Industrial Flex
For Sale
$8,900,000
950 Andover Park E, Tukwila, WA 98188
Highly visible industrial and flex building with immediate access to major transportation corridors in Tukwila.
Property Size41,286 SF
Days on Market51
Property Features for 950 Andover Park E
General Information
Standard status
Active
Size
41,286 SF
Property subtype
Industrial
Building Details
Building Size
41,286 SF
Year Built
1975
Listing Agency:
Lee & Associates Commercial Real Estate Services
Listed By:
Andrew Hull · License #134116
(253) 444-3023
Source:
Lee-associates
Added: Jul 24
Changed: Sep 10
Last Checked: Sep 11 at 5:53AM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
950 Andover Park E is a highly visible industrial/flex building positioned in the heart of Tukwila’s established industrial and commercial district. The property is designed to support flexible operations and provides immediate control from day one.
According to the seller, the location offers immediate access to the region’s most important transportation corridors, supporting efficient service to Seattle, Bellevue, the Eastside, Tacoma, and Sea-Tac Airport. The building benefits from being in one of the Puget Sound area’s sought-after commercial corridors.
According to the seller, the location offers immediate access to the region’s most important transportation corridors, supporting efficient service to Seattle, Bellevue, the Eastside, Tacoma, and Sea-Tac Airport. The building benefits from being in one of the Puget Sound area’s sought-after commercial corridors.
Key Highlights
- Industrial/flex building in Tukwila’s established industrial and commercial district.
- Immediate access to the region’s major transportation corridors.
- Central location for serving Seattle, Bellevue, the Eastside, Tacoma, and Sea‑Tac Airport.
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
$592,727
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
6.66%
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%
$11,854,540
$11.9M
Cap Rate 7%
$8,467,529
$8.5M
Cap Rate 9%
$6,585,856
$6.6M
Market Conditions
NOI Build-Up for 41,286 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
$1.14M $27.54/SF
− Vacancy
−$225.1K −$5.45/SF
EGI
$911.9K $22.09/SF
− OpEx
−$319.2K −$7.73/SF
NOI
$592.7K $14.36/SF
Area
King County, WA
Vacancy
19.80%
Lease Rate
$27.54 /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%
$11,854,540
Cap Rate 7%
$8,467,529
Cap Rate 9%
$6,585,856
Alternative Uses
Best Use
Flex RnD
$8.47M
$7.41M – $9.88M
NOI $592,727 @ 7.0% cap · market cap 6.66%
Second Best
Warehouse
$7.20M
$6.30M – $8.40M
NOI $504,204 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$16.54M
$14.47M – $19.29M
NOI $1,157,527 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,384
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98188, WA
27,851
Population
12,025
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
3,438
Density / Sq Mi
$76,559
Median Household Income
$45,245
Median Earnings
$1,641
Median Rent
$452,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Highly visible industrial and flex building with immediate access to major transportation corridors in Tukwila.
Where is this flex space located?
The property is located at 950 Andover Park E Tukwila, WA.
What is the asking price?
The asking price for this property is $8,900,000.
What are key features of this property?
This property features: Industrial/flex building in Tukwila’s established industrial and commercial district.; Immediate access to the region’s major transportation corridors.; Central location for serving Seattle, Bellevue, the Eastside, Tacoma, and Sea‑Tac Airport.
