Description
96% leased remodeled office building with ample off-street parking. This 4-story office building features a secured lobby entrance, 23+ off-street parking spaces, building conference room, shower facility, hospital grade HEPA filtration system and incredible views of the Ship Canal and Fisherman’s Terminal from every floor. Great location close to Vertical World Climbing Gym, Discovery Park, and many great restaurants and breweries. This is an excellent opportunity for an investor or owner-user to acquire an updated property with stabilized income from long-term tenants. The current cap rate w/ in-place below market rent is 5.30%. Cap rate increases to over 8% once 3 small available suites are leased. Please don’t disturb current tenants.
- 96% leased remodeled office building with ample off-street parking
- Cap Rate increases to over 8% once 3 small spaces are leased at $20/SF/YR NNN
- 23+ off-street parking spaces including 8 covered parking and guest parking
- Actual in-place cap rate of 5.30% with below market rents and current vacancies
- Updated building systems and building amenities include a common conference room and kitchenette, shower facilities, bike storage/parking
- Excellent views and location close to Vertical World Climbing Gym, Discovery Park & Fisherman’s Terminal
Details
- Year Built: 1979
- Building Class: B
- Zoning: MML U/65 - Maritime, Manufacturing & Logistics (MML) zoning allows for a variety of uses incl. office, medical/dental, lab, light/general/heavy industrial, etc.
Features
- Air Conditioning
- Bus Line
- Controlled Access
- High Ceilings
- Kitchen
- Security System
- Shower Facilities
- Skylight
- Storage Space
