Building Details

Year Built 1955

Listing Agency: Century 21 Northstar Longview Show Phone

Listed By: Stephen Burright · License #WA

Source: Crexi

Added: Aug 8 Changed: Aug 17 Last Checked: Aug 18 at 11:53PM

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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 Century 21 Northstar Longview

Investment Insights

Based on property information with market context.

This updated 1,374 sq. ft. office unit combines a flexible primary workspace with a private meeting room and kitchenette. The interior configuration supports a range of office-oriented operations, while views extend across Silver Lake toward Mount St. Helens.

The property fronts Spirit Lake Memorial Highway, also identified as SR 504, on the corridor leading toward Mount St. Helens. Dedicated on-site signage and a parking lot are included, with room for future expansion. The site is near the Mount St. Helens Visitor Center at Silver Lake, Seaquest State Park, Silver Lake boat launches, and routes associated with Johnston Ridge.

Key Highlights

• 1,374 sq. ft. updated office unit
• Views of Silver Lake and Mount St. Helens
• Flexible main workspace with private meeting room and kitchenette

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

$24,473

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

7.77%

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%

$489,460 $489.5K

Cap Rate 7%

$349,614 $349.6K

Cap Rate 9%

$271,922 $271.9K

Market Conditions

NOI Build-Up for 1,374 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

$37.6K $27.36/SF

− Vacancy

−$5.0K −$3.61/SF

EGI

$32.6K $23.75/SF

− OpEx

−$8.2K −$5.94/SF

NOI

$24.5K $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 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%

$489,460

Cap Rate 7%

$349,614

Cap Rate 9%

$271,922

Alternative Uses

Best Use

Office B

$349.6K

$305.9K – $407.9K (±1% cap)

NOI $24,473 @ 7.0% cap · market cap 7.77%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$383.2K

$335.3K – $447.1K (±1% cap)

NOI $26,823 @ 7.0% cap · market cap 8.52%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Electrical Service Hotel & Motel

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

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Explore this area Business Placement

Demographics for 98645, WA

1,811

Population

891

Households

2

Avg Household Size

47

Median Age

38%

College-Educated

97%

High-School Grad

15.2 sq mi

ZIP Area

119

Density / Sq Mi

$102,664

Median Household Income

$58,348

Median Earnings

$782

Median Rent

$467,000

Median Home Value

Market

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

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Office units - Updated workspace includes a meeting room, kitchenette, dedicated signage, and on-site parking.

Where is this office units located?

The property is located at 4200 Spirit Lake Hwy Silver Lake, WA.

What is the asking price?

The asking price for this property is $315,000.

What are key features of this property?

This property features: 1,374 sq. ft. updated office unit; Views of Silver Lake and Mount St. Helens; Flexible main workspace with private meeting room and kitchenette