Five-Building Retail
For Sale
Contact for pricing
909 SE Everett Mall Way, Everett, WA 98208
Leased commercial campus combining retail, flex, and office suites along the SE Everett Mall Way corridor.
Property Size79,139 SF
Price / SF$181.64
Days on Market21
Property Features for 909 SE Everett Mall Way
General Information
Standard status
Active
Size
79,139 SF
Property subtype
RETAIL
Occupancy
95%
Building Details
Buildings
5
Tenancy
Multi
Listing Agency:
ORION Commercial Partners, LLC
(206) 793-1074
Listed By:
Scott Clements · License #12379
(206) 793-1074
Source:
Moodyscre
Added: Jul 20
Changed: Aug 8
Last Checked: Aug 8 at 4:25AM
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.
The property is a five-building commercial campus totaling 79,139 square feet. It is 95% leased and includes a balanced mix of retail, flex, and office tenants, with no single user occupying more than 10% of the net rentable area. The tenant mix includes smaller suite sizes, supporting a diversified commercial configuration.
Located along the SE Everett Mall Way corridor in Everett, the campus is near Walmart, Regal Cinemas, Target, and surrounding amenities. The property is being offered for sale for the first time in 22 years.
Located along the SE Everett Mall Way corridor in Everett, the campus is near Walmart, Regal Cinemas, Target, and surrounding amenities. The property is being offered for sale for the first time in 22 years.
Key Highlights
- 79,139‑square‑foot five‑building commercial campus
- 95% leased with retail, flex, and office tenants
- No single user occupies more than 10% of net rentable area
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
$1,192,593
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
8.30%
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%
$23,851,860
$23.9M
Cap Rate 7%
$17,037,043
$17.0M
Cap Rate 9%
$13,251,033
$13.3M
Market Conditions
NOI Build-Up for 79,139 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
$1.99M $25.20/SF
− Vacancy
−$159.5K −$2.02/SF
EGI
$1.83M $23.18/SF
− OpEx
−$642.2K −$8.11/SF
NOI
$1.19M $15.07/SF
Area
Everett, WA
Vacancy
8.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
35.00%
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%
$23,851,860
Cap Rate 7%
$17,037,043
Cap Rate 9%
$13,251,033
Alternative Uses
Best Use
Office B
$18.92M
$16.55M – $22.07M
NOI $1,324,075 @ 7.0% cap · market cap 9.21%
Second Best
Flex RnD
$17.04M
$14.91M – $19.88M
NOI $1,192,593 @ 7.0% cap · market cap 8.30%
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
Balanced
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Leased commercial campus combining retail, flex, and office suites along the SE Everett Mall Way corridor.
Where is this shopping center located?
The property is located at 909 SE 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: 79,139‑square‑foot five‑building commercial campus; 95% leased with retail, flex, and office tenants; No single user occupies more than 10% of net rentable area
