The commercial market in Carnation is not huge. But, it is growing, thanks to the city installing a sewer system. This makes development possible in the down-town area and should also lead to growth in the residential market over time that will support businesses.
For now though, with overall slowdown in the real estate market and the major slowdown in business development and investment, don’t expect it to take off fast in the near future.
For now, what’s on the market officially is pretty limited. There is one small commercial space on the downtown strip and several developable properties available. The space downtown seems a bit pricey to me. This is based on looking at the square footage and applying an appropriate CAP rate on expected rents. The current asking price would imply a $20/sf/yr rent. That just isn’t going to happen in Carnation for this space. Even the listing is saying $12/sf, so I’d expect the price to be adjusted accordingly. (about 60% of the current price).
Beyond that, not much going on. I did notice one developable property’s listing expired, so might need to make some calls and see what the owner really wants to do.
Take care and enjoy the sun everyone!
Jason Hershey, Commercial Agent
Commercial Sales and Leasing
CENTURY 21 North Homes Realty, Inc.
13322 Hwy 99 South, Suite #201
Everett, WA 98204