Class A Office
For Sale
$10,500,000
Pending
19803 Creek Pkwy, Bothell, WA 98011
Class A office building in North Creek area available for sale.
Property Size31,070 SF
Days on Market529
Property Features for 19803 Creek Pkwy
General Information
Standard status
Pending
Size
31,070 SF
Property subtype
Commercial
Building Details
Year Built
1991
Listing Agency:
ROSEN-HARBOTTLE COMMERCIAL R.E
Listed By:
JERRY HARBOTTLE
Source:
Corcoran
Added: Feb 26, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:44AM
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 ROSEN-HARBOTTLE COMMERCIAL R.E
Investment Insights
Based on property information with market context.
This Class A office building is available for sale to an owner/user in the prestigious North Creek area. The property has undergone renovations, including a revamped building entry, upgraded landscaping, awnings, and a pedestrian drop-off area. Interior upgrades feature a new lobby, building HVAC system, and additional windows. The building has a size of 31070 square feet and is suitable for office use.
Key Highlights
- Class A office building in prestigious North Creek.
- Recently renovated with upgrades to building entry, landscaping, awnings, pedestrian drop off, and lobby.
- Upgraded HVAC system.
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
$553,399
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
5.27%
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%
$11,067,980
$11.1M
Cap Rate 7%
$7,905,700
$7.9M
Cap Rate 9%
$6,148,878
$6.1M
Market Conditions
NOI Build-Up for 31,070 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
$850.1K $27.36/SF
− Vacancy
−$112.2K −$3.61/SF
EGI
$737.9K $23.75/SF
− OpEx
−$184.5K −$5.94/SF
NOI
$553.4K $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%
$11,067,980
Cap Rate 7%
$7,905,700
Cap Rate 9%
$6,148,878
Alternative Uses
Best Use
Office B
$7.91M
$6.92M – $9.22M
NOI $553,399 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.66M
$7.58M – $10.11M
NOI $606,542 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
976
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Class A office building in North Creek area available for sale.
Where is this office building located?
The property is located at 19803 Creek Pkwy Bothell, WA.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Class A office building in prestigious North Creek.; Recently renovated with upgrades to building entry, landscaping, awnings, pedestrian drop off, and lobby.; Upgraded HVAC system.
