The Keystone Building 619 Commercial Ave 22,488 SF 100% Leased Retail Building Anacortes, WA 98221 $4,895,000 ($217.67/SF) 5.61% Cap Rate

INVESTMENT HIGHLIGHTS

  • Property is at a busy downtown core location.
  • Low vacany rate.
  • Beautiful intact historic details have been maintainted along with new updates including roof, skylights and sewer.
  • Highest and best use would be boutique hotel with retail and restaurant below, there are no historic hotels in Anacortes at this time.

EXECUTIVE SUMMARY

The iconic Keystone Building has been the anchor of downtown Anacortes for over 100 years! A vibrant city of prestigious marinas & aspiring artists, Anacortes's recent growth is legendary, making this investment a no-brainer. Poured concrete construction + new roof, skylight & recent sewer/foundation improvements mean you can focus on the fun things; exterior paint & bringing your own vision to this classic building. The well maintained interior has amazing historic details, all intact & waiting for your continued care & vision. Recent renovation included the addition of a 9th bathroom which creates another medical/spa rentable space! Sale includes 1890 era cottage for retail or residential and two city lots in the back so you can expand or create something new! Cap rate 5.5%. List on the NHR to receive huge tax benefits with future restorations.

DATA ROOM Click Here to Access

FINANCIAL SUMMARY (ACTUAL - 2023) 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

PROPERTY FACTS

Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
22,488 SF
Building Class
C
Year Built
1909
Price
$4,895,000
Price Per SF
$217.67
Cap Rate
5.61%
NOI
$274,725
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
2.46
Lot Size
0.21 AC
Zoning
CBD - Central Business District (CBD).
Parking
0.67 Spaces per 1,000 SF Leased
Frontage
100’ on Commercial Ave.

AMENITIES

  • Corner Lot
  • Mezzanine
  • Restaurant
  • Skylights
  • Storage Space
  • Smoke Detector

MAJOR TENANTS Click Here to Access

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE END
  • Cosmic Veggies
  • -
  • 99,999 SF
  • -
  • Jan 0000
  • J Slocum Marine
  • -
  • 99,999 SF
  • -
  • -
  • -
  • 99,999 SF
  • -
  • -

When Bob James founded Raymond James, he did so based on a belief that clients deserved more than help with investment decisions, they needed advice that considered their entire financial picture. Today, that client-focused approach has extended to serve client accounts through many financial advisors in the United States, Canada and overseas. Further, the company has expanded through the years to serve corporations, institutions and municipalities through significant capital markets, banking and asset management services. In 1962, Bob James set out to build a different kind of financial services firm. In the years since, that firm has grown to become a leader in its industry, dedicated to and driven by a focus on independence, integrity, conservative risk management and always putting clients first. In the years to come, they will work to carry their success – and Bob’s legacy – to new heights.

  • Shear Joy
  • -
  • 99,999 SF
  • -
  • -
TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE END
Cosmic Veggies - 99,999 SF - Jan 0000
J Slocum Marine - 99,999 SF - -
- 99,999 SF - -
Shear Joy - 99,999 SF - -
Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (82)

NEARBY MAJOR RETAILERS

Starbucks
Safeway
Banner Bank
WaFd Bank
U.S. Bank
Anthony's At Cap Sante Boat
MOD Pizza
Heritage Bank
Bank of America
KeyBank

PROPERTY TAXES

  • Listing ID: 33418947

  • Date on Market: 10/4/2024

  • Last Updated:

  • Address: 619 Commercial Ave, Anacortes, WA 98221