Building Details

Year Built 1954

Units 1

Tenancy Single

Listing Agency: windermere Real Estate a***@windermere.com Show Phone

Listed By: Aaron Zehm · License #WA 98322AB

Source: Crexi

Added: Feb 24 Changed: Aug 8 Last Checked: Aug 11 at 6:43AM

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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 windermere Real Estate

Investment Insights

Based on property information with market context.

This is a rare opportunity to own the only general store serving the historic mountain town of Index, Washington. The property is nestled at the base of the North Cascades and just off Highway 2. This landmark is the hub of daily life for locals, outdoor enthusiasts, and tourists exploring the Skykomish River, climbing walls, and hiking trails nearby. The building offers a flexible layout and has a size of 2280 square feet. It is ideal for a convenience market, café, or mixed-use concept. With consistent year-round demand from the town’s residents and heavy seasonal traffic from hikers, climbers, rafters, and visitors heading to Stevens Pass, the store has strong visibility and a built-in customer base.

Key Highlights

• Only general store serving the historic mountain town of Index, Washington.
• Located at the base of the North Cascades, near Highway 2, Skykomish River, climbing walls, and hiking trails.
• Consistent year‑round demand from residents and heavy seasonal traffic from tourists and outdoor enthusiasts.

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

$35,486

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

3.55%

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%

$709,720 $709.7K

Cap Rate 7%

$506,943 $506.9K

Cap Rate 9%

$394,289 $394.3K

Market Conditions

NOI Build-Up for 2,280 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

$50.1K $21.96/SF

− Vacancy

−$2.8K −$1.21/SF

EGI

$47.3K $20.75/SF

− OpEx

−$11.8K −$5.19/SF

NOI

$35.5K $15.56/SF

Area

Snohomish County, WA

Vacancy

5.50%

Lease Rate

$21.96 /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%

$709,720

Cap Rate 7%

$506,943

Cap Rate 9%

$394,289

Alternative Uses

Best Use

Specialty Retail

$506.9K

$443.6K – $591.4K (±1% cap)

NOI $35,486 @ 7.0% cap · market cap 3.55%

Second Best

Retail

$459.0K

$401.6K – $535.5K (±1% cap)

NOI $32,129 @ 7.0% cap · market cap 3.21%

Theoretical Best

Office A

$635.9K

$556.4K – $741.8K (±1% cap)

NOI $44,510 @ 7.0% cap · market cap 4.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

United States Postal ... Post Office

Suggested Use

Top Pick Parking Lot & Garage Cafe & Coffee Shop (Bike/Boat/Book/etc) Store Grocery & Convenience Store Travel Agency Clothing & Fashion 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.

Location Intelligence

Trade Area within ½ mile

40

Businesses Nearby

Explore this area Business Placement

Demographics for 98256, WA

446

Population

359

Households

1.2

Avg Household Size

46

Median Age

10%

College-Educated

73%

High-School Grad

75.6 sq mi

ZIP Area

6

Density / Sq Mi

$91,406

Median Household Income

$36,667

Median Earnings

$1,283

Median Rent

$379,500

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

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What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Grocery and convenience store - General store in historic mountain town near Highway 2.

Where is this grocery and convenience store located?

The property is located at 503 Ave A Index, WA.

What is the asking price?

The asking price for this property is $1,000,000.

What are key features of this property?

This property features: Only general store serving the historic mountain town of Index, Washington.; Located at the base of the North Cascades, near Highway 2, Skykomish River, climbing walls, and hiking trails.; Consistent year‑round demand from residents and heavy seasonal traffic from tourists and outdoor enthusiasts.