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Fisheries Bldg at Salmon Bay in Interbay 4241 21st Ave W 20,778 SF 72% Leased Office Building Seattle, WA 98199 $3,500,000 ($168.45/SF) 5.30% Cap Rate
INVESTMENT HIGHLIGHTS
- 96% leased remodeled office building with ample off-street parking
- Cap Rate increases to over 8% once 3 small spaces are leased at $20/SF/YR NNN
- 23+ off-street parking spaces including 8 covered parking and guest parking
- Actual in-place cap rate of 5.30% with below market rents and current vacancies
- Updated building systems and building amenities include a common conference room and kitchenette, shower facilities, bike storage/parking
- Excellent views and location close to Vertical World Climbing Gym, Discovery Park & Fisherman's Terminal
EXECUTIVE SUMMARY
96% leased remodeled office building with ample off-street parking. This 4-story office building features a secured lobby entrance, 23+ off-street parking spaces, building conference room, shower facility, hospital grade HEPA filtration system and incredible views of the Ship Canal and Fisherman's Terminal from every floor. Great location close to Vertical World Climbing Gym, Discovery Park, and many great restaurants and breweries. This is an excellent opportunity for an investor or owner-user to acquire an updated property with stabilized income from long-term tenants. The current cap rate w/ in-place below market rent is 5.30%. Cap rate increases to over 8% once 3 small available suites are leased. Please don't disturb current tenants.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
Sale Type
Investment or Owner User
Property Type
Office
Building Size
20,778 SF
Building Class
B
Year Built/Renovated
1979/2016
Price
$3,500,000
Price Per SF
$168.45
Cap Rate
5.30%
NOI
$185,500
Percent Leased
72%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
5,195 SF
Slab To Slab
11’
Building FAR
1.70
Lot Size
0.28 AC
Zoning
MML U/65 - Maritime, Manufacturing & Logistics (MML) zoning allows for a variety of uses incl. office, medical/dental, lab, light/general/heavy industrial, etc.
Parking
23 Spaces (1.11 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Controlled Access
- Conferencing Facility
- Security System
- Signage
- Skylights
- Kitchen
- Accent Lighting
- Storage Space
- Demised WC facilities
- High Ceilings
- Direct Elevator Exposure
- Natural Light
- Plug & Play
- Shower Facilities
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
2nd floor corner office suite for lease in a well-maintained and remodeled office building. The Suite features a welcoming reception area, large open work areas, multiple private offices, tons of natural light and views of the Ship Canal and Fisherman's Terminal. Building features include a secured lobby entrance, building conference room, kitchenette, shower facility and bike storage. Excellent location close to Vertical World Climbing Gym, Discovery Park, and across the street from Fisherman's Terminal.
| Space | Size | Space Use | Condition | Available |
| 2nd Fl-Ste 204 | 3,468 SF | Office | Full Build-Out | 30 Days |
2nd Fl-Ste 204
| Size |
| 3,468 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste 204
| Size | 3,468 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
2nd floor corner office suite for lease in a well-maintained and remodeled office building. The Suite features a welcoming reception area, large open work areas, multiple private offices, tons of natural light and views of the Ship Canal and Fisherman's Terminal. Building features include a secured lobby entrance, building conference room, kitchenette, shower facility and bike storage. Excellent location close to Vertical World Climbing Gym, Discovery Park, and across the street from Fisherman's Terminal.
1 1
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 277110-0445 | Total Assessment | $4,284,200 (2024) |
| Land Assessment | $1,440,000 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,844,200 (2024) | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
277110-0445
Land Assessment
$1,440,000 (2024)
Improvements Assessment
$2,844,200 (2024)
Total Assessment
$4,284,200 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025 Payable 2025
1 of 34
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Contact the Sale Advisor
Fisheries Bldg at Salmon Bay in Interbay | 4241 21st Ave W
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