Remodeled Office
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For Sale
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903 E Street SE, Auburn, WA 98002
C-3 Commercial zoning with private offices, reception, client meeting areas, and open workspace.
Property Size1,880 SF
Lot Size0.19 Acres
Price / SF$452.13
Days on Market4
Property Features for 903 E Street SE
General Information
Standard status
Active
Size
1,880 SF
Lot size
0.19 Acres
Property subtype
OFFICE
Zoning
C-3
Additional Details
Highway Access
Yes
Amenities
monument signage
mature landscaping
ADA accessibility
Building Details
Year Built
1954
Year Renovated
2008
Buildings
1
Listing Agency:
Madison Bay Commercial
(206) 412-6036
Listed By:
Dean Anderson
(206) 656-2353
Source:
Moodyscre
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 7 at 12:21PM
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 Madison Bay Commercial
Investment Insights
Based on property information with market context.
Located at 903 E Street SE, this office building contains approximately 1,880 square feet on an 8,409 square foot parcel. Originally built in 1954 and renovated in 2008, the property includes private offices, reception and client meeting areas, and open workspace. ADA accessibility, monument signage, mature landscaping, and parking for five or more vehicles are also provided.
The property sits along a commercial corridor in Auburn with access to Downtown Auburn, SR-167, Highway 18, retail services, and business amenities. C-3 Commercial zoning and the existing office configuration provide a clearly defined setting for professional office operations.
The property sits along a commercial corridor in Auburn with access to Downtown Auburn, SR-167, Highway 18, retail services, and business amenities. C-3 Commercial zoning and the existing office configuration provide a clearly defined setting for professional office operations.
Key Highlights
- Approximately 1,880 square feet of office space on an 8,409 square foot parcel
- C‑3 Commercial zoning
- Renovated in 2008; originally constructed in 1954
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
$39,644
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
4.66%
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%
$792,880
$792.9K
Cap Rate 7%
$566,343
$566.3K
Cap Rate 9%
$440,489
$440.5K
Market Conditions
NOI Build-Up for 1,880 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
$67.7K $36.00/SF
− Vacancy
−$14.8K −$7.88/SF
EGI
$52.9K $28.12/SF
− OpEx
−$13.2K −$7.03/SF
NOI
$39.6K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$792,880
Cap Rate 7%
$566,343
Cap Rate 9%
$440,489
Alternative Uses
Best Use
Office B
$566.3K
$495.6K – $660.7K
NOI $39,644 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$753.0K
$658.9K – $878.5K
NOI $52,709 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,804
Businesses Nearby
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
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - C-3 Commercial zoning with private offices, reception, client meeting areas, and open workspace.
Where is this office building located?
The property is located at 903 E Street SE Auburn, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Approximately 1,880 square feet of office space on an 8,409 square foot parcel; C‑3 Commercial zoning; Renovated in 2008; originally constructed in 1954
