Lynnwood Office Building Near
For Sale
$3,330,000
Pending
4720 200th St SW, Lynnwood, WA 98036
15,976 SF office building near Lynnwood Light Rail Station.
Property Size15,976 SF
Days on Market411
Property Features for 4720 200th St SW
General Information
Standard status
Pending
Size
15,976 SF
Property subtype
Commercial
Building Details
Year Built
1980
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
JOEL DEIS
Source:
Corcoran
Added: Jun 25, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:45AM
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 MARCUS & MILLICHAP, INC.
Investment Insights
Based on property information with market context.
The CLS Building is a 15,976 SF professional office building in Lynnwood, WA. It is located adjacent to the newly completed Lynnwood Light Rail Station. The property is 79% occupied and houses tenants in a variety of industries. It offers direct access to dense residential communities and key employment centers. The property has a City Center West zoning designation in the City Center District, which is designed to promote higher density housing, retail and restaurants, and professional uses. The property is well-positioned for eventual redevelopment.
Key Highlights
- 15,976 SF professional office building.
- Adjacent to the newly completed Lynnwood Light Rail Station.
- Immediate cash flow from 79% occupancy.
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
$284,554
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
8.55%
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%
$5,691,080
$5.7M
Cap Rate 7%
$4,065,057
$4.1M
Cap Rate 9%
$3,161,711
$3.2M
Market Conditions
NOI Build-Up for 15,976 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
$437.1K $27.36/SF
− Vacancy
−$57.7K −$3.61/SF
EGI
$379.4K $23.75/SF
− OpEx
−$94.9K −$5.94/SF
NOI
$284.6K $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%
$5,691,080
Cap Rate 7%
$4,065,057
Cap Rate 9%
$3,161,711
Alternative Uses
Best Use
Office B
$4.07M
$3.56M – $4.74M
NOI $284,554 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.46M
$3.90M – $5.20M
NOI $311,880 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,619
Businesses Nearby
Explore this area
Business Placement
Demographics for 98036, WA
42,248
Population
17,228
Households
2.5
Avg Household Size
39
Median Age
39%
College-Educated
92%
High-School Grad
9.6 sq mi
ZIP Area
4,401
Density / Sq Mi
$89,566
Median Household Income
$54,455
Median Earnings
$1,686
Median Rent
$693,300
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 - 15,976 SF office building near Lynnwood Light Rail Station.
Where is this office building located?
The property is located at 4720 200th St SW Lynnwood, WA.
What is the asking price?
The asking price for this property is $3,330,000.
What are key features of this property?
This property features: 15,976 SF professional office building.; Adjacent to the newly completed Lynnwood Light Rail Station.; Immediate cash flow from 79% occupancy.
