Marysville Flex Space For
For Sale
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5625 48th Dr NE, Marysville, WA 98270
23,270 SF flex space with I-5 access.
Property Size23,270 SF
Price / SF$152.56
Days on Market874
Property Features for 5625 48th Dr NE
General Information
Standard status
Active
Size
23,270 SF
Property subtype
Office, Industrial
Zoning
GI
Building Details
Year Built
1991
Listing Agency:
Colliers - Bellevue, Washington
(360) 981-2543
Listed By:
Rich Sander · License #129053
Source:
Crexi
Added: Mar 19, 2024
Changed: Aug 8
Last Checked: Jul 29 at 11:52AM
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 Colliers - Bellevue, Washington
Investment Insights
Based on property information with market context.
This +/- 23,270 SF building includes a 20,000 SF footprint with an additional 3,000 SF mezzanine area spread between the suites. The building, constructed in 1991, features metal construction and clear span warehouse space without columns. It offers 18’-20’ clear height and 3-phase power service. Immediate access to I-5 is available. The property includes ample parking and an additional ~7,500 SF fenced yard on the east side. Currently configured as a 4-suite building, the property includes Unit A, a vacant +/- 7,008 SF space with 1,502 SF of office space across two floors, 4,498 SF of warehouse space, and a 1,008 SF mezzanine storage area, featuring 1 drive-in door and 1 dock-high loading door. Unit B is a +/- 2,576 SF leased space with 572 SF of office space, 1,750 SF of warehouse space, and a 572 SF mezzanine, featuring 1 drive-in door and is leased through 4/30/2025. Unit C is a +/- 4,000 SF leased space with approximately 250 SF of office space and 3,750 SF of warehouse space, featuring 1 drive-in door and is leased through 11/30/2025. Unit D is a vacant +/- 9,686 SF space with approximately 686 SF of office space, a 1,666 SF mezzanine, and 7,334 SF of warehouse space, featuring 2 drive-in loading doors and a 2-ton crane with welding hood. +/- 16,694 SF is vacant for an owner-user to occupy.
Key Highlights
- +/- 16,694 SF vacant for Owner‑User occupancy within a +/- 23,270 SF building.
- Immediate access to I‑5.
- Clear span warehouse (no columns) with 3‑phase power.
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
$294,215
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
8.29%
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%
$5,884,300
$5.9M
Cap Rate 7%
$4,203,071
$4.2M
Cap Rate 9%
$3,269,056
$3.3M
Market Conditions
NOI Build-Up for 23,270 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
$371.4K $15.96/SF
− Vacancy
−$25.3K −$1.09/SF
EGI
$346.1K $14.87/SF
− OpEx
−$51.9K −$2.23/SF
NOI
$294.2K $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%
$5,884,300
Cap Rate 7%
$4,203,071
Cap Rate 9%
$3,269,056
Alternative Uses
Best Use
Warehouse
$4.20M
$3.68M – $4.90M
NOI $294,215 @ 7.0% cap · market cap 8.29%
Second Best
Flex RnD
$3.75M
$3.28M – $4.37M
NOI $262,403 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$6.49M
$5.68M – $7.57M
NOI $454,272 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98270, WA
51,969
Population
19,840
Households
2.6
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
3,634
Density / Sq Mi
$102,258
Median Household Income
$50,619
Median Earnings
$1,845
Median Rent
$540,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 23,270 SF flex space with I-5 access.
Where is this flex space located?
The property is located at 5625 48th Dr NE Marysville, WA.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: +/- 16,694 SF vacant for Owner‑User occupancy within a +/- 23,270 SF building.; Immediate access to I‑5.; Clear span warehouse (no columns) with 3‑phase power.
