4241 21st Avenue W, Seattle, WA 98199

$3,500,000

Listing courtesy of Windermere Real Estate Midtown.

List Price
$3,500,000
Status
ACTIVE
MLS#
2240758
Days on Market
2
Annual Tax Ammount
42020
Internet Provider
Century Link Fiber

Property Description

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.

Additional Information

Community
Magnolia
Building Condition
Remodeled
Style
61 - Comm Bldg Ovr 10K
Year Built
1979
# of Assigned Spaces
23
Roof
Built-Up, Flat
Tax Year
2024
Potential Terms
Cash Out, Conventional
Interior Features
Ceramic Tile, Concrete, Wall to Wall Carpet, Laminate
Flooring
Ceramic Tile, Concrete, Laminate, Carpet
Driving Directions
On 21st Ave W across from Fisherman's Terminal
Electric Expenses
17213
Other Expenses
69609
Energy Source
Electric
Buyer Agency Compensation
2.5
Net Operating Income
$185,687
Gross Adjusted Income
$336,468
Gross Scheduled Income
$359,364
Water/Sewer/Garbage Expenses
$9,184
Cap Rate
5.3
Vacancy Rate
6
Total Expenses
$150,781
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