Multi-Building Office
For Sale
$995,000
225 N Walnut Street, Burlington, WA 98233
Move-in ready office campus with multiple structures, an interior courtyard, and Class A finished office suites.
Property Size3,167 SF
Price / SF$314.18
Days on Market278
Property Features for 225 N Walnut Street
General Information
Standard status
Active
Size
3,167 SF
Class
A
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,181
Amenities
No
Natural Gas
Public
0.34
Poured Concrete
Building Details
Year Built
1910
Listing Agency:
Windermere RE/South Whidbey
(503) 537-7221
Listed By:
Team Irish Real Estate · License #200212187
(503) 537-7221
Source:
Premierepropertygroup
Added: Nov 4, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:53PM
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 Windermere RE/South Whidbey
Investment Insights
Based on property information with market context.
This former nonprofit office campus consists of four structures arranged around an interior courtyard. The main office building features approximately 3,167 square feet over two levels and is finished to Class A quality. It includes five large, private offices, a lobby and common area, plus a kitchen and bath on the main level. Upstairs, the layout provides four additional offices and a bathroom. Additional buildings on the site include conference space, more offices, and storage, supporting multiple work needs within the same campus.
The property is located on a 15,000 square foot in-city Burlington lot. The multi-structure configuration centers activities around the interior courtyard, creating a defined, self-contained campus setting.
This offering is well-suited for an organization seeking a ready-to-operate headquarters with dedicated private office space and supplemental rooms for meetings, collaboration, and storage. With offices distributed across several buildings and an internal courtyard, it can accommodate operations that value separation of work functions while maintaining a single, cohesive footprint.
The property is located on a 15,000 square foot in-city Burlington lot. The multi-structure configuration centers activities around the interior courtyard, creating a defined, self-contained campus setting.
This offering is well-suited for an organization seeking a ready-to-operate headquarters with dedicated private office space and supplemental rooms for meetings, collaboration, and storage. With offices distributed across several buildings and an internal courtyard, it can accommodate operations that value separation of work functions while maintaining a single, cohesive footprint.
Key Highlights
- Move‑in ready former nonprofit office campus with four structures and an interior courtyard
- Main office: 3,167 SF across two levels, finished to Class A quality with five private offices plus lobby and common area
- Main office includes a kitchen and bath; upper level offers four additional offices and a bathroom
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
$67,668
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
6.80%
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%
$1,353,360
$1.4M
Cap Rate 7%
$966,686
$966.7K
Cap Rate 9%
$751,867
$751.9K
Market Conditions
NOI Build-Up for 3,167 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
$113.6K $35.88/SF
− Vacancy
−$23.4K −$7.39/SF
EGI
$90.2K $28.49/SF
− OpEx
−$22.6K −$7.12/SF
NOI
$67.7K $21.37/SF
Area
Skagit County, WA
Vacancy
20.60%
Lease Rate
$35.88 /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%
$1,353,360
Cap Rate 7%
$966,686
Cap Rate 9%
$751,867
Alternative Uses
Best Use
Office B
$966.7K
$845.9K – $1.13M
NOI $67,668 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,163 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 98233, WA
16,034
Population
7,295
Households
2.2
Avg Household Size
38
Median Age
23%
College-Educated
90%
High-School Grad
33.2 sq mi
ZIP Area
483
Density / Sq Mi
$83,560
Median Household Income
$43,697
Median Earnings
$1,567
Median Rent
$466,300
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 - Move-in ready office campus with multiple structures, an interior courtyard, and Class A finished office suites.
Where is this office building located?
The property is located at 225 N Walnut Street Burlington, WA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Move‑in ready former nonprofit office campus with four structures and an interior courtyard; Main office: 3,167 SF across two levels, finished to Class A quality with five private offices plus lobby and common area; Main office includes a kitchen and bath; upper level offers four additional offices and a bathroom
