Building Details

Year Built 1919

Listing Agency: Windermere Real Estate JS

Listed By: Debbie Barger Smith Show Phone

Source: Hanshagmeier

Added: Feb 9 Changed: Oct 25 Last Checked: Oct 7 at 2:01PM

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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 Windermere Real Estate JS

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Investment Insights

Based on property information with market context.

This renovated historic bank building is located in Silvana, a few miles west of Interstate 5 on Hwy 530. The building, approximately 1200 square feet, has been used for spa services for the past 18 years. Modern updates have been made throughout, including flooring, lights, and plumbing fixtures. Salon furniture and equipment, such as stylist chairs and wash stations, are available for separate purchase. Potential uses include a retail store, café, or office space. The property also features a Trex deck in the back and a shed for extra storage.

Key Highlights

• Renovated historic bank building with modern updates.
• Ideal location for spa services for the past 18 years.
• Located in the quaint town of Silvana, near Interstate 5.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,677

Cap Rate

4.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$373,540 $373.5K

Cap Rate 7%

$266,814 $266.8K

Cap Rate 9%

$207,522 $207.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$26.4K $21.96/SF

− Vacancy

−$1.4K −$1.21/SF

EGI

$24.9K $20.75/SF

− OpEx

−$6.2K −$5.19/SF

NOI

$18.7K $15.56/SF

Area

Snohomish County, WA

Vacancy

5.50%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$373,540

Cap Rate 7%

$266,814

Cap Rate 9%

$207,522

Alternative Uses

Best Use

Specialty Retail

$266.8K

$233.5K – $311.3K (±1% cap)

NOI $18,677 @ 7.0% cap · market cap 4.68%

Second Best

Retail

$241.6K

$211.4K – $281.8K (±1% cap)

NOI $16,910 @ 7.0% cap · market cap 4.24%

Theoretical Best

Office A

$334.7K

$292.8K – $390.4K (±1% cap)

NOI $23,426 @ 7.0% cap · market cap 5.87%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Spa Violet Ray ... Hair Salon

Location Intelligence

Trade Area within ½ mile

31

Businesses Nearby

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Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Frequently Asked Questions

What type of property is this?

Bank - Renovated bank building in Silvana, ideal for spa services.

Where is this bank located?

The property is located at 1415 Pioneer Hwy Silvana, WA.

What is the asking price?

The asking price for this property is $399,000.

What are key features of this property?

This property features: Renovated historic bank building with modern updates.; Ideal location for spa services for the past 18 years.; Located in the quaint town of Silvana, near Interstate 5.