Mukilteo Mixed-Use Landmark
For Sale
$1,799,000
731 2nd St, Mukilteo, WA 98275
Turnkey income property with panoramic views and established tenants.
Property Size3,700 SF
Price / SF$486.22
Days on Market381
Property Features for 731 2nd St
General Information
Standard status
Active
Size
3,700 SF
Building Details
Year Built
1903
Listing Agency:
SKYLINE PROPERTIES, INC.
Listed By:
GENA HORIATIS
Source:
Corcoran
Added: Aug 18, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 SKYLINE PROPERTIES, INC.
Investment Insights
Based on property information with market context.
This mixed-use property in Mukilteo, Washington, presents a ready-to-operate opportunity with potential for reimagining in a growing waterfront town. Constructed circa 1903 and restored in 1997, the building offers approximately 3700 square feet of space on a 5663 square foot lot. The property is zoned DB Downtown Business, permitting residential, commercial, and mixed-use developments. The building features three stories and includes nine on-property parking spaces, plus an additional four on-street parking spaces. The property is currently occupied by the owner and tenants. The property is a turnkey income property with three levels and established tenants, including residential, salon, and professional office spaces. The top-floor apartment offers unobstructed panoramic views.
Key Highlights
- Turnkey Income Property: Three levels with established tenants.
- Panoramic Views: Enjoy unobstructed views from the top‑floor apartment.
- Prime Location: Mukilteo Landmark in a growing waterfront town.
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
$65,902
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
3.66%
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%
$1,318,040
$1.3M
Cap Rate 7%
$941,457
$941.5K
Cap Rate 9%
$732,244
$732.2K
Market Conditions
NOI Build-Up for 3,700 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
$101.2K $27.36/SF
− Vacancy
−$13.4K −$3.61/SF
EGI
$87.9K $23.75/SF
− OpEx
−$22.0K −$5.94/SF
NOI
$65.9K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,318,040
Cap Rate 7%
$941,457
Cap Rate 9%
$732,244
Alternative Uses
Best Use
Office B
$941.5K
$823.8K – $1.10M
NOI $65,902 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$790.6K
$691.8K – $922.4K
NOI $55,342 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$1.03M
$902.9K – $1.20M
NOI $72,231 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 98275, WA
21,642
Population
8,492
Households
2.5
Avg Household Size
44
Median Age
55%
College-Educated
98%
High-School Grad
7.3 sq mi
ZIP Area
2,965
Density / Sq Mi
$122,612
Median Household Income
$69,619
Median Earnings
$2,127
Median Rent
$830,000
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?
Mixed-use property - Turnkey income property with panoramic views and established tenants.
Where is this mixed-use property located?
The property is located at 731 2nd St Mukilteo, WA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Turnkey Income Property: Three levels with established tenants.; Panoramic Views: Enjoy unobstructed views from the top‑floor apartment.; Prime Location: Mukilteo Landmark in a growing waterfront town.
