Shopping Center With Medical
New
For Sale
Contact for pricing
18401 76th Ave W, Edmonds, WA 98026
Multi-tenant property includes an animal hospital, café, and flexible month-to-month occupancy across several suites.
Property Size10,794 SF
Price / SF$294.61
Days on Market5
Property Features for 18401 76th Ave W
General Information
Standard status
Active
Size
10,794 SF
Property subtype
RETAIL
Listing Agency:
Northmarq Commercial, LLC
(206) 693-3329
Listed By:
Sean Tufts
(206) 550-1557
Source:
Moodyscre
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 10:05PM
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 Northmarq Commercial, LLC
Investment Insights
Based on property information with market context.
This 10,794-square-foot shopping center combines a long-established animal hospital with café and commercial suites. Perrinville Animal Hospital occupies purpose-built space and has extended its lease through 2031, with two additional five-year options that could extend the term to 2041. An expansion of 1,056 square feet into an adjoining suite is nearly complete.
Bistro 76 Café & Catering and Welco occupy 59% of the gross leasable area on month-to-month agreements, providing flexibility for continued occupancy, lease restructuring, or future replacement. An owner-user may occupy up to 59% of the building while retaining income from the other occupants.
The property is positioned at 18401 76th Ave W in Edmonds, within a single-family residential neighborhood and a small commercial node. The surrounding one-mile area includes 4,900 households earning more than $208.7K, while more than 250,000 people are located within five miles.
Bistro 76 Café & Catering and Welco occupy 59% of the gross leasable area on month-to-month agreements, providing flexibility for continued occupancy, lease restructuring, or future replacement. An owner-user may occupy up to 59% of the building while retaining income from the other occupants.
The property is positioned at 18401 76th Ave W in Edmonds, within a single-family residential neighborhood and a small commercial node. The surrounding one-mile area includes 4,900 households earning more than $208.7K, while more than 250,000 people are located within five miles.
Key Highlights
- 10,794 SF multi‑tenant shopping center with medical, café, and commercial occupants
- Perrinville Animal Hospital lease extends through 2031, with two five‑year options to 2041
- Nearly complete 1,056 SF expansion for Perrinville Animal Hospital
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
$152,107
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
4.78%
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%
$3,042,140
$3.0M
Cap Rate 7%
$2,172,957
$2.2M
Cap Rate 9%
$1,690,078
$1.7M
Market Conditions
NOI Build-Up for 10,794 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
$233.2K $21.60/SF
− Vacancy
−$15.9K −$1.47/SF
EGI
$217.3K $20.13/SF
− OpEx
−$65.2K −$6.04/SF
NOI
$152.1K $14.09/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$21.60 /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%
$3,042,140
Cap Rate 7%
$2,172,957
Cap Rate 9%
$1,690,078
Alternative Uses
Best Use
Retail
$2.17M
$1.90M – $2.54M
NOI $152,107 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,718 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
1k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Star Mini Mart & Deli
Shops & Services
1,032 visits/mo
0.0 miles
Demographics for 98026, WA
38,610
Population
15,884
Households
2.4
Avg Household Size
43
Median Age
47%
College-Educated
97%
High-School Grad
9.4 sq mi
ZIP Area
4,107
Density / Sq Mi
$124,462
Median Household Income
$63,708
Median Earnings
$1,894
Median Rent
$758,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant property includes an animal hospital, café, and flexible month-to-month occupancy across several suites.
Where is this shopping center located?
The property is located at 18401 76th Ave W Edmonds, WA.
What is the asking price?
The asking price for this property is $3,180,000.
What are key features of this property?
This property features: 10,794 SF multi‑tenant shopping center with medical, café, and commercial occupants; Perrinville Animal Hospital lease extends through 2031, with two five‑year options to 2041; Nearly complete 1,056 SF expansion for Perrinville Animal Hospital
