Flex Space with Roll-Up
For Sale
$3,895,000
18824 Smokey Point Boulevard, Arlington, WA 98223
Multi-use commercial space with warehouse features, office areas, and convenient access near the 172nd Street exit.
Property Size17,000 SF
Price / SF$229.12
Days on Market300
Property Features for 18824 Smokey Point Boulevard
General Information
Standard status
Active
Size
17,000 SF
Total Parking Spaces
124
Property subtype
Commercial
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
25 ft
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$11,751
Building Details
Year Built
2008
Stories
2
Building Size
17,000 SF
Listing Agency:
KW Everett
(425) 212-2007
Listed By:
Kris Cantrell
(425) 212-2007
Source:
Multifamilyspecialist
Added: Oct 17, 2025
Changed: Aug 11
Last Checked: Aug 11 at 2:11PM
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 Everett
Investment Insights
Based on property information with market context.
This 17,000-square-foot flex property combines warehouse and office functionality across four tax parcels. The building includes approximately 14,000 square feet on the main level and a 3,000-square-foot custom floating concrete second floor. Three 16-foot roll-up doors support loading access, while two primary rooms feature 25-foot ceilings. Additional improvements include multiple offices, five bathrooms, a sprinkler system, and five heat pumps.
The property is located at 18824 Smokey Point Boulevard in Arlington, near the 172nd Street exit in the Smokey Point area. Amazon, Costco, Target, Lowe’s, and Arlington Airport are identified as nearby destinations. The site also provides substantial parking and straightforward ingress and egress.
The property is located at 18824 Smokey Point Boulevard in Arlington, near the 172nd Street exit in the Smokey Point area. Amazon, Costco, Target, Lowe’s, and Arlington Airport are identified as nearby destinations. The site also provides substantial parking and straightforward ingress and egress.
Key Highlights
- 17,000 square feet across approximately 14,000 square feet on the main level and 3,000 square feet on a second floor
- Four tax parcels included in the property
- Three 16‑foot roll‑up doors
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
$302,793
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
7.77%
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%
$6,055,860
$6.1M
Cap Rate 7%
$4,325,614
$4.3M
Cap Rate 9%
$3,364,367
$3.4M
Market Conditions
NOI Build-Up for 17,000 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
$465.1K $27.36/SF
− Vacancy
−$61.4K −$3.61/SF
EGI
$403.7K $23.75/SF
− OpEx
−$100.9K −$5.94/SF
NOI
$302.8K $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%
$6,055,860
Cap Rate 7%
$4,325,614
Cap Rate 9%
$3,364,367
Alternative Uses
Best Use
Office B
$4.33M
$3.78M – $5.05M
NOI $302,793 @ 7.0% cap · market cap 7.77%
Second Best
Warehouse
$3.07M
$2.69M – $3.58M
NOI $214,940 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$4.74M
$4.15M – $5.53M
NOI $331,870 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25 ft
Clear height
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
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?
Flex space - Multi-use commercial space with warehouse features, office areas, and convenient access near the 172nd Street exit.
Where is this flex space located?
The property is located at 18824 Smokey Point Boulevard Arlington, WA.
What is the asking price?
The asking price for this property is $3,895,000.
What are key features of this property?
This property features: 17,000 square feet across approximately 14,000 square feet on the main level and 3,000 square feet on a second floor; Four tax parcels included in the property; Three 16‑foot roll‑up doors
