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7301 5th Ave NE 2,177 SF Office/Medical Condo Unit Offered at $875,000 in Seattle, WA 98115
Investment Highlights
- Just two blocks from Greenlake and the new Swedish medical complex along 5th Ave NE
1 Unit Available
Unit A
| Unit Size | 2,177 SF | Sale Type | Investment |
| Price | $875,000 | Cap Rate | 5.25% |
| Price Per SF | $401.93 | NOI | $45,937.50 |
| Condo Use | Office/Medical | APN/Parcel ID | 769856-0010 |
| Unit Size | 2,177 SF |
| Price | $875,000 |
| Price Per SF | $401.93 |
| Condo Use | Office/Medical |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| NOI | $45,937.50 |
| APN/Parcel ID | 769856-0010 |
Description
AMAZING PRICE REDUCTION! This ground-floor commercial condo is just 2 blocks from Greenlake in a thriving commercial district. Lovely finish work throughout, designed as a series of medical/therapy rooms, with a conference room, an ADA bath, a kitchen, and a private office with storage area. It is fully leased by a single tenant through April 2028, with a 5.25% CAP - even at the current below-market rental rate. Current tenant pays no NNN, and if option to extend is exercised, monthly rate can be increased substantially to reflect gross market rates (anticipate leap to CAP of 8%). Two designated covered parking spaces adjoin the space, and another parking space inside the secure underground parking garage is included in the title (elevator access to ground floor). Close to the new Swedish Medical Center at Greenlake, buses and I5.
Sale Notes
Fully leased through April 2028, with option for 5 year extension. Large rental increase to market rates possible in 2 years - CAP will jump to 8! Please do not disturb tenant or interfere with their business. All tours to be conducted with listing broker present.
7301 5th Ave NE Suite A, Seattle WA_0008-2
7301 5th Ave NE Suite A, Seattle WA_0025-2
7301 5th Ave NE Suite A, Seattle WA_0027-2
Property Facts
| Total Building Size | 2,832 SF | Typical Floor Size | 650 SF |
| Property Type | Office (Condo) | Year Built | 1999 |
| Building Class | B | Lot Size | 0.16 AC |
| Floors | 4 | Parking Ratio | 1.54/1,000 SF |
| Zoning | NC240 | ||
| Total Building Size | 2,832 SF |
| Property Type | Office (Condo) |
| Building Class | B |
| Floors | 4 |
| Typical Floor Size | 650 SF |
| Year Built | 1999 |
| Lot Size | 0.16 AC |
| Parking Ratio | 1.54/1,000 SF |
| Zoning | NC240 |
Contact the Sale Advisor
7301 5th Ave NE