This exceptional investment opportunity presents a multi-tenant retail and office complex in Arlington, Washington's thriving Smokey Point area. The property, known as Smokey Point Shopping Center, comprises two buildings totaling 87,101 square feet situated on a substantial 287,060 square foot lot. Built in 1978, the center boasts 300 parking spaces, ensuring ample convenience for tenants and customers. Currently, there are multiple tenants occupying the space, with two available units ranging from 1,800 to 6,237 square feet, ideal for a variety of businesses. The property's zoning is HC, and its location at 3131 & 17306 Smokey Point Drive, Arlington, WA 98223, places it in a high-traffic area, benefiting from strong visibility and accessibility. The center is strategically positioned alongside successful businesses such as Pursuit Fitness, Asgard Massage, and DriveBar Virtual Golf, creating a synergistic environment. The property's multiple building configuration and flexible space options provide significant potential for diverse tenant occupancy and revenue streams. The property's APN numbers are 00645300000300, 00645300000700, 00645300000801, 00645300000900, 00645300001000, and 31052000400500, located in Snohomish County. This well-established center offers a compelling investment opportunity with strong potential for future growth and profitability. The property's diverse subtype designations, including Executive Office, Medical Office, and Flex space, further enhance its versatility and appeal to a wide range of potential tenants.
Property Features for 3131 Smokey Point Dr
General Information
Property type
Neighborhood centers
Lease Type
Gross Lease
RSF (Rentable sq. ft)
87,101 SF
Total Rate
87101
Building Details
Year Built
1978
Buildings
2
Unit(s) available at that property
Space
Suite 1A
Size
6,237 SF
Rate per SF
$12
Space
Suite 15
Size
1,800 SF
Rate per SF
$16
HighLights
Multi‑tenant retail and office complex totaling 87,101 square feet on a 287,060 square foot lot in Arlington, WA's Smokey Point area.
Two buildings with 300 parking spaces, built in 1978.
Two available units ranging from 1,800 to 6,237 square feet.
Located at 3131 & 17306 Smokey Point Drive, Arlington, WA 98223, with HC zoning.
Strong location with high visibility and accessibility near successful businesses.
Neighborhood center - Arlington, WA: Prime Retail/Office Space
Where is this neighborhood center located?
The property is located at 3131 Smokey Point Dr Arlington, WA.
What is the lease rate?
The lease rate is $12-$16 SF/Yr.
What are key features of this property?
This property features: Multi-tenant retail and office complex totaling 87,101 square feet on a 287,060 square foot lot in Arlington, WA's Smokey Point area.; Two buildings with 300 parking spaces, built in 1978.; Two available units ranging from 1,800 to 6,237 square feet.
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3131 Smokey Point Dr Arlington, WA 98223
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Cap approach
Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.
Comparable approach
Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.
Relative
Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.
Geo
Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels
across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.
Alternative use
Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.
More about this property
3131 Smokey Point Dr Arlington, WA 98223
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3131 Smokey Point Dr, Arlington, WA
Mark Ramaley
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3131 Smokey Point Dr, Arlington, WA
Mark Ramaley
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3131 Smokey Point Dr, Arlington, WA
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3131 Smokey Point Dr, Arlington, WA
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3131 Smokey Point Dr, Arlington, WA
Mark Ramaley
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