Lynnwood Office Building For
For Sale
$2,125,000
Pending
21300 68th Ave W, Lynnwood, WA 98036
Two-story office building in Lynnwood, WA, with recent upgrades.
Property Size7,380 SF
Days on Market326
Property Features for 21300 68th Ave W
General Information
Standard status
Pending
Size
7,380 SF
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
HARBOR MOUNTAIN
(425) 210-7209
Listed By:
C.J. EBERT
Source:
Corcoran
Added: Sep 29, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:04AM
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 HARBOR MOUNTAIN
Investment Insights
Based on property information with market context.
This two-story office building, constructed in 1988, features a newer roof and HVAC system. The property has been recently painted and includes a parking lot with a full seal coat and striping. The building has a total size of 7,380 square feet. The first floor is currently vacant, while the second floor is occupied by an existing tenant. The property is located in Lynnwood, Washington.
Key Highlights
- Vacant 1st floor offers immediate occupancy or redevelopment opportunity.
- Newer roof and HVAC systems minimize near‑term capital expenditures.
- Recently painted with full parking lot seal coat and stripe enhances curb appeal.
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
$131,448
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
6.19%
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%
$2,628,960
$2.6M
Cap Rate 7%
$1,877,829
$1.9M
Cap Rate 9%
$1,460,533
$1.5M
Market Conditions
NOI Build-Up for 7,380 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
$201.9K $27.36/SF
− Vacancy
−$26.7K −$3.61/SF
EGI
$175.3K $23.75/SF
− OpEx
−$43.8K −$5.94/SF
NOI
$131.4K $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%
$2,628,960
Cap Rate 7%
$1,877,829
Cap Rate 9%
$1,460,533
Alternative Uses
Best Use
Office B
$1.88M
$1.64M – $2.19M
NOI $131,448 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,071 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,221
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building in Lynnwood, WA, with recent upgrades.
Where is this office building located?
The property is located at 21300 68th Ave W Lynnwood, WA.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: Vacant 1st floor offers immediate occupancy or redevelopment opportunity.; Newer roof and HVAC systems minimize near‑term capital expenditures.; Recently painted with full parking lot seal coat and stripe enhances curb appeal.
