Renovated Corner Office
For Sale
$899,000
1612 172nd Street Northeast, Marysville, WA 98271
Two-level professional office property with mixed-use zoning, ADA access, dedicated parking, and prominent corner exposure.
Property Size1,120 SF
Price / SF$473.16
Days on Market8
Property Features for 1612 172nd Street Northeast
General Information
Standard status
Active
Size
1,120 SF
Class
B
Total Parking Spaces
8
Property subtype
MF, OFC, MU
Zoning
Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
grandfathered electronic marquee sign
Building Details
Building Size
1,120 SF
Year Built
1901
Year Renovated
2017
Buildings
1
Stories
2
Units
1
Listing Agency:
KW Commercial GSWA MCI LLC
(425) 454-0911
Listed By:
Melissa Johnson · License #105175
(425) 454-0911
Source:
Realnex
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 6 at 3:26AM
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 KW Commercial GSWA MCI LLC
Investment Insights
Based on property information with market context.
This office building contains approximately 1,900 usable square feet arranged across two finished levels. Built in 1901 and renovated in 2017, the property offers established professional-office functionality within a Mixed Use (MU) zoning designation. Full ADA accessibility, paved dedicated off-street parking, and an electronic marquee sign support practical day-to-day operations and property identification.
The building occupies a corner site with frontage along 172nd Street Northeast and access to I-5 nearby. The surrounding Lakewood District has 1,987 new homes and more than 5,000 new residents under construction, while the nearby I-5 and 172nd Street NE area records over 50,000 VPD. The zoning supports professional practices including medical, dental, veterinary, legal, insurance, and real estate uses.
The building occupies a corner site with frontage along 172nd Street Northeast and access to I-5 nearby. The surrounding Lakewood District has 1,987 new homes and more than 5,000 new residents under construction, while the nearby I-5 and 172nd Street NE area records over 50,000 VPD. The zoning supports professional practices including medical, dental, veterinary, legal, insurance, and real estate uses.
Key Highlights
- Approximately 1,900 usable SF across two finished levels
- Renovated in 2017; original construction dates to 1901
- Mixed Use (MU) zoning supports professional‑office applications
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
Mixed Use
$306.0K
$267.7K – $357.0K
NOI $21,418 @ 7.0% cap · market cap 2.38%
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
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 mixed-use zoning, ADA access, dedicated parking, and prominent corner exposure.
Where is this office building located?
The property is located at 1612 172nd Street Northeast 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 SF across two finished levels; Renovated in 2017; original construction dates to 1901; Mixed Use (MU) zoning supports professional‑office applications
