Space for rent. Building for sale. 520 West Colorado Avenue: We’re now offering very cool retail space for lease in the Downtown West Neighborhood (or buy the building) – terrific Cap Rate Investment. The asking lease rate is only $14 NNN. The sale price is $1,700,000.
Downtown West is the area directly west of downtown and the Olympic Museum. The building was 100% leased until last Friday, until government intrusion (planning & zoning) killed our last deal. Our loss is your gain. We now have 2,870 sf available with polished concrete floors and high wood beamed ceilings. There is good, on-site parking (dedicated parking lot behind the building). The co-Tenants are Fallen Heroes (#1 tattoo shop in the USA) and Who Gives a Scrap (a prominent up-cycling social-enterprise retailer).
The building is for sale (8% cap rate). The current Proforma NOI is: $131,685. The asking price is $1,700,000 with a new roof installed or $1,650,000 “as is”. The roof could likely limp along with nominal repairs over time. There are no know capital costs or other issues. This property is very clean.
