Retail Building in Downtown
For Sale
Contact for pricing
Pending
15215 Brown Ave NE, Duvall, WA 98019
Retail building in downtown Duvall on Main St/Hwy 203.
Property Size17,136 SF
Lot Size1.21 Acres
Days on Market167
Property Features for 15215 Brown Ave NE
General Information
Standard status
Pending
Size
17,136 SF
Lot size
1.21 Acres
Property subtype
Retail
Zoning
MT
Investment Type
Owner/User
Building Details
Buildings
1
Stories
1
Listing Agency:
Neil Walter Company
Listed By:
Bruce Hemmat · License #WA 137503
Source:
Crexi
Added: Feb 26
Changed: Aug 8
Last Checked: Jul 24 at 3:15PM
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 Neil Walter Company
Investment Insights
Based on property information with market context.
This 17,136 square foot retail building is located in downtown Duvall on Main Street/Hwy 203. Situated on a 1.21-acre lot, the property is zoned Midtown (MT) and features vehicle access from three sides. It has been in continuous operation as a grocery store since 1992, known for its hometown service and friendly staff. The property shares a parking lot with Ixtapa Family Mexican Restaurant and is located at the southern end of the core retail area of Duvall. The building has excellent visibility on the primary arterial road through the Snoqualmie River Valley. The property can continue to be used as a grocery store or adapted to a new purpose to serve this growing submarket of the Puget Sound.
Key Highlights
- High‑visibility location on Main St/Hwy 203, the primary arterial road through the Snoqualmie River Valley.
- Large 17,136 SF building on 1.21 acres in downtown Duvall.
- Zoned Midtown (MT), allowing for a variety of potential uses and redevelopment opportunities.
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
$306,540
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
7.95%
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%
$6,130,800
$6.1M
Cap Rate 7%
$4,379,143
$4.4M
Cap Rate 9%
$3,406,000
$3.4M
Market Conditions
NOI Build-Up for 17,136 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
$452.4K $26.40/SF
− Vacancy
−$14.5K −$0.84/SF
EGI
$437.9K $25.56/SF
− OpEx
−$131.4K −$7.67/SF
NOI
$306.5K $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%
$6,130,800
Cap Rate 7%
$4,379,143
Cap Rate 9%
$3,406,000
Alternative Uses
Best Use
Specialty Retail
$5.23M
$4.58M – $6.10M
NOI $366,282 @ 7.0% cap · market cap 9.49%
Second Best
Retail
$4.38M
$3.83M – $5.11M
NOI $306,540 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$6.86M
$6.01M – $8.01M
NOI $480,439 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
16k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 77%
Dining 15%
Beauty & Spa 8%
Shell
Shops & Services
6,498 visits/mo
0.3 miles
Chevron
Shops & Services
5,116 visits/mo
0.2 miles
SUBWAY
Dining
2,292 visits/mo
0.3 miles
Great Clips
Beauty & Spa
1,314 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
579 visits/mo
0.2 miles
Demographics for 98019, WA
12,284
Population
4,090
Households
3
Avg Household Size
39
Median Age
53%
College-Educated
97%
High-School Grad
35.7 sq mi
ZIP Area
344
Density / Sq Mi
$156,003
Median Household Income
$84,728
Median Earnings
$2,652
Median Rent
$746,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Retail building in downtown Duvall on Main St/Hwy 203.
Where is this grocery and convenience store located?
The property is located at 15215 Brown Ave NE Duvall, WA.
What is the asking price?
The asking price for this property is $3,857,894.
What are key features of this property?
This property features: High‑visibility location on Main St/Hwy 203, the primary arterial road through the Snoqualmie River Valley.; Large 17,136 SF building on 1.21 acres in downtown Duvall.; Zoned Midtown (MT), allowing for a variety of potential uses and redevelopment opportunities.
