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Listed by:Berkshire Hathaway HS NW • Paul B. Poirier
$ 5,449,950
Est. payment /mo
Active
3228 1st AVE S Seattle, WA 98134
0.32 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial Industrial
Listing Status Active
Purchase Type For Sale
Subdivision Seattle
MLS Listing ID 2494940
Style 61 - Comm Bldg Ovr 10K
Year Built 1937
Annual Tax Amount $41,508
Lot Size 0.324 Acres
Lot Dimensions 94x149
Property Sub-Type Commercial Industrial
Property Description
Excellent income-producing investment opportunity in Seattle's thriving SODO district, just one mile south of downtown and minutes from the stadiums. This highly visible corner property offers outstanding frontage along First Avenue South, a 14,100 SF lot, and convenient access to I-5, I-90, and SR-99. The 20,975 SF building features multiple commercial tenants, diversified income streams, and additional leasing upside. The property's largest space, approximately 9,000 SF, was recently secured under a new 10-year NNN lease with Outland Club LLC. The building generates approximately $258,840 in annual base rental income moving forward. Additional income comes from 13 leased band/practice rooms, a long-term commercial tenant (Fastest Labs), and a recently leased upstairs work loft. Significant upside remains with two vacant ground-floor commercial storefronts along First Avenue South totaling 2,400 SF, one upstairs work loft approximatly 2,000 SF, and four additional band/practice rooms available for lease. With a new long-term anchor tenant, established cash flow, diversified rental income, and opportunities to further increase revenue through lease-up, this property offers investors an excellent opportunity to acquire a substantial income-producing asset in Seattle's desirable SODO district.
Location
State WA
County King
Area 390 - Central Seattle
Interior
Flooring Ceramic Tile, Concrete, Vinyl, Vinyl Plank
Fireplace false
Exterior
Exterior Feature Stucco, Wood
Roof Type Flat,Torch Down
Building
Sewer Sewer Connected
Water Public
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
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