Listing Agency: Windermere R.E./J.S. d***@windermere.com Show Phone

Listed By: Debra Barger Smith Show Phone

Source: Moodyscre

Added: Jul 11, 2025 Changed: Aug 8 Last Checked: Aug 20 at 5:50AM

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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 = 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

$18,677

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

4.68%

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%

$373,540 $373.5K

Cap Rate 7%

$266,814 $266.8K

Cap Rate 9%

$207,522 $207.5K

Market Conditions

NOI Build-Up for 1,200 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

$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 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%

$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.

Property Analytics

Property Profile

Current Use

Spa Violet Ray ... Hair Salon

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Butcher Real Estate Agency Grocery & Convenience Store Pet Store & Service Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

31

Businesses Nearby

Explore this area Business Placement

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

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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.