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3104 Western Ave - Trio Building Garage 20,000 SF Specialty Building Offered at $2,275,000 at a 7.58% Cap Rate in Seattle, WA 98121
INVESTMENT HIGHLIGHTS
- Out-of-town seller willing to carry the contract at 6.25% interest for a 5-year term with a $1,000,000 down payment
- 40-50 spaces occupied by Northwest Work Lofts, a 215,000-SF office building across the street with no parking
- Located within a well-maintained building
EXECUTIVE SUMMARY
Note: Figures shown are pro forma.
A unique opportunity to acquire a parking condominium located within a Class A condominium building in Seattle. Well located, 72-stall parking garage located in Belltown, blocks to Seattle’s waterfront and Seattle Center. Secure access parking with 69 car spaces and 3 dedicated motorcycle stalls. Current monthly parking rates are below market with immediate upside potential allowing for a likely 7.6% cap rate.
A unique opportunity to acquire a parking condominium located within a Class A condominium building in Seattle. Well located, 72-stall parking garage located in Belltown, blocks to Seattle’s waterfront and Seattle Center. Secure access parking with 69 car spaces and 3 dedicated motorcycle stalls. Current monthly parking rates are below market with immediate upside potential allowing for a likely 7.6% cap rate.
PROPERTY FACTS
| Price | $2,275,000 | Building Class | C |
| Price Per SF | $113.75 | Lot Size | 0.59 AC |
| Sale Type | Investment | Building Size | 20,000 SF |
| Cap Rate | 7.58% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 2008 |
| Property Subtype | Parking Garage | Parking Ratio | 3.6/1,000 SF |
| Zoning | DMC-75 | ||
| Price | $2,275,000 |
| Price Per SF | $113.75 |
| Sale Type | Investment |
| Cap Rate | 7.58% |
| Property Type | Specialty |
| Property Subtype | Parking Garage |
| Building Class | C |
| Lot Size | 0.59 AC |
| Building Size | 20,000 SF |
| No. Stories | 1 |
| Year Built | 2008 |
| Parking Ratio | 3.6/1,000 SF |
| Zoning | DMC-75 |
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Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (77)
Bike Score®
Very Bikeable (79)
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