3256 California Ave SW 2,760 SF 100% Leased Retail Building Seattle, WA 98116 $1,400,000 ($507.25/SF) 5.60% Cap Rate
INVESTMENT HIGHLIGHTS
- Tenants would like to stay 5 units rented to medical / wellness. Long Terms Tenants
- Excellent location in the heart of West Seattle
- Zoning NC 55M allow for many development options.
EXECUTIVE SUMMARY
Fantastic opportunity to own this commercial property in the heart of West Seattle between the Admiral & California Junction. Street-front brick building is currently used as Medical Office built in 1950, remodeled in 2008, 1080 Sq.Ft. w/many upgrades, tenant pays W/S/G/triple net, many options for use.(interior photos not pictured available upon request) Home in back w/ 2 bedroom 1 bath apartment that owner currently occupies (rent projected) and has rented as office space in the past. Remodeled lower level of home that features private entry, 4 office spaces with shared lobby, bath and storage room. Building and office tenants would like to stay and please DO NOT DISTURB TENANTS. Zoned NC2-55M allows for several development options.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$92,052
|
$32.45
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$92,052
|
$32.45
|
| Taxes |
$9,116
|
$3.21
|
| Operating Expenses |
$3,865
|
$1.36
|
| Total Expenses |
$12,981
|
$4.58
|
| Net Operating Income |
$79,071
|
$27.87
|
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
2,760 SF
Building Class
C
Year Built/Renovated
1950/2008
Price
$1,400,000
Price Per SF
$507.25
Cap Rate
5.60%
NOI
$78,400
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.53
Lot Size
0.12 AC
Zoning
NC130, Seattle - Neighborhood Commercial. Many Options for future development.
Frontage
51’ on California Ave SW
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- West Seattle Natural Medicine
- Health Care and Social Assistance
- -
- -
- Triple Net
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| West Seattle Natural Medicine | Health Care and Social Assistance | - | - | Triple Net | - |
Walk Score®
Walker's Paradise (90)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 505230-0015 | Total Assessment | $911,000 |
| Land Assessment | $910,000 | Annual Taxes | $9,116 ($3.30/SF) |
| Improvements Assessment | $1,000 | Tax Year | 2024 |
CONTACT
-
Diana Nelson -
Re/Max Metro Realty
