Edmonds Medical Corridor
For Sale
$6,200,000
21827 76th Avenue W, Edmonds, WA 98026
Medical office space in Edmonds near Swedish Edmonds Campus.
Property Size13,015 SF
Price / SF$476.37
Days on Market137
Property Features for 21827 76th Avenue W
General Information
Standard status
Active
Size
13,015 SF
Class
B
Property subtype
Office
Building Details
Building Size
13,015 SF
Year Built
1989
Listing Agency:
Lee & Associates Commercial Real Estate Services
Listed By:
Aaron Mathieu
(206) 210-5207
Source:
Lee-associates
Added: Apr 20
Changed: Sep 3
Last Checked: Aug 8 at 4:25AM
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
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 = 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
$231,815
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
3.74%
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%
$4,636,300
$4.6M
Cap Rate 7%
$3,311,643
$3.3M
Cap Rate 9%
$2,575,722
$2.6M
Market Conditions
NOI Build-Up for 13,015 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
$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 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%
$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
NOI $231,815 @ 7.0% cap · market cap 3.74%
Second Best
Healthcare Medical
$2.72M
$2.38M – $3.18M
NOI $190,557 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$3.63M
$3.18M – $4.23M
NOI $254,076 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Edmonds Veterinary Hospital — 21111 84th Ave W, Edmonds, WA 98026
- Bridge Animal Referral Center — 8401 Main St, Edmonds, WA 98026
- Veterinary Cancer Specialty Care @ Bridge Animal Referral Center — 8401 Main St, Edmonds, WA 98026
- Edmonds Veterinary Hospital: Robyn Fry DVM — 21111 84th Ave W, Edmonds, WA 98026
- Dr. George Downs — 21111 84th Ave W, Edmonds, WA 98026
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.
