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Edgewater Bldg 16000 Mill Creek Blvd 22,458 SF 88% Leased Flex Building Mill Creek, WA 98012 $8,235,928 CAD ($366.73 CAD/SF) 6.39% Cap Rate
INVESTMENT HIGHLIGHTS
- The asset is currently 88.12% leased, delivering stable returns with a Year 1 NOI of $376,565.52.
- Highly visible site near SR-527 with excellent access to I-5 and walking distance to Mill Creek Town Center.
- Located within the Urban Center/Town Center South subarea, the zoning permits up to 10 stories with no FAR or unit cap
- Surrounded by a dense, high-income population with projected 2025 median household incomes exceeding $125,000 within a 5-mile radius.
EXECUTIVE SUMMARY
Kidder Mathews is pleased to present the Edgewater Building, a 22,458 RSF flex property in Mill Creek with strong in-place income and long-term upside. Located just off SR-527 with proximity to I-5 and Mill Creek Town Center, the property offers exceptional access and visibility. Importantly, the property lies within a zoning corridor being evaluated for increased density and mixed-use development, creating a rare opportunity to unlock additional value through future entitlements or redevelopment.
PROPERTY FACTS
| Price | $8,235,928 CAD | Lot Size | 1.24 AC |
| Price Per SF | $366.73 CAD | Rentable Building Area | 22,458 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 6.39% | Year Built | 1989 |
| Property Type | Flex | Parking Ratio | 2.14/1,000 SF |
| Property Subtype | Showroom | Clear Ceiling Height | 20’ |
| Building Class | B | No. Drive In / Grade-Level Doors | 5 |
| Zoning | Town Center - development allows up to 5 stories (60 ft), while subarea planning may permit up to 10 stories, with no FAR or unit cap— enabling higher-density mix | ||
| Price | $8,235,928 CAD |
| Price Per SF | $366.73 CAD |
| Sale Type | Investment |
| Cap Rate | 6.39% |
| Property Type | Flex |
| Property Subtype | Showroom |
| Building Class | B |
| Lot Size | 1.24 AC |
| Rentable Building Area | 22,458 SF |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 2.14/1,000 SF |
| Clear Ceiling Height | 20’ |
| No. Drive In / Grade-Level Doors | 5 |
| Zoning | Town Center - development allows up to 5 stories (60 ft), while subarea planning may permit up to 10 stories, with no FAR or unit cap— enabling higher-density mix |
AMENITIES
- Bus Line
- Security System
- Skylights
- Air Conditioning
UTILITIES
- Gas - Natural
- Water - City
- Sewer - City
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Equipped with two private offices, in-suite restroom, kitchenette and an open workspace
| Space | Size | Space Use | Condition | Available |
| 2nd Fl-Ste 201 | 727 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 202 | 1,565 SF | Office | Full Build-Out | 30 Days |
| 2nd Fl-Ste 203 | 531 SF | Office | Full Build-Out | 30 Days |
| 2nd Fl-Ste 210 | 2,016 SF | Office | Full Build-Out | Now |
2nd Fl-Ste 201
| Size |
| 727 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 202
| Size |
| 1,565 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
2nd Fl-Ste 203
| Size |
| 531 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
2nd Fl-Ste 210
| Size |
| 2,016 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 201
| Size | 727 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 202
| Size | 1,565 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 203
| Size | 531 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
1 of 4
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 210
| Size | 2,016 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Equipped with two private offices, in-suite restroom, kitchenette and an open workspace
Walk Score®
Very Walkable (72)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 006891-000-009-00 | Improvements Assessment | $4,308,072 CAD |
| Land Assessment | $1,991,918 CAD | Total Assessment | $6,299,990 CAD |
PROPERTY TAXES
Parcel Number
006891-000-009-00
Land Assessment
$1,991,918 CAD
Improvements Assessment
$4,308,072 CAD
Total Assessment
$6,299,990 CAD
1 of 14
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Edgewater Bldg | 16000 Mill Creek Blvd
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