Mixed-Use Flex
For Sale
Contact for pricing
2815 Baker Ave, Everett, WA 98201
The Baker Building combines office, retail, and warehouse space with recently improved capital items and an included parking lot.
Property Size45,000 SF
Price / SF$106.67
Days on Market1043
Property Features for 2815 Baker Ave
General Information
Standard status
Active
Size
45,000 SF
Property subtype
INDUSTRIAL
Additional Details
Opportunity Zone
Yes
Building Details
Tenancy
Multi
Listing Agency:
First Western Properties, Inc.
(425) 320-8834
Listed By:
Tej Asher · License #20111567
(425) 320-8834
Source:
Moodyscre
Added: Oct 10, 2023
Changed: Aug 16
Last Checked: Apr 19 at 2:39PM
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 First Western Properties, Inc.
Investment Insights
Based on property information with market context.
The Baker Building is a flex property that combines office, retail, and warehouse space and currently houses a mix of tenants. Recent capital improvements have been completed. The sale also includes a recently improved parking lot to the west.
The property is located close to main arterials and is within an Opportunity Zone.
As an owner-user offering, the building provides a mixed layout across multiple commercial components under one ownership.
The property is located close to main arterials and is within an Opportunity Zone.
As an owner-user offering, the building provides a mixed layout across multiple commercial components under one ownership.
Key Highlights
- Flex property with office, retail, and warehouse space and a mix of tenants
- Multiple capital improvements recently completed
- Sale includes a recently improved parking lot to the west
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
$414,734
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
8.64%
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%
$8,294,680
$8.3M
Cap Rate 7%
$5,924,771
$5.9M
Cap Rate 9%
$4,608,156
$4.6M
Market Conditions
NOI Build-Up for 45,000 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
$642.6K $14.28/SF
− Vacancy
−$50.1K −$1.11/SF
EGI
$592.5K $13.17/SF
− OpEx
−$177.7K −$3.95/SF
NOI
$414.7K $9.22/SF
Area
Everett, WA
Vacancy
7.80%
Lease Rate
$14.28 /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%
$8,294,680
Cap Rate 7%
$5,924,771
Cap Rate 9%
$4,608,156
Alternative Uses
Best Use
Office B
$10.76M
$9.41M – $12.55M
NOI $752,895 @ 7.0% cap · market cap 15.69%
Second Best
Flex RnD
$9.69M
$8.48M – $11.30M
NOI $678,132 @ 7.0% cap · market cap 14.13%
Theoretical Best
Office A
$14.90M
$13.03M – $17.38M
NOI $1,042,675 @ 7.0% cap · market cap 21.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
817
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98201, WA
30,421
Population
15,196
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
91%
High-School Grad
18.8 sq mi
ZIP Area
1,618
Density / Sq Mi
$73,822
Median Household Income
$48,830
Median Earnings
$1,443
Median Rent
$476,900
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?
Flex space - The Baker Building combines office, retail, and warehouse space with recently improved capital items and an included parking lot.
Where is this flex space located?
The property is located at 2815 Baker Ave Everett, WA.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Flex property with office, retail, and warehouse space and a mix of tenants; Multiple capital improvements recently completed; Sale includes a recently improved parking lot to the west
