Flex Industrial
New
For Sale
$5,900,000
18700 Southcenter, Tukwila, WA 98188
Industrial facility combining renovated office space with a high-clear warehouse and dock access.
Property Size42,678 SF
Lot Size2.19 Acres
Price / SF$138.24
Days on Market4
Property Features for 18700 Southcenter
General Information
Standard status
Active
Size
42,678 SF
Net Rentable
42,678 SF
Lot size
2.19 Acres
Property subtype
Commercial
Zoning
Heavy Industrial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
24 ft
Warehouse Space
30,148 SF
Office Build-Out
12,530 SF
Dock-High Doors
5
Power
1,000 amps
Voltage
480 V
Heavy Power
Yes
Building Details
Buildings
1
Building Size
42,678 SF
Listing Agency:
Urban Commercial Partners,LLC
Listed By:
Patrick Suarez
(206) 363-8509
Source:
Century21northhomes
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 7:56PM
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 Urban Commercial Partners,LLC
Investment Insights
Based on property information with market context.
The Gaco Western Building is a 42,678 rentable SF flex facility with 30,148 SF of warehouse area and 12,530 SF of recently renovated office space arranged over two floors. The warehouse provides 24-foot clear height, five dock-high doors, and two doors with drive-up ramp access. Heavy power service at 480 volts and 1,000 amps supports manufacturing, logistics, and other industrial operations.
The property occupies 95,537 SF of land at 18700 Southcenter in Tukwila, Washington, with Heavy Industrial zoning. Its location provides access to I-5, I-405, the Port of Seattle, SeaTac International Airport, Southcenter, and the Kent Valley.
The property occupies 95,537 SF of land at 18700 Southcenter in Tukwila, Washington, with Heavy Industrial zoning. Its location provides access to I-5, I-405, the Port of Seattle, SeaTac International Airport, Southcenter, and the Kent Valley.
Key Highlights
- 42,678 rentable SF flex facility on 95,537 SF of land
- 30,148 SF warehouse with 24‑foot clear height
- 12,530 SF of recently renovated office space across two floors
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
$521,203
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
8.83%
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%
$10,424,060
$10.4M
Cap Rate 7%
$7,445,757
$7.4M
Cap Rate 9%
$5,791,144
$5.8M
Market Conditions
NOI Build-Up for 42,678 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
$665.8K $15.60/SF
− Vacancy
−$52.6K −$1.23/SF
EGI
$613.2K $14.37/SF
− OpEx
−$92.0K −$2.16/SF
NOI
$521.2K $12.21/SF
Area
King County, WA
Vacancy
7.90%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$10,424,060
Cap Rate 7%
$7,445,757
Cap Rate 9%
$5,791,144
Alternative Uses
Best Use
Office B
$12.86M
$11.25M – $15.00M
NOI $899,951 @ 7.0% cap · market cap 15.25%
Second Best
Flex RnD
$8.75M
$7.66M – $10.21M
NOI $612,711 @ 7.0% cap · market cap 10.38%
Theoretical Best
Office A
$17.09M
$14.96M – $19.94M
NOI $1,196,555 @ 7.0% cap · market cap 20.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24 ft
Clear height
5
Dock-high doors
Yes
Heavy power
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,949
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98188, WA
27,851
Population
12,025
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
3,438
Density / Sq Mi
$76,559
Median Household Income
$45,245
Median Earnings
$1,641
Median Rent
$452,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Best Catering — 662 Industry Dr, Tukwila, WA 98188
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial facility combining renovated office space with a high-clear warehouse and dock access.
Where is this flex space located?
The property is located at 18700 Southcenter Tukwila, WA.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 42,678 rentable SF flex facility on 95,537 SF of land; 30,148 SF warehouse with 24‑foot clear height; 12,530 SF of recently renovated office space across two floors
