Calculate cap rates and net operating income for commercial properties in Washington. Compare your results against Washington's gateway market benchmarks sourced from CBRE H2 2025.
Seattle is a major gateway market anchored by Amazon (HQ), Microsoft (Redmond campus), Boeing (headquarters, Everett manufacturing), and Starbucks. The Eastside (Bellevue, Redmond, Kirkland) has become a major tech hub as companies expand from Seattle to lower-density suburban campuses. No state income tax. Tacoma's port is one of the Pacific Coast's busiest, driving strong industrial demand. Spokane is an emerging secondary market.
| Property Type | Typical Low % | Typical High % |
|---|---|---|
| Multifamily | 4.0% | 5.5% |
| Industrial | 4.5% | 6.0% |
| Retail | 5.0% | 7.0% |
| Office | 5.5% | 8.5% |
Benchmarks sourced from CBRE H2 2025 Cap Rate Survey, JP Morgan, Matthews, and Cushman & Wakefield market data. Ranges represent typical stabilized assets — actual rates vary by asset quality, location, and market conditions.
Washington cap rates range from 4.0–5.5% for multifamily, 4.5–6.0% for industrial, 5.0–7.0% for retail, and 5.5–8.5% for office. Seattle and the Eastside (Bellevue/Redmond) have rates approaching the lowest tier of gateway markets, driven by Amazon and Microsoft's dominant presence.
Amazon occupies over 12 million square feet in Seattle and continues expanding, making it the dominant office tenant in the market. Microsoft's Redmond campus is the anchor for the Eastside tech ecosystem. Together, these companies and their supply chains create massive, sustained demand for office, multifamily (tech workers), and industrial (AWS data centers, fulfillment) — keeping Seattle cap rates among the lowest outside of NYC, SF, and LA.
The Port of Tacoma (combined with Port of Seattle as the Northwest Seaport Alliance) is one of the largest container ports on the West Coast, serving major import/export volumes for the Pacific Northwest and inland Pacific markets. This drives strong industrial demand in the Puyallup Valley, I-5/SR-167 corridors, and Kent Valley industrial parks, keeping Tacoma-area industrial cap rates highly competitive.
This tool is for informational and educational reference only and does not constitute real estate investment advice. Cap rate benchmarks are estimates based on published industry surveys and may not reflect current conditions in your specific market, submarket, or asset class. Actual cap rates vary significantly based on property condition, location, tenant quality, lease terms, and local market dynamics. Always consult a licensed commercial real estate broker, appraiser, or investment advisor before making real estate investment decisions.