Professional/Medical Office in
For Sale
$999,000
Pending
701 182nd St, Shoreline, WA 98133
Professional/medical office in a park-like setting with easy access.
Property Size2,000 SF
Days on Market484
Property Features for 701 182nd St
General Information
Standard status
Pending
Size
2,000 SF
Property subtype
Commercial
Building Details
Year Built
1990
Listing Agency:
WPI REAL ESTATE SERVICES, INC.
(206) 849-8858
Listed By:
TC WU · License #18933
Source:
Corcoran
Added: Apr 24, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:18AM
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 WPI REAL ESTATE SERVICES, INC.
Investment Insights
Based on property information with market context.
This 2,000 square foot professional or medical office is located in Shoreline, Washington. Situated in a tranquil, park-like setting alongside other established medical and professional practices, the property offers functionality and long-term value for both owner-users and investors. The location provides easy access to both Highway 99 and I-5 and is surrounded by growing residential neighborhoods. Previously used as a dental office, the interior walls can be removed to allow for flexible space division. Features include extra ceiling height above the drop ceilings, central air conditioning, and extra storage space in the basement, which is not included in the square footage. Potential uses include legal, architectural, CPA, real estate, engineering, psychology, medical, dental, and other related or supporting clinical and health care services.
Key Highlights
- Prime location in a tranquil, park‑like setting with established medical/professional practices.
- Easy access to Hwy 99 and I‑5, surrounded by growing residential neighborhoods.
- Versatile space suitable for various professional uses (legal, medical, dental, etc.).
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
$30,868
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
3.09%
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%
$617,360
$617.4K
Cap Rate 7%
$440,971
$441.0K
Cap Rate 9%
$342,978
$343.0K
Market Conditions
NOI Build-Up for 2,000 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
$55.9K $27.96/SF
− Vacancy
−$4.5K −$2.24/SF
EGI
$51.4K $25.72/SF
− OpEx
−$20.6K −$10.29/SF
NOI
$30.9K $15.43/SF
Area
ZIP 98133
Vacancy
8.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
40.00%
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%
$617,360
Cap Rate 7%
$440,971
Cap Rate 9%
$342,978
Alternative Uses
Best Use
Healthcare Medical
$441.0K
$385.9K – $514.5K
NOI $30,868 @ 7.0% cap · market cap 3.09%
Second Best
Office B
$417.4K
$365.2K – $486.9K
NOI $29,215 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$569.4K
$498.3K – $664.3K
NOI $39,860 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98133, WA
50,720
Population
24,730
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
7,144
Density / Sq Mi
$92,371
Median Household Income
$60,328
Median Earnings
$1,794
Median Rent
$719,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professional/medical office in a park-like setting with easy access.
Where is this medical office space located?
The property is located at 701 182nd St Shoreline, WA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Prime location in a tranquil, park‑like setting with established medical/professional practices.; Easy access to Hwy 99 and I‑5, surrounded by growing residential neighborhoods.; Versatile space suitable for various professional uses (legal, medical, dental, etc.).
