Multi-Tenant Office
New
For Sale
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25012-25022 104th Ave SE, Kent, WA 98030
Multi-suite office property with medical and service-oriented users, on-site parking, and one vacant suite.
Property Size22,387 SF
Lot Size1.54 Acres
Price / SF$265.78
Days on Market6
Property Features for 25012-25022 104th Ave SE
General Information
Standard status
Active
Size
22,387 SF
Lot size
1.54 Acres
Property subtype
OFFICE
Occupancy
96%
Financials
Asking Price
$5,950,000
Cap Rate
7.34%
Building Details
Tenancy
Multi
Listing Agency:
NAI Puget Sound Properties
(425) 586-5608
Listed By:
Kyle Sterling · License #126435
(425) 586-5608
Source:
Moodyscre
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 21 at 8:22AM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This 22,387-square-foot office property is configured as a multi-tenant business park on 1.54 acres. The tenant mix includes medical, dental, physical therapy, wellness, and other service-based users. Current occupancy is 95.7%, with one vacant suite providing available space within the existing configuration. The property also carries a 7.34% current cap rate.
Located at 25012-25022 104th Ave SE in Kent’s East Hill area, the site offers prominent visibility, signage, and on-site parking. The office setting is suited to a range of professional and healthcare-related users, with diversified occupancy across the property.
Located at 25012-25022 104th Ave SE in Kent’s East Hill area, the site offers prominent visibility, signage, and on-site parking. The office setting is suited to a range of professional and healthcare-related users, with diversified occupancy across the property.
Key Highlights
- 22,387 SF multi‑tenant office property on a 1.54 AC lot
- 95.7% occupied with diversified in‑place tenancy
- Tenant mix includes medical, dental, physical therapy, wellness, and service‑based users
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
$439,253
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
7.38%
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%
$8,785,060
$8.8M
Cap Rate 7%
$6,275,043
$6.3M
Cap Rate 9%
$4,880,589
$4.9M
Market Conditions
NOI Build-Up for 22,387 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
$693.1K $30.96/SF
− Vacancy
−$107.4K −$4.80/SF
EGI
$585.7K $26.16/SF
− OpEx
−$146.4K −$6.54/SF
NOI
$439.3K $19.62/SF
Area
Kent, WA
Vacancy
15.50%
Lease Rate
$30.96 /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%
$8,785,060
Cap Rate 7%
$6,275,043
Cap Rate 9%
$4,880,589
Alternative Uses
Best Use
Office B
$6.28M
$5.49M – $7.32M
NOI $439,253 @ 7.0% cap · market cap 7.38%
Second Best
Healthcare Medical
$4.62M
$4.04M – $5.39M
NOI $323,541 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$8.39M
$7.34M – $9.79M
NOI $587,264 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
95.7%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 98030, WA
38,933
Population
13,519
Households
2.9
Avg Household Size
35
Median Age
28%
College-Educated
86%
High-School Grad
7.2 sq mi
ZIP Area
5,407
Density / Sq Mi
$91,218
Median Household Income
$46,681
Median Earnings
$1,797
Median Rent
$540,100
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 - Multi-suite office property with medical and service-oriented users, on-site parking, and one vacant suite.
Where is this office building located?
The property is located at 25012-25022 104th Ave SE Kent, WA.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: 22,387 SF multi‑tenant office property on a 1.54 AC lot; 95.7% occupied with diversified in‑place tenancy; Tenant mix includes medical, dental, physical therapy, wellness, and service‑based users
