NNN Automotive Collision Repair
For Sale
$5,130,000
6021 199th St NE, Arlington, WA 98223
Two 2008 steel-frame metal buildings are leased on a long-term NNN basis to a collision repair operator.
Property Size11,424 SF
Price / SF$449.05
Days on Market138
Property Features for 6021 199th St NE
General Information
Standard status
Active
Size
11,424 SF
Property subtype
Commercial
Building Details
Year Built
2008
Construction
steel frame
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
CLAYTON BROWN · License #WA:123258,ID:SP56979
(206) 826-5700
Source:
Corcoran
Added: Apr 21
Changed: Sep 4
Last Checked: Apr 20 at 9:43PM
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.
This offering features two steel-frame metal buildings with metal roofs built in 2008. The property is operated as a collision repair facility and ultimately expanded to occupy the entire site. The current structure supports a long-term, 12+ year NNN lease with minimal landlord responsibilities, backed by Crash Champions, LLC.
The lease has 3.00% annual rent increases throughout the initial term and option periods. The asset is located at 6021 199th St NE in Arlington, WA 98223, positioned to serve a broad trade area. The seller’s materials cite approximately 145,000 residents within a 10-mile radius and average household incomes exceeding $122,000.
The lease has 3.00% annual rent increases throughout the initial term and option periods. The asset is located at 6021 199th St NE in Arlington, WA 98223, positioned to serve a broad trade area. The seller’s materials cite approximately 145,000 residents within a 10-mile radius and average household incomes exceeding $122,000.
Key Highlights
- Two 2008 steel‑frame, metal‑roof buildings leased long‑term on a NNN basis to a collision repair operator
- 12+ year NNN lease with minimal landlord responsibilities, backed by Crash Champions, LLC
- 3.00% annual rent increases throughout the initial term and option periods for consistent NOI growth
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
$160,985
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
3.14%
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%
$3,219,700
$3.2M
Cap Rate 7%
$2,299,786
$2.3M
Cap Rate 9%
$1,788,722
$1.8M
Market Conditions
NOI Build-Up for 11,424 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
$246.8K $21.60/SF
− Vacancy
−$16.8K −$1.47/SF
EGI
$230.0K $20.13/SF
− OpEx
−$69.0K −$6.04/SF
NOI
$161.0K $14.09/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$3,219,700
Cap Rate 7%
$2,299,786
Cap Rate 9%
$1,788,722
Alternative Uses
Best Use
Retail
$2.30M
$2.01M – $2.68M
NOI $160,985 @ 7.0% cap · market cap 3.14%
Second Best
Industrial
$1.59M
$1.39M – $1.85M
NOI $110,956 @ 7.0% cap · market cap 2.16%
Theoretical Best
Office A
$3.19M
$2.79M – $3.72M
NOI $223,017 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- T F Auto Repair LLC — 18932 66th Ave NE Ste A, Arlington, WA 98223
- Rosten Automotive & custom — 19010 66th Ave NE unit 5B, Arlington, WA 98223
Frequently Asked Questions
What type of property is this?
Auto shop - Two 2008 steel-frame metal buildings are leased on a long-term NNN basis to a collision repair operator.
Where is this auto shop located?
The property is located at 6021 199th St NE Arlington, WA.
What is the asking price?
The asking price for this property is $5,130,000.
What are key features of this property?
This property features: Two 2008 steel‑frame, metal‑roof buildings leased long‑term on a NNN basis to a collision repair operator; 12+ year NNN lease with minimal landlord responsibilities, backed by Crash Champions, LLC; 3.00% annual rent increases throughout the initial term and option periods for consistent NOI growth
