Flex Space with Retail
For Sale
Contact for pricing
2902 Hewitt Ave, Everett, WA 98201
Flex space built in 2000 with retail frontage, one grade-level roll-up door, and nine dedicated parking stalls.
Property Size4,158 SF
Lot Size0.36 Acres
Price / SF$312.65
Days on Market207
Property Features for 2902 Hewitt Ave
General Information
Standard status
Active
Size
4,158 SF
Total Parking Spaces
9
Lot size
0.36 Acres
Property subtype
INDUSTRIAL
Zoning
Mixed-Use 7
Lease Type
NNN
Additional Details
Highway Access
Yes
Drive-In Doors
1
Building Details
Year Built
2000
Properties For Sale
at 2902 Hewitt Ave Contact us- Size
- 4,158 SF
- Type
- INDUSTRIAL
- Lease Type
- NNN
- Availability
- AVAILABLE
Available Space
Lot Size: 15,682 SF
Year Built: 2000
Zoning: Mixed-Use 7
Loading: 1 Grade-level roll-up...
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Contact us
Listing Agency:
NAI Puget Sound Properties
(425) 586-5600
Listed By:
Blake Stedman · License #WA2495
(425) 652-1722
Source:
Moodyscre
Added: Feb 10
Changed: Aug 14
Last Checked: Jul 21 at 2:54PM
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 flex space was built in 2000 and sits on a 15,682 SF lot. The property is zoned Mixed-Use 7 and includes one grade-level roll-up door for loading and access, along with nine dedicated parking stalls.
The site offers high visibility and easy access, with retail frontage and proximity to major transportation corridors, located one block from I-5 and Hwy-2. The property is available 04/2026.
For sale, this combination of retail frontage and light warehouse functionality can support a range of owner-occupied and business uses that need both storefront presence and straightforward loading access.
The site offers high visibility and easy access, with retail frontage and proximity to major transportation corridors, located one block from I-5 and Hwy-2. The property is available 04/2026.
For sale, this combination of retail frontage and light warehouse functionality can support a range of owner-occupied and business uses that need both storefront presence and straightforward loading access.
Key Highlights
- Flex space built in 2000 with 15,682 SF lot size
- Mixed‑Use 7 zoning and retail frontage
- 1 grade‑level roll‑up door with loading
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
$62,659
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
4.82%
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%
$1,253,180
$1.3M
Cap Rate 7%
$895,129
$895.1K
Cap Rate 9%
$696,211
$696.2K
Market Conditions
NOI Build-Up for 4,158 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
$104.8K $25.20/SF
− Vacancy
−$8.4K −$2.02/SF
EGI
$96.4K $23.18/SF
− OpEx
−$33.7K −$8.11/SF
NOI
$62.7K $15.07/SF
Area
Everett, WA
Vacancy
8.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,253,180
Cap Rate 7%
$895,129
Cap Rate 9%
$696,211
Alternative Uses
Best Use
Flex RnD
$895.1K
$783.2K – $1.04M
NOI $62,659 @ 7.0% cap · market cap 4.82%
Second Best
Warehouse
$664.8K
$581.7K – $775.6K
NOI $46,533 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$1.38M
$1.20M – $1.61M
NOI $96,343 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,036
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space built in 2000 with retail frontage, one grade-level roll-up door, and nine dedicated parking stalls.
Where is this flex space located?
The property is located at 2902 Hewitt Ave Everett, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Flex space built in 2000 with 15,682 SF lot size; Mixed‑Use 7 zoning and retail frontage; 1 grade‑level roll‑up door with loading
