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2035 E Sims Way
Port Townsend, WA 98368
Lighthouse Center · Retail Property For Sale
Investment Highlights
- Prime location that sits on the busiest thoroughfare in Port Townsend and in close proximity to the city’s residential and business cores
- Extraordinarily strong historical occupancy with more than 52% of rental income from tenants with more than 10 years of occupancy and 33%
- Excellent synergistic mix of retail, service, and medical tenants that caters perfectly to the surrounding residents and businesses.
- Very attractive Weighted Average Lease Term of more than five years, offering an investor long-term stability and certainty of future cash flows.
- Desirable annual rent increases along with vacancy lease-up upside, immediately pushing an investors projected stabilized cap rate to 6.58% in Year 2.
- Easy and convenient parking availability on all three sides of the property, creating a pleasant shopping experience for customers.
Property Facts
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
18,675 SF
Building Class
B
Year Built
1973
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.61
Lot Size
0.70 AC
Zoning
C-II - Commercial
Parking
63 Spaces (0 Spaces per 1,000 SF Leased)
Frontage
388’ on East Sims Way
Property Taxes
| Parcel Number | 957602902 | Improvements Assessment | $1,677,703 |
| Land Assessment | $1,199,000 | Total Assessment | $2,876,703 |
Property Taxes
Parcel Number
957602902
Land Assessment
$1,199,000
Improvements Assessment
$1,677,703
Total Assessment
$2,876,703
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