Lynnwood Industrial Property For
For Sale
$4,100,000
Pending
20215 Cedar Valley Rd, Lynnwood, WA 98036
28,738 RSF industrial property with ample parking.
Property Size28,738 SF
Days on Market356
Property Features for 20215 Cedar Valley Rd
General Information
Standard status
Pending
Size
28,738 SF
Property subtype
Commercial
Building Details
Year Built
1973
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
JOEL DEIS
Source:
Corcoran
Added: Aug 19, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:04PM
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 MARCUS & MILLICHAP, INC.
Investment Insights
Based on property information with market context.
The industrial property at 20215 and 20217 Cedar Valley Road in Lynnwood, WA, features two buildings totaling 28,738 RSF on a 1.54-acre parcel. Constructed in 1973, the buildings offer clear-span warehouse space, high ceilings, and 10 grade-level doors ranging from 10 to 14 feet. The property benefits from ample parking and maneuverability suitable for distribution purposes. Its location provides convenient access to Interstate-5 and Highway 99. The asset is also located within a 10-minute walk from the recently completed Link Light Rail station via the Scriber Creek Trail. Currently, one tenant occupies just under 60% of the rentable building area (RBA) with a lease extending through December, 202.
Key Highlights
- Excellent location with convenient access to Interstate‑5 and Highway 99.
- Proximity to the Link Light Rail station (less than 10‑minute walk).
- Two buildings totaling 28,738 RSF on a 1.54‑acre parcel.
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
$363,349
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
8.86%
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%
$7,266,980
$7.3M
Cap Rate 7%
$5,190,700
$5.2M
Cap Rate 9%
$4,037,211
$4.0M
Market Conditions
NOI Build-Up for 28,738 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
$458.7K $15.96/SF
− Vacancy
−$31.2K −$1.09/SF
EGI
$427.5K $14.87/SF
− OpEx
−$64.1K −$2.23/SF
NOI
$363.3K $12.64/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$15.96 /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%
$7,266,980
Cap Rate 7%
$5,190,700
Cap Rate 9%
$4,037,211
Alternative Uses
Best Use
Warehouse
$5.19M
$4.54M – $6.06M
NOI $363,349 @ 7.0% cap · market cap 8.86%
Second Best
Industrial
$3.99M
$3.49M – $4.65M
NOI $279,118 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$8.01M
$7.01M – $9.35M
NOI $561,017 @ 7.0% cap · market cap 13.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,376
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98036, WA
42,248
Population
17,228
Households
2.5
Avg Household Size
39
Median Age
39%
College-Educated
92%
High-School Grad
9.6 sq mi
ZIP Area
4,401
Density / Sq Mi
$89,566
Median Household Income
$54,455
Median Earnings
$1,686
Median Rent
$693,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Leisure Time Boat & RV Storage — 20631 50th Ave W, Lynnwood, WA 98036
- Self-Storage at U-Haul — 19130 Hwy 99, Lynnwood, WA 98036
- Public Storage — 4600 196th St SW, Lynnwood, WA 98036
- Trojan Storage of Lynnwood — 19331 Hwy 99, Lynnwood, WA 98036
Frequently Asked Questions
What type of property is this?
Warehouse - 28,738 RSF industrial property with ample parking.
Where is this warehouse located?
The property is located at 20215 Cedar Valley Rd Lynnwood, WA.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: Excellent location with convenient access to Interstate‑5 and Highway 99.; Proximity to the Link Light Rail station (less than 10‑minute walk).; Two buildings totaling 28,738 RSF on a 1.54‑acre parcel.
