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Johnstone Property 2505 Airport Way S 20,060 SF 100% Leased Industrial Building Seattle, WA 98134 $6,250,000 ($311.57/SF) 5.95% Cap Rate
Investment Highlights
- 2,016 s.f. office 2,100 s.f. Showroom
- Recent renovation 2024 and 2026
- 1 ramped drive-in door
- 120/208V, 3-phase and 120/240V, single phase
Executive Summary
JLL, as exclusive advisor, is pleased to present this rare opportunity to purchase 2505 Airport Way South-Seattle (“the Property”), a fully leased, 20,060 square foot office and distribution facility located on the key arterial, Airport Way South, in the SODO industrial submarket of Seattle, WA. The property is leased to a single tenant, a leading wholesale distributor for HVAC equipment, which has been in the facility since 2007. This dock-high and drive-in served facility features on site truck maneuvering, on-site auto parking, exposure to Airport Way South customers and immediate access to I-5, I-90, Ports of Seattle and Seattle CBD. The existing lease expires December 31, 2028, with triple net, market rent and 3.25% annual escalations.
Property Facts
| Price | $6,250,000 | Rentable Building Area | 20,060 SF |
| Price Per SF | $311.57 | No. Stories | 1 |
| Sale Type | Investment | Year Built/Renovated | 1958/2026 |
| Cap Rate | 5.95% | Parking Ratio | 0.3/1,000 SF |
| Property Type | Industrial | Clear Ceiling Height | 20’ |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 3 |
| Building Class | C | No. Drive In / Grade-Level Doors | 1 |
| Lot Size | 0.55 AC | Opportunity Zone |
Yes
|
| Zoning | MML U/85 - MML U/85 | ||
| Price | $6,250,000 |
| Price Per SF | $311.57 |
| Sale Type | Investment |
| Cap Rate | 5.95% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 0.55 AC |
| Rentable Building Area | 20,060 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1958/2026 |
| Parking Ratio | 0.3/1,000 SF |
| Clear Ceiling Height | 20’ |
| No. Dock-High Doors/Loading | 3 |
| No. Drive In / Grade-Level Doors | 1 |
| Opportunity Zone |
Yes |
| Zoning | MML U/85 - MML U/85 |
Amenities
- Bus Line
- Fenced Lot
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Wholesaler
-
99,999 SF
- -
- -
Johnstone Supply began in 1953 as a single store in Portland, Oregon, serving local contractors. The company grew into a wholesale distributor focused on HVACR equipment, genuine OEM parts, repair and replacement parts, and installation and maintenance supplies for residential, light commercial, refrigeration, hydronics, and facilities maintenance work. Johnstone Supply now supports contractors through a wide network of wholesale locations, an eCommerce platform, an online catalog, mobile tools, distribution centers, and training programs that help customers source parts, place orders, and build product knowledge.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Wholesaler | 99,999 SF | - | - |
Moderately walkable
70/100
Very drivable
80/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 766620-3186 | Improvements Assessment | $3,191,700 |
| Land Assessment | $2,520,000 | Total Assessment | $5,711,700 |
Property Taxes
Parcel Number
766620-3186
Land Assessment
$2,520,000
Improvements Assessment
$3,191,700
Total Assessment
$5,711,700
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