Office Building with On-Site
For Sale
$6,800,000
195-265 E George Hopper Road, Burlington, WA 98233
CMU-constructed office property with multiple occupants, a medical-office vacancy, and convenient access to I-5.
Property Size18,819 SF
Price / SF$361.34
Days on Market130
Property Features for 195-265 E George Hopper Road
General Information
Standard status
Active
Size
18,819 SF
Class
B
Property subtype
Office - General Office
Occupancy
85%
Financials
Asking Price
$6,800,000
Cap Rate
5.95%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
18,819 SF
Year Built
2008
Units
5
Construction
CMU
Tenancy
Multi
Listing Agency:
NAI Puget Sound Properties
Listed By:
Al Robertson
(206) 388-6030
Source:
Commercialcafe
Added: Jun 7
Changed: Oct 13
Last Checked: Oct 12 at 4:47PM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This office property contains 18,819 square feet in a CMU-constructed building completed in 2008. The asset is occupied by four tenants, with one 2,916-square-foot medical office suite currently vacant. On-site parking supports the existing office configuration and owner-user or investment applications.
Located at 195-265 E George Hopper Road in Burlington, the property is less than one-quarter mile east of I-5 with access from George Hopper Road. Costco and The Outlet Shoppes at Burlington are within walking distance, providing nearby retail amenities. Current occupancy is 84.51%, with an in-place cap rate of 5.95%. The properties can be sold separately.
Located at 195-265 E George Hopper Road in Burlington, the property is less than one-quarter mile east of I-5 with access from George Hopper Road. Costco and The Outlet Shoppes at Burlington are within walking distance, providing nearby retail amenities. Current occupancy is 84.51%, with an in-place cap rate of 5.95%. The properties can be sold separately.
Key Highlights
- 18,819 SF office building completed in 2008
- CMU construction with on‑site parking
- 84.51% leased to 4 tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$402,097
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,041,940
$8.0M
Cap Rate 7%
$5,744,243
$5.7M
Cap Rate 9%
$4,467,744
$4.5M
Market Conditions
NOI Build-Up for 18,819 SF
Gross rent
$675.2K $35.88/SF
− Vacancy
−$139.1K −$7.39/SF
EGI
$536.1K $28.49/SF
− OpEx
−$134.0K −$7.12/SF
NOI
$402.1K $21.37/SF
Area
Skagit County, WA
Vacancy
20.60%
Lease Rate
$35.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,041,940
Cap Rate 7%
$5,744,243
Cap Rate 9%
$4,467,744
Alternative Uses
Best Use
Office B
$5.74M
$5.03M – $6.70M
NOI $402,097 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.65M
$6.70M – $8.93M
NOI $535,771 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
84.5%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Explore this area
Business Placement
Demographics for 98233, WA
16,034
Population
7,295
Households
2.2
Avg Household Size
38
Median Age
23%
College-Educated
90%
High-School Grad
33.2 sq mi
ZIP Area
483
Density / Sq Mi
$83,560
Median Household Income
$43,697
Median Earnings
$1,567
Median Rent
$466,300
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 - CMU-constructed office property with multiple occupants, a medical-office vacancy, and convenient access to I-5.
Where is this office building located?
The property is located at 195-265 E George Hopper Road Burlington, WA.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: 18,819 SF office building completed in 2008; CMU construction with on‑site parking; 84.51% leased to 4 tenants
