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- LoopNet Team
228 W 1st St
Port Angeles, WA 98362
Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Strong Historical Occupancy: 53% of the gross leasable area has occupied the Property for 15 years or more
- Recent 10-Year Anchor Renewal: Community Action Program, a tenant since 2003, recently executed a new 10-year lease
- Below Replacement Cost: At $105 per square foot, the asset is priced significantly below replacement cost
- Govt. & Medical Office Users: Benefits from a strong tenant mix of government related businesses, medical practices, and professional office user
- Rental Upside: Offers two vacant suites totaling 3,076 sf (10.6% of GLA) providing additional rental upside upon lease-up
- Ample Parking: 90 +/- on-site parking stalls in the building’s surface parking lots in addition to the convenient and accessible street parking
PROPERTY FACTS
ABOUT 228 W 1ST ST , PORT ANGELES, WA 98362
Marcus & Millichap is pleased to present for sale the Armory Square Professional Center located in Port Angeles, Washington. The offering comprises of an 89.4% occupied office building with government, medical and professional office users. The property benefits from a stable and tenured tenant base with 53% of the gross leasable area having occupied the building for over 15 years, and 75% for at least 5 years. The offering consists of a 29,084 square foot building on two floors, situated on two tax parcels totaling 1.56 acres. Two vacant suites – 1,313 and 1,763 square feet – provide investors with potential to increase cash flow upon lease-up. Government related businesses such as the Department of Licensing, Employment Security Program, and the Community Action Program anchor the property. Community Action Program, a tenant since 2003, recently displayed its commitment to the site by exercising a 10-year lease renewal. Medical users such as SeaMar Community Health and the Downtown Eye Clinic further add to the strength of the asset with historical occupancy since 2013 and 2012, respectively.
PROPERTY TAXES
| Parcel Number | 55963 | Improvements Assessment | $1,756,591 |
| Land Assessment | $441,369 | Total Assessment | $2,197,960 |
PROPERTY TAXES
