Single-Tenant Warehouse
For Sale
Contact for pricing
5503 232nd St SW, Mountlake Terrace, WA 98043
Functional industrial space with grade-level loading and flexible warehouse, storage, or service use potential.
Property Size9,600 SF
Lot Size0.33 Acres
Price / SF$197.92
Days on Market241
Property Features for 5503 232nd St SW
General Information
Standard status
Active
Size
9,600 SF
Lot size
0.33 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
17 ft
Warehouse Space
9,600 SF
Drive-In Doors
1
Building Details
Year Built
1951
Building Size
9,600 SF
Tenancy
Single
Listing Agency:
Lee & Associates Commercial Real Estate Services
(425) 818-2655
Listed By:
Alex Muir
(253) 303-1983
Source:
Moodyscre
Added: Dec 8, 2025
Changed: Jul 31
Last Checked: Aug 6 at 5:51AM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
Single-tenant warehouse building totaling approximately 9,600 square feet on a 14,375-square-foot parcel measuring 0.33 acres in Mountlake Terrace. Originally constructed in 1951, the property provides efficient warehouse functionality with a grade-level loading door and an approximately 17-foot maximum clear height.
The building is suited to light industrial, storage, or service-oriented uses. Its single-tenant configuration and practical loading access support straightforward warehouse operations from the 5503 232nd St SW location.
The building is suited to light industrial, storage, or service-oriented uses. Its single-tenant configuration and practical loading access support straightforward warehouse operations from the 5503 232nd St SW location.
Key Highlights
- Approximately 9,600 SF single‑tenant warehouse building
- 14,375 SF parcel measuring 0.33 acres
- Grade‑level loading door
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
$121,378
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
6.39%
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%
$2,427,560
$2.4M
Cap Rate 7%
$1,733,971
$1.7M
Cap Rate 9%
$1,348,644
$1.3M
Market Conditions
NOI Build-Up for 9,600 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
$153.2K $15.96/SF
− Vacancy
−$10.4K −$1.09/SF
EGI
$142.8K $14.87/SF
− OpEx
−$21.4K −$2.23/SF
NOI
$121.4K $12.64/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
15.00%
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%
$2,427,560
Cap Rate 7%
$1,733,971
Cap Rate 9%
$1,348,644
Alternative Uses
Best Use
Warehouse
$1.73M
$1.52M – $2.02M
NOI $121,378 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,409 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
1
Drive-in doors
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98043, WA
21,285
Population
9,493
Households
2.2
Avg Household Size
39
Median Age
42%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
5,191
Density / Sq Mi
$101,408
Median Household Income
$59,982
Median Earnings
$1,966
Median Rent
$605,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Functional industrial space with grade-level loading and flexible warehouse, storage, or service use potential.
Where is this warehouse located?
The property is located at 5503 232nd St SW Mountlake Terrace, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Approximately 9,600 SF single‑tenant warehouse building; 14,375 SF parcel measuring 0.33 acres; Grade‑level loading door
