Description
4442 27th Ave W Seattle, WA, 98199
Interbay Warehouse & Flex Space for Lease
Rare investment opportunity in Magnolia’s Fisherman’s Terminal/Interbay area to acquire a 100% leased property to a single A-Credit Tenant on a NNN lease with 3% annual Base Rent escalations.
The tenant has occupied the property since 2014 and is one of the largest industrial gas companies in the world. Their lease is through 6/30/2024 and they have one 5-year option to extend the lease.
The property features 18-foot ceilings, 3-Phase 480v power, multiple docks high and grade level loading doors, a small mezzanine with office space, 3 private restrooms, fully fenced storage, and yard area, off-street parking, and standing seam metal roof. Large 11,565 SF lot zoned IG2 U/65 allowing for a variety of end uses.
The location is ideally positioned within a few minutes from Queen Anne, Downtown, and Ballard’s Commercial district aside from the Salmon Bay waterfront and several of Seattle’s major landmarks.
INVESTMENT HIGHLIGHTS
- 100% leased to an A-Credit tenant on a NNN lease with 3% annual Base Rent Escalations
- The tenant has occupied the property since 2015 and currently has a lease through 6/30/2024 plus one 5-year Option to renew
- Renovated warehouse and showroom with 18-foot ceilings, multiple dock high and grade level loading doors, 3 private restrooms, and small office area
- Hard to find a fully fenced yard/storage area and off-street parking
- 3-Phase 480v power and newer standing seam metal roof
- Very stable hands-off investment with an annual NOI of $98,575
Details
- Building Class: C
- Zoning: IG2 U/65
