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Office

Glen Haven Office Park

5116 196th St SW, Lynnwood, WA 98036

Listing Price: $6,250,000

Cap Rate
4.55%
Rentable SF
36,254
Lot Size
2.91 acres
Year Built
1969

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the Glen Haven Office Park, a three-building office & retail campus set around a tranquil forest pond in Lynnwood, WA. The subject property presents an excellent opportunity for value-add investors as nearly all of the leases are short-term with profoundly below-market rates. Lynnwood is poised to enjoy significant growth in the coming years as its business-friendly government and relatively low cost of living versus Seattle make it an attractive alternative for those escaping high rents and excessive regulation. Central Lynnwood is poised for a commercial transformation as several major developments coinciding with the arrival of light rail in 2024 take shape in the coming years. Northline Village, a 777,000 SF mixed-use development on 19.1 acres, is taking shape just two blocks East of Glen Haven. The Lynnwood light rail station will be a very walkable three blocks from Glen Haven and will improve the daily commute for tenants. As it is, Glen Haven’s position at the crossroads of I-5, I-405 and Highway 99 allow convenient access to all parts of the region. Glen Haven Office Parks’ three buildings provide a range of space offerings: The Glenview building is two stories and provides exceptional visibility for retail tenants via 196th Street. The Glenwood building is a three-story office building composed of medical and professional tenants who enjoy forest & pond views. The Glen Arbor building offers auditorium space on the ground floor with high-finish professional office space upstairs. Ample parking throughout the campus supports high occupancy levels. Glen Haven has a very attractive earnings trajectory for a value-add investor. Property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants without prior approval. Seller will respond to offers on a first-come, first-serve basis.

Investment Highlights

  • Convenient Nearby Access to Interstate 5, Interstate 405, and Highway 99
  • Medical, Professional, and Retail Tenants
  • Immediate Upside As Rents Are Approximately 50% Below Market On Short-Term Leases
  • 8% Vacancy Submarket
  • Deeply Below Replacement Cost
  • Three Blocks To New Light Rail Station & Northline Village Development

Exclusively Listed By

Financing By

Office

Glen Haven Office Park

Listing Price: $6,250,000

Cap Rate
4.55%
Rentable SF
36,254
Lot Size
2.91 acres
Year Built
1969

Investment Highlights

  • Convenient Nearby Access to Interstate 5, Interstate 405, and Highway 99
  • Medical, Professional, and Retail Tenants
  • Immediate Upside As Rents Are Approximately 50% Below Market On Short-Term Leases
  • 8% Vacancy Submarket
  • Deeply Below Replacement Cost
  • Three Blocks To New Light Rail Station & Northline Village Development

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the Glen Haven Office Park, a three-building office & retail campus set around a tranquil forest pond in Lynnwood, WA. The subject property presents an excellent opportunity for value-add investors as nearly all of the leases are short-term with profoundly below-market rates. Lynnwood is poised to enjoy significant growth in the coming years as its business-friendly government and relatively low cost of living versus Seattle make it an attractive alternative for those escaping high rents and excessive regulation. Central Lynnwood is poised for a commercial transformation as several major developments coinciding with the arrival of light rail in 2024 take shape in the coming years. Northline Village, a 777,000 SF mixed-use development on 19.1 acres, is taking shape just two blocks East of Glen Haven. The Lynnwood light rail station will be a very walkable three blocks from Glen Haven and will improve the daily commute for tenants. As it is, Glen Haven’s position at the crossroads of I-5, I-405 and Highway 99 allow convenient access to all parts of the region. Glen Haven Office Parks’ three buildings provide a range of space offerings: The Glenview building is two stories and provides exceptional visibility for retail tenants via 196th Street. The Glenwood building is a three-story office building composed of medical and professional tenants who enjoy forest & pond views. The Glen Arbor building offers auditorium space on the ground floor with high-finish professional office space upstairs. Ample parking throughout the campus supports high occupancy levels. Glen Haven has a very attractive earnings trajectory for a value-add investor. Property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants without prior approval. Seller will respond to offers on a first-come, first-serve basis.

Exclusively Listed By

Financing By

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