Current Use by Public Records
- Center for Independence / Social Service Agency
- Tax Street / Tax Preparation
- Marysville Travel / Travel Agency
- Eagle Country Construction Inc. / Construction Company
Property Details for 502 State Ave
- Year built
- 1992
- Property type
- Retail properties & Spaces
- Property subtype
- Office Spaces
Description
This exceptional one-story, 4,785 square foot office building in Marysville, WA presents a compelling investment opportunity. Located at 502 State Ave, this Class B, multi-tenant property boasts a prime location in the heart of Marysville's downtown core, directly across from City Hall and Comford Park. The building, constructed in 1992, features three units with a 100% occupancy rate, generating a strong net operating income (NOI) of $94,895 and a 6.33% cap rate. The property sits on a 12,197 square foot lot and benefits from high visibility due to its location on State Ave, a major thoroughfare with over 25,000 cars passing daily. A prominent monument sign with an electronic reader board further enhances visibility. The current leases are NNN, with a remaining term of approximately 2.1 years, and include a state-funded anchor tenant. Leases feature 3% annual rent increases, providing consistent income growth. One tenant is on a month-to-month lease, offering potential for owner-occupancy. This stabilized investment property offers a rare chance to acquire a well-maintained building in a thriving area with significant growth potential. The permitted zoning is DC. The asking price is $1,499,000, translating to a price per square foot of $313.27.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Marysville
- County
- Snohomish
- State
- Washington
- Longitude
- -122.177
- Latitude
- 48.053
