Renovated Corner Office
For Sale
$899,000
1612 172nd St NE, Marysville, WA 98271
Two-level professional office property with ADA access, dedicated parking, and a grandfathered electronic marquee sign.
Property Size1,900 SF
Price / SF$473.16
Days on Market28
Property Features for 1612 172nd St NE
General Information
Standard status
Active
Size
1,900 SF
Zoning
MU
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
electronic marquee sign
ADA accessible
Building Details
Year Built
1901
Year Renovated
2017
Buildings
1
Stories
2
Building Size
1,900 SF
Listing Agency:
Keller Williams Rlty Bellevue
(425) 765-3568
Listed By:
Melissa A Johnson · License #105175
Source:
Hanshagmeier
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 29 at 11:58AM
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 Keller Williams Rlty Bellevue
Investment Insights
Based on property information with market context.
This professional office building occupies a corner lot and provides approximately 1,900 usable square feet across two finished levels. Originally constructed in 1901 as a Craftsman residence, it was fully renovated in 2017 and is configured for professional office use. The property includes full ADA accessibility, paved dedicated off-street parking, and an electronic marquee sign that is grandfathered under current sign codes.
The building has dual street frontage on 172nd Street NE and is minutes from I-5. It is located within a Mixed-Use (MU) zone with established professional-office use. The stated zoning supports medical, dental, veterinary, legal, insurance, and real estate practices.
The building has dual street frontage on 172nd Street NE and is minutes from I-5. It is located within a Mixed-Use (MU) zone with established professional-office use. The stated zoning supports medical, dental, veterinary, legal, insurance, and real estate practices.
Key Highlights
- Approximately 1,900 usable square feet across two finished levels
- Fully renovated in 2017
- Corner lot with dual street frontage on 172nd Street NE
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
$33,842
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
3.76%
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%
$676,840
$676.8K
Cap Rate 7%
$483,457
$483.5K
Cap Rate 9%
$376,022
$376.0K
Market Conditions
NOI Build-Up for 1,900 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
$52.0K $27.36/SF
− Vacancy
−$6.9K −$3.61/SF
EGI
$45.1K $23.75/SF
− OpEx
−$11.3K −$5.94/SF
NOI
$33.8K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /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%
$676,840
Cap Rate 7%
$483,457
Cap Rate 9%
$376,022
Alternative Uses
Best Use
Office B
$483.5K
$423.0K – $564.0K
NOI $33,842 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$529.9K
$463.6K – $618.2K
NOI $37,091 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 98271, WA
32,068
Population
12,040
Households
2.7
Avg Household Size
39
Median Age
22%
College-Educated
91%
High-School Grad
45.3 sq mi
ZIP Area
708
Density / Sq Mi
$97,547
Median Household Income
$53,250
Median Earnings
$1,851
Median Rent
$483,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level professional office property with ADA access, dedicated parking, and a grandfathered electronic marquee sign.
Where is this office building located?
The property is located at 1612 172nd St NE Marysville, WA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Approximately 1,900 usable square feet across two finished levels; Fully renovated in 2017; Corner lot with dual street frontage on 172nd Street NE
