Industrial Property on Highway
For Sale
$2,200,000
23125 Highway 99, Edmonds, WA 98026
Established industrial property with a 1955 construction date in Edmonds.
Property Size6,845 SF
Days on Market92
Property Features for 23125 Highway 99
General Information
Standard status
Active
Size
6,845 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Building Details
Building Size
6,845 SF
Year Built
1955
Listing Agency:
The Andover Company, Inc.
(602) 708-6589
Listed By:
Joshua Klein · License #WA #20123086
(602) 708-6589
Source:
Corfac
Added: Jun 1
Changed: Aug 29
Last Checked: Aug 30 at 2:33PM
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 The Andover Company, Inc.
Investment Insights
Based on property information with market context.
This industrial property was constructed in 1955 and is identified at 23125 Highway 99 in Edmonds, Washington. The available information establishes the property’s industrial classification and address, with no additional building specifications provided.
Key Highlights
- Constructed in 1955
- Located at 23125 Highway 99
- Edmonds, WA 98026
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
$66,482
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
3.02%
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%
$1,329,640
$1.3M
Cap Rate 7%
$949,743
$949.7K
Cap Rate 9%
$738,689
$738.7K
Market Conditions
NOI Build-Up for 6,845 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
$102.7K $15.00/SF
− Vacancy
−$7.7K −$1.13/SF
EGI
$95.0K $13.88/SF
− OpEx
−$28.5K −$4.16/SF
NOI
$66.5K $9.71/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,329,640
Cap Rate 7%
$949,743
Cap Rate 9%
$738,689
Alternative Uses
Best Use
Industrial
$949.7K
$831.0K – $1.11M
NOI $66,482 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,627 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Established industrial property with a 1955 construction date in Edmonds.
Where is this industrial property located?
The property is located at 23125 Highway 99 Edmonds, WA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Constructed in 1955; Located at 23125 Highway 99; Edmonds, WA 98026
