Commercial Danforth
Investment Insights
Based on property information with market context.
Built in 1962, this multi-tenant neighborhood retail property is classified for commercial development under CDM zoning. The strip mall format supports multiple storefront occupants within a single retail asset, with direct exposure along 196th Street SW.
The property is located in Lynnwood, Washington, on an east-west arterial serving local and regional traffic across South Snohomish County. Interstate 5 is readily accessible, with surrounding retail, residential, and employment areas contributing to the commercial context.
The property is located in Lynnwood, Washington, on an east-west arterial serving local and regional traffic across South Snohomish County. Interstate 5 is readily accessible, with surrounding retail, residential, and employment areas contributing to the commercial context.
Key Highlights
- Multi‑tenant neighborhood retail property
- Built in 1962
- CDM zoning
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
$118,371
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
5.04%
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%
$2,367,420
$2.4M
Cap Rate 7%
$1,691,014
$1.7M
Cap Rate 9%
$1,315,233
$1.3M
Market Conditions
NOI Build-Up for 8,400 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
$181.4K $21.60/SF
− Vacancy
−$12.3K −$1.47/SF
EGI
$169.1K $20.13/SF
− OpEx
−$50.7K −$6.04/SF
NOI
$118.4K $14.09/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$21.60 /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%
$2,367,420
Cap Rate 7%
$1,691,014
Cap Rate 9%
$1,315,233
Alternative Uses
Best Use
Retail
$1.69M
$1.48M – $1.97M
NOI $118,371 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,983 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
136k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 51%
Dining 29%
Shops & Services 14%
Beauty & Spa 5%
Safeway
Groceries
44,504 visits/mo
0.5 miles
QFC
Groceries
25,625 visits/mo
0.4 miles
Starbucks
Dining
14,186 visits/mo
0.4 miles
7-Eleven
Shops & Services
7,192 visits/mo
0.0 miles
MOD Pizza
Dining
5,179 visits/mo
0.5 miles
Demographics for 98036, WA
42,248
Population
17,228
Households
2.5
Avg Household Size
39
Median Age
39%
College-Educated
92%
High-School Grad
9.6 sq mi
ZIP Area
4,401
Density / Sq Mi
$89,566
Median Household Income
$54,455
Median Earnings
$1,686
Median Rent
$693,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Retail property with direct exposure along 196th Street SW and access to Interstate 5.
Where is this strip mall located?
The property is located at 6812 196th St SW Lynnwood, WA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Multi‑tenant neighborhood retail property; Built in 1962; CDM zoning
