Renovated Office
New
For Sale
Contact for pricing
515 B St NE, Auburn, WA 98002
Move-in-ready office property with private parking and RO zoning.
Property Size1,820 SF
Price / SF$343.41
Days on Market5
Property Features for 515 B St NE
General Information
Standard status
Active
Size
1,820 SF
Property subtype
OFFICE
Zoning
RO
Listing Agency:
The Andover Company, Inc.
(206) 244-0770
Listed By:
Arne Svendsen
(206) 336-5331
Source:
Moodyscre
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 11 at 9:35AM
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 The Andover Company, Inc.
Investment Insights
Based on property information with market context.
This 1,820-square-foot office property has been newly renovated and is available immediately. The building is described as move-in ready and includes private parking for users and visitors.
Zoned RO, or residential office, the property is positioned in a quiet neighborhood with access to SR-167 and 277th St. Its office configuration and recent renovation support immediate occupancy for an office user.
Zoned RO, or residential office, the property is positioned in a quiet neighborhood with access to SR-167 and 277th St. Its office configuration and recent renovation support immediate occupancy for an office user.
Key Highlights
- 1,820 SF office property
- Newly renovated and available immediately
- Move‑in‑ready condition
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
$38,378
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
6.14%
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%
$767,560
$767.6K
Cap Rate 7%
$548,257
$548.3K
Cap Rate 9%
$426,422
$426.4K
Market Conditions
NOI Build-Up for 1,820 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
$65.5K $36.00/SF
− Vacancy
−$14.3K −$7.88/SF
EGI
$51.2K $28.12/SF
− OpEx
−$12.8K −$7.03/SF
NOI
$38.4K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$767,560
Cap Rate 7%
$548,257
Cap Rate 9%
$426,422
Alternative Uses
Best Use
Office B
$548.3K
$479.7K – $639.6K
NOI $38,378 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$729.0K
$637.8K – $850.5K
NOI $51,027 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 98002, WA
38,474
Population
15,279
Households
2.5
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
7.2 sq mi
ZIP Area
5,344
Density / Sq Mi
$77,714
Median Household Income
$44,616
Median Earnings
$1,613
Median Rent
$397,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Move-in-ready office property with private parking and RO zoning.
Where is this office building located?
The property is located at 515 B St NE Auburn, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 1,820 SF office property; Newly renovated and available immediately; Move‑in‑ready condition
