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Landmark Square 15500 S 1st Ave S 16,827 SF 100% Leased Retail Building Burien, WA 98148 $4,750,000 ($282.28/SF) 6.30% Cap Rate
Executive Summary
Landmark Square is a 16,827 SF multi-tenant retail center located at 15500 1st Ave S in Burien, WA, one of the most active retail corridors in South King County. The property is 100% occupied and anchored by nationally recognized tenants including O’Reilly Auto Parts, Subway, MultiCare Health System, and Cricket Wireless. The offering presents a compelling opportunity to acquire a stabilized, cash-flowing asset with embedded rent growth and value-add upside through future mark-to-market lease adjustments.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
16,827 SF
Building Class
C
Year Built/Renovated
1988/1994
Price
$4,750,000
Price Per SF
$282.28
Cap Rate
6.30%
NOI
$299,265
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.26
Lot Size
1.47 AC
Opportunity Zone
Yes
Zoning
CR, UC Overlay - Regional Commercial (CR) with Urban Center (UC) Overlay
Parking
77 Spaces (4.58 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Pylon Sign
- Signalized Intersection
Moderately walkable
70/100
Exceptionally drivable
100/100
Good public transit
60/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 202304-9482 | Improvements Assessment | $3,125,700 |
| Land Assessment | $1,660,300 | Total Assessment | $4,786,000 |
Property Taxes
Parcel Number
202304-9482
Land Assessment
$1,660,300
Improvements Assessment
$3,125,700
Total Assessment
$4,786,000
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