3625 1st Ave S
Seattle, WA 98134
Rainier Cold Storage · Industrial Property For Sale

Opportunity Zone Property - Market Center LLC is a one of a kind redevelopment/renovation/landbank with business in place opportunity. Cold Storage facility in full operation worth in $2-$3M range.The property was built by the Army Corp of Engineers in 1943 as a cold storage facility. Improved over the years, the net rentable area of the 3 buildings is 67,173 sf with the main building representing approximately 65,000 sf of that total. Floor to ceiling height is 14-16' and the main building is approximately 26' tall. The 4.59 acre site is zoned IG1 U85, allowing for many industrial/commercial uses to a height of 85". The close in industrial site is prime for redevelopment and presents a unique opportunity to renovate existing structures or redevelop. Seattle's industrial market is one of the most active in the country, thanks to a bustling economy and one of the largest ports on the west coast. Subsequently, the most active submarkets for development are in proximity to the ports and Seattle. Despite a busy delivery schedule recently and an onslaught of move outs in early 2019, vacancies are still lower than last cycle's trough and rent growth is well above the historical average. Investment activity has been strong. Cap rates are well below the national average and have compressed significantly this cycle.