Bothell Flex Building For
For Sale
$10,770,000
Pending
19201 120th Avenue NE, Bothell, WA 98011
Flex building in North Creek market, suitable for various uses.
Property Size59,830 SF
Days on Market350
Property Features for 19201 120th Avenue NE
General Information
Standard status
Pending
Size
59,830 SF
Property subtype
Commercial
Building Details
Year Built
1991
Listing Agency:
COLLIERS INTERNATIONAL WA, LLC
(425) 453-4546
Listed By:
DAVID GUNTHER
Source:
Corcoran
Added: Sep 11, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:35AM
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 COLLIERS INTERNATIONAL WA, LLC
Investment Insights
Based on property information with market context.
Located at 19201 120th Avenue NE in Bothell, WA, The Wright Group Building presents an opportunity for either an owner-user or investor in the North Creek market. This flex building, totaling 59830 square feet, is suitable for a variety of owner-occupiers and investors. Its location provides access to multiple major freeways and both Paine Field and SeaTac airports, making it attractive to regional and national tenants. The property is zoned R-AC, OP, CB, LI, allowing for versatile use and potential future development.
Key Highlights
- Highly sought‑after North Creek market location.
- Versatile zoning (R‑AC, OP, CB, LI) allowing for varied use and future development potential.
- Excellent access to major freeways, Paine Field, and SeaTac airports.
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
$674,671
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
6.26%
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%
$13,493,420
$13.5M
Cap Rate 7%
$9,638,157
$9.6M
Cap Rate 9%
$7,496,344
$7.5M
Market Conditions
NOI Build-Up for 59,830 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
$1.13M $18.96/SF
− Vacancy
−$96.4K −$1.61/SF
EGI
$1.04M $17.35/SF
− OpEx
−$363.3K −$6.07/SF
NOI
$674.7K $11.28/SF
Area
Snohomish County, WA
Vacancy
8.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$13,493,420
Cap Rate 7%
$9,638,157
Cap Rate 9%
$7,496,344
Alternative Uses
Best Use
Flex RnD
$9.64M
$8.43M – $11.24M
NOI $674,671 @ 7.0% cap · market cap 6.26%
Second Best
Industrial
$8.30M
$7.26M – $9.68M
NOI $581,099 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$16.69M
$14.60M – $19.47M
NOI $1,167,989 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98011, WA
27,897
Population
12,424
Households
2.2
Avg Household Size
38
Median Age
61%
College-Educated
95%
High-School Grad
7.1 sq mi
ZIP Area
3,929
Density / Sq Mi
$127,445
Median Household Income
$77,467
Median Earnings
$2,223
Median Rent
$888,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex building in North Creek market, suitable for various uses.
Where is this flex space located?
The property is located at 19201 120th Avenue NE Bothell, WA.
What is the asking price?
The asking price for this property is $10,770,000.
What are key features of this property?
This property features: Highly sought‑after North Creek market location.; Versatile zoning (R‑AC, OP, CB, LI) allowing for varied use and future development potential.; Excellent access to major freeways, Paine Field, and SeaTac airports.
