Building Details

Building Size 13,015 SF

Year Built 1989

Listing Agency: Lee & Associates Commercial Real Estate Services

Listed By: Aaron Mathieu Show Phone

Source: Lee-associates

Added: Apr 20 Changed: Oct 20 Last Checked: Oct 20 at 6:43PM

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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 Lee & Associates Commercial Real Estate Services

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This property presents a fantastic owner/user opportunity situated in the heart of Edmonds, specifically within the Edmonds Medical Corridor. The location offers great visibility, enhanced by frontage and signage opportunities on 76th Avenue W. It is adjacent to the Swedish Edmonds Campus and the UW Medicine Heart Institute, providing convenient access to Highway 99 and I-5. The property size is 13,015 square feet.

Key Highlights

• Prime location in the Edmonds Medical Corridor with high visibility and frontage on 76th Avenue W.
• Adjacent to Swedish Edmonds Campus and UW Medicine Heart Institute.
• Excellent owner/user opportunity.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$231,815

Cap Rate

3.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,636,300 $4.6M

Cap Rate 7%

$3,311,643 $3.3M

Cap Rate 9%

$2,575,722 $2.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,015 SF

Gross rent

$356.1K $27.36/SF

− Vacancy

−$47.0K −$3.61/SF

EGI

$309.1K $23.75/SF

− OpEx

−$77.3K −$5.94/SF

NOI

$231.8K $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 Rate 5%

$4,636,300

Cap Rate 7%

$3,311,643

Cap Rate 9%

$2,575,722

Alternative Uses

Best Use

Office B

$3.31M

$2.90M – $3.86M (±1% cap)

NOI $231,815 @ 7.0% cap · market cap 3.74%

Second Best

Healthcare Medical

$2.72M

$2.38M – $3.18M (±1% cap)

NOI $190,557 @ 7.0% cap · market cap 3.07%

Theoretical Best

Office A

$3.63M

$3.18M – $4.23M (±1% cap)

NOI $254,076 @ 7.0% cap · market cap 4.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Steven Swedberg, MD Eye Care Center Swedberg Steven H ... Ophthalmologist Swedberg Eye Care ... Ophthalmologist Edmonds Ideal Weight ... Weight Loss Service Robert J. Reichler, ... Physician

Suggested Use

Top Pick Real Estate Agency Furniture & Home Goods (Bike/Boat/Book/etc) Store Catering Service Cosmetic Store Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,077

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 98026, WA

38,610

Population

15,884

Households

2.4

Avg Household Size

43

Median Age

47%

College-Educated

97%

High-School Grad

9.4 sq mi

ZIP Area

4,107

Density / Sq Mi

$124,462

Median Household Income

$63,708

Median Earnings

$1,894

Median Rent

$758,900

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical office space in Edmonds near Swedish Edmonds Campus.

Where is this medical office space located?

The property is located at 21827 76th Avenue W Edmonds, WA.

What is the asking price?

The asking price for this property is $6,200,000.

What are key features of this property?

This property features: Prime location in the Edmonds Medical Corridor with high visibility and frontage on 76th Avenue W.; Adjacent to Swedish Edmonds Campus and UW Medicine Heart Institute.; Excellent owner/user opportunity.