381 E Main Street, Monroe, WA 98272

Building Details

Year Built 2000 More

Buildings 1 More

Building Size 4,992 SF More

Listing Agency: KW North Sound Show Phone

Listed By: Lance Otto Show Phone

Source: Premierepropertygroup

Added: Apr 18, 2025 Changed: Nov 6 Last Checked: Nov 8 at 4:31AM

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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 KW North Sound

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Investment Insights

Based on property information with market context.

This vacant retail space presents a redevelopment or renovation opportunity in a 4,992 SF commercial building. The layout includes a huge room upstairs plus two separate downstairs spaces. There are 2 bathrooms upstairs and 2 bathrooms downstairs, supporting flexible use for a retail, office, studio, or mixed-use concept.

Located at 381 E Main Street in downtown Monroe, the property is described as offering Main Street visibility and steady traffic. Site frontage is 117, set on a 0.18-acre lot with public water and a slab foundation.

Built in 2000, the building includes heating and air conditioning and electric power production. Interior finishes include vinyl and carpet flooring, and exterior finishes include wood. Uncovered parking totals 20 spaces.

Key Highlights

• 4,992 SF commercial building with a huge upstairs room
• Two separate downstairs spaces
• 2 bathrooms upstairs and 2 bathrooms downstairs

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$88,914

Cap Rate

8.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,778,280 $1.8M

Cap Rate 7%

$1,270,200 $1.3M

Cap Rate 9%

$987,933 $987.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,992 SF

Gross rent

$136.6K $27.36/SF

− Vacancy

−$18.0K −$3.61/SF

EGI

$118.6K $23.75/SF

− OpEx

−$29.6K −$5.94/SF

NOI

$88.9K $17.81/SF

Area

Snohomish County, WA

Vacancy

13.20%

Lease Rate

$27.36 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,778,280

Cap Rate 7%

$1,270,200

Cap Rate 9%

$987,933

Alternative Uses

Best Use

Office B

$1.27M

$1.11M – $1.48M (±1% cap)

NOI $88,914 @ 7.0% cap · market cap 8.94%

Second Best

Retail

$1.00M

$879.3K – $1.17M (±1% cap)

NOI $70,346 @ 7.0% cap · market cap 7.07%

Theoretical Best

Office A

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,453 @ 7.0% cap · market cap 9.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

El tijeras Hair ... Hair Salon

Suggested Use

Top Pick Storage Facility Parking Lot & Garage Electrical Service Law Firm Carpet & Flooring Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,260

Businesses Nearby

Explore this area Business Placement

Demographics for 98272, WA

31,127

Population

10,313

Households

3

Avg Household Size

38

Median Age

29%

College-Educated

92%

High-School Grad

106.3 sq mi

ZIP Area

293

Density / Sq Mi

$115,894

Median Household Income

$51,879

Median Earnings

$1,902

Median Rent

$638,300

Median Home Value

Market

Average Price Trend$/SF for Retail space in Snohomish County, WA

$353 Jul

$299 Aug

$328 Sep

$283 Oct

Properties on Market for Retail space in Snohomish County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Vacant retail space with heating and air conditioning, public water, and uncovered parking for up to 20 vehicles.

Where is this retail space located?

The property is located at 381 E Main Street Monroe, 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: 4,992 SF commercial building with a huge upstairs room; Two separate downstairs spaces; 2 bathrooms upstairs and 2 bathrooms downstairs