724 Auburn Way N, Auburn, WA 98002

Listing Agency: NAI Puget Sound Properties

Listed By: Kyle Sterling · License WA #126435 Show Phone

Source: Nai-psp

Added: Aug 8 Changed: Nov 8 Last Checked: Nov 10 at 7:55AM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This standalone flex property provides approximately 3,828 SF within a 10,572 SF lot. Constructed in 2007 and extensively renovated in 2022, the building is in excellent condition and available for immediate occupancy. Its configuration combines professional office potential with a substantial first-floor open storage and work area, supporting office, medical, showroom, light-industrial, and other flex uses identified for the property.

The building is set back from Auburn Way in a quieter setting while remaining convenient to area amenities. Gated access and on-site parking add practical functionality for an owner-user operation, with the private standalone format offering control over the premises and access.

Key Highlights

• ±3,828 SF standalone office/flex building
• ±10,572 SF lot
• Built in 2007; extensively renovated in 2022

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$91,413

Cap Rate

6.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,828,260 $1.8M

Cap Rate 7%

$1,305,900 $1.3M

Cap Rate 9%

$1,015,700 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,828 SF

Gross rent

$130.9K $34.20/SF

− Vacancy

−$9.0K −$2.36/SF

EGI

$121.9K $31.84/SF

− OpEx

−$30.5K −$7.96/SF

NOI

$91.4K $23.88/SF

Area

King County, WA

Vacancy

6.90%

Lease Rate

$34.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,828,260

Cap Rate 7%

$1,305,900

Cap Rate 9%

$1,015,700

Alternative Uses

Best Use

Office B

$1.31M

$1.14M – $1.52M (±1% cap)

NOI $91,413 @ 7.0% cap · market cap 6.11%

Second Best

Flex RnD

$785.1K

$687.0K – $916.0K (±1% cap)

NOI $54,957 @ 7.0% cap · market cap 3.68%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

pbcontractors General Contractor

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Electrical Service Florist Tech Support Center Fish Market Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,195

Businesses Nearby

Balanced

Demand for This Use

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

Market

Properties on Market for Flex space in King County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Renovated standalone space with gated access, on-site parking, and an adaptable first-floor work area.

Where is this flex space located?

The property is located at 724 Auburn Way N Auburn, WA.

What is the asking price?

The asking price for this property is $1,495,000.

What are key features of this property?

This property features: ±3,828 SF standalone office/flex building; ±10,572 SF lot; Built in 2007; extensively renovated in 2022