Professional Office Building with
For Sale
$1,519,000
1820 32ND, Everett, WA 98201
Flexible office layout with reception, private rooms, support areas, secured garage, and on-site parking.
Property Size6,450 SF
Lot Size0.28 Acres
Price / SF$235.50
Days on Market8
Property Features for 1820 32ND
General Information
Standard status
Active
Size
6,450 SF
Total Parking Spaces
15
Lot size
0.28 Acres
Property subtype
Commercial
Zoning
MU-15
Amenities
reception
kitchen/break room
abundant storage
Building Details
Year Built
1967
Listing Agency:
Windermere Real Estate/M2,LLC
Listed By:
Duane Petzoldt
(425) 205-2135
Source:
Skylineproperties
Added: Aug 2
Changed: Aug 9
Last Checked: Aug 9 at 10:50AM
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/M2,LLC
Investment Insights
Based on property information with market context.
This professional office property contains approximately 6,450 square feet on a 0.28-acre MU-15 zoned site. The layout can accommodate up to 13 private offices or conference rooms, along with reception, a kitchen and break room, and substantial storage. A secured garage of approximately 1,500 square feet and 15 on-site parking stalls add practical support for daily operations.
Built in 1967, the property is positioned near the Snohomish County Courthouse, Providence Regional Medical Center, downtown Everett, and a concentration of medical, legal, counseling, behavioral health, and other professional service providers. The existing configuration provides a range of office arrangements within a dedicated campus setting.
Built in 1967, the property is positioned near the Snohomish County Courthouse, Providence Regional Medical Center, downtown Everett, and a concentration of medical, legal, counseling, behavioral health, and other professional service providers. The existing configuration provides a range of office arrangements within a dedicated campus setting.
Key Highlights
- Approximately 6,450 SF office property on a 0.28‑acre MU‑15 zoned site
- Up to 13 private offices or conference rooms
- Approximately 1,500 SF secured garage
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
$107,915
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
7.10%
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%
$2,158,300
$2.2M
Cap Rate 7%
$1,541,643
$1.5M
Cap Rate 9%
$1,199,056
$1.2M
Market Conditions
NOI Build-Up for 6,450 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
$170.3K $26.40/SF
− Vacancy
−$26.4K −$4.09/SF
EGI
$143.9K $22.31/SF
− OpEx
−$36.0K −$5.58/SF
NOI
$107.9K $16.73/SF
Area
Everett, WA
Vacancy
15.50%
Lease Rate
$26.40 /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%
$2,158,300
Cap Rate 7%
$1,541,643
Cap Rate 9%
$1,199,056
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.80M
NOI $107,915 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,450 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 98201, WA
30,421
Population
15,196
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
91%
High-School Grad
18.8 sq mi
ZIP Area
1,618
Density / Sq Mi
$73,822
Median Household Income
$48,830
Median Earnings
$1,443
Median Rent
$476,900
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 - Flexible office layout with reception, private rooms, support areas, secured garage, and on-site parking.
Where is this office building located?
The property is located at 1820 32ND Everett, WA.
What is the asking price?
The asking price for this property is $1,519,000.
What are key features of this property?
This property features: Approximately 6,450 SF office property on a 0.28‑acre MU‑15 zoned site; Up to 13 private offices or conference rooms; Approximately 1,500 SF secured garage
