Aircraft Hangar With Office
New
For Sale
$2,150,000
9800 29th Ave W Suite #E105, Everett, WA 98204
Aviation condominium combining a large hangar with two-level office accommodations and separate grade-level access.
Property Size9,025 SF
Price / SF$238.23
Days on Market2
Property Features for 9800 29th Ave W Suite #E105
General Information
Standard status
Active
Size
9,025 SF
Property subtype
Airplane Hangar
Additional Details
Asking Price
$2,150,000
Listing Agency:
NAI Puget Sound Properties
(206) 972-8567
Listed By:
Dick Paylor, CCIM
(206) 972-8567
Source:
Nai-psp
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 5:56AM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This aviation condominium provides a 9,025-square-foot aircraft hangar with approximate dimensions of 95 feet by 95 feet. The facility includes a 22-foot by 75-foot hangar door, an external man door, and a north-side grade-level roll-up door. Two functional office spaces are incorporated into the property, including approximately 600 square feet of office area arranged across two levels.
Located at Paine Field, the property combines aircraft storage and workspace within a single aviation-focused facility. The separate office areas support on-site administrative functions while the hangar accommodates the primary aircraft-related use.
Located at Paine Field, the property combines aircraft storage and workspace within a single aviation-focused facility. The separate office areas support on-site administrative functions while the hangar accommodates the primary aircraft-related use.
Key Highlights
- 9,025 SF aircraft hangar condominium at Paine Field
- Approximate hangar dimensions of 95’ X 95’
- 22’ X 75’ hangar door
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
$150,997
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
7.02%
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%
$3,019,940
$3.0M
Cap Rate 7%
$2,157,100
$2.2M
Cap Rate 9%
$1,677,744
$1.7M
Market Conditions
NOI Build-Up for 9,025 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
$238.3K $26.40/SF
− Vacancy
−$36.9K −$4.09/SF
EGI
$201.3K $22.31/SF
− OpEx
−$50.3K −$5.58/SF
NOI
$151.0K $16.73/SF
Area
Everett, WA
Vacancy
15.50%
Lease Rate
$26.40 /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%
$3,019,940
Cap Rate 7%
$2,157,100
Cap Rate 9%
$1,677,744
Alternative Uses
Best Use
Office B
$2.16M
$1.89M – $2.52M
NOI $150,997 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.99M
$2.61M – $3.49M
NOI $209,114 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 98204, WA
44,810
Population
18,914
Households
2.4
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
7.2 sq mi
ZIP Area
6,224
Density / Sq Mi
$66,592
Median Household Income
$44,349
Median Earnings
$1,732
Median Rent
$386,300
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?
Aviation real estate - Aviation condominium combining a large hangar with two-level office accommodations and separate grade-level access.
Where is this aviation real estate located?
The property is located at 9800 29th Ave W Suite #E105 Everett, WA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 9,025 SF aircraft hangar condominium at Paine Field; Approximate hangar dimensions of 95’ X 95’; 22’ X 75’ hangar door
