Five-Building Flex and Retail
For Sale
$14,375,000
909 Everett Mall Way, Everett, WA 98208
Five-building commercial campus is 95% leased with a diversified retail, flex, and office tenant mix.
Property Size79,139 SF
Price / SF$181.64
Days on Market10
Property Features for 909 Everett Mall Way
General Information
Standard status
Active
Size
79,139 SF
Property subtype
Commercial
Occupancy
95%
Building Details
Year Built
1980
Tenancy
Multi
Listing Agency:
ORION COMMERCIAL PARTNERS, LLC
(206) 445-7664
Listed By:
SCOTT CLEMENTS · License #12379
Source:
Corcoran
Added: Jul 22
Changed: Jul 26
Last Checked: Jul 30 at 9:08AM
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 ORION COMMERCIAL PARTNERS, LLC
Investment Insights
Based on property information with market context.
This five-building commercial campus offers a balanced mix of retail, flex, and office tenants, with 95% occupancy reported. The tenant roster is diversified, with no single user occupying more than 10% of the net rentable area. The property is being offered for sale for the first time in 22 years.
The campus is positioned on the SE Everett Mall Way corridor with high visibility. The location provides proximity to major national retailers including Walmart, Regal Cinemas, and Target, along with numerous surrounding amenities.
According to the seller’s remarks, the opportunity includes upside potential supported by predominantly under-market rents and strong tenant demand for smaller suite sizes.
The campus is positioned on the SE Everett Mall Way corridor with high visibility. The location provides proximity to major national retailers including Walmart, Regal Cinemas, and Target, along with numerous surrounding amenities.
According to the seller’s remarks, the opportunity includes upside potential supported by predominantly under-market rents and strong tenant demand for smaller suite sizes.
Key Highlights
- Five‑building commercial campus built in 1980
- 95% leased with a diversified mix of retail, flex, and office tenants
- No single tenant occupies more than 10% of net rentable area, providing tenant diversification
Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.99M | $25.20 |
| − Vacancy | −$159.5k | −$2.02 |
| EGI | $1.83M | $23.18 |
| − OpEx | −$642.2k | −$8.11 |
| NOI | $1.19M | $15.07 |
79,139 SF · lease $25.20/SF/yr · vacancy 8.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$17.04M
$14.91M – $19.88M
NOI $1,192,593 @ 7.0% cap · market cap 8.30%
Second Best
Retail
$16.32M
$14.28M – $19.05M
NOI $1,142,736 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$26.20M
$22.92M – $30.56M
NOI $1,833,695 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,148
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98208, WA
60,019
Population
22,534
Households
2.7
Avg Household Size
37
Median Age
34%
College-Educated
91%
High-School Grad
15.2 sq mi
ZIP Area
3,949
Density / Sq Mi
$102,546
Median Household Income
$53,626
Median Earnings
$1,859
Median Rent
$641,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Firehouse Subs Everett Mall Way — 221 SE Everett Mall Way, Everett, WA 98208
Frequently Asked Questions
What type of property is this?
Flex space - Five-building commercial campus is 95% leased with a diversified retail, flex, and office tenant mix.
Where is this flex space located?
The property is located at 909 Everett Mall Way Everett, WA.
What is the asking price?
The asking price for this property is $14,375,000.
What are key features of this property?
This property features: Five‑building commercial campus built in 1980; 95% leased with a diversified mix of retail, flex, and office tenants; No single tenant occupies more than 10% of net rentable area, providing tenant diversification
