Building Details

Construction brick and concrete

Listing Agency: Equality Realty E***@equalityrealty.com

Listed By: Karim Ali Show Phone

Source: Exprealty

Added: Jul 24 Changed: Oct 25 Last Checked: Oct 26 at 7:15PM

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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 Equality Realty

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Investment Insights

Based on property information with market context.

This office/retail condo is located within a downtown building and totals approximately 1,100 SF across Units D and G. The interior has been remodeled with laminate hardwood flooring, and the property includes forced-air heating and cooling. The building exterior features brick and concrete construction. Public water and sewer are available, along with electric and natural gas.

The property is situated just off Main Street in downtown Monroe, next to Frank Wagner Elementary. HOA responsibilities include building exterior, grounds, and parking, and the HOA covers water, sewer, garbage, and building insurance.

The space is currently leased, offering an investor or buyer an income-producing commercial unit in an owner-managed condo building.

Key Highlights

• Office/retail condo in downtown Monroe, just off Main Street next to Frank Wagner Elementary
• Approximately 1,100 SF across Units D and G with a remodeled interior
• Laminate hardwood flooring and brick/concrete exterior

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,592

Cap Rate

5.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$391,840 $391.8K

Cap Rate 7%

$279,886 $279.9K

Cap Rate 9%

$217,689 $217.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,100 SF

Gross rent

$30.1K $27.36/SF

− Vacancy

−$4.0K −$3.61/SF

EGI

$26.1K $23.75/SF

− OpEx

−$6.5K −$5.94/SF

NOI

$19.6K $17.81/SF

Area

Snohomish County, WA

Vacancy

13.20%

Lease Rate

$27.36 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$391,840

Cap Rate 7%

$279,886

Cap Rate 9%

$217,689

Alternative Uses

Best Use

Office B

$279.9K

$244.9K – $326.5K (±1% cap)

NOI $19,592 @ 7.0% cap · market cap 5.60%

Second Best

Retail

$221.4K

$193.8K – $258.4K (±1% cap)

NOI $15,501 @ 7.0% cap · market cap 4.43%

Theoretical Best

Office A

$306.8K

$268.4K – $357.9K (±1% cap)

NOI $21,474 @ 7.0% cap · market cap 6.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Parking Lot & Garage Storage Facility Carpet & Flooring Store (Bike/Boat/Book/etc) Store Law Firm Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,245

Businesses Nearby

Explore this area Business Placement

Demographics for 98272, WA

31,127

Population

10,313

Households

3

Avg Household Size

38

Median Age

29%

College-Educated

92%

High-School Grad

106.3 sq mi

ZIP Area

293

Density / Sq Mi

$115,894

Median Household Income

$51,879

Median Earnings

$1,902

Median Rent

$638,300

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Remodeled office/retail condo with forced-air heating and cooling, leased within an HOA-managed downtown building.

Where is this office unit located?

The property is located at D-809 W Main St Monroe, WA.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Office/retail condo in downtown Monroe, just off Main Street next to Frank Wagner Elementary; Approximately 1,100 SF across Units D and G with a remodeled interior; Laminate hardwood flooring and brick/concrete exterior