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1st Floor - Unit A
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Medical Office
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2,177 SF
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$875,000 USD
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Unit Size: 2,177 SF
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Condo Use: Medical Office
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Price: $875,000 USD
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Sale Type: Investment
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Price/SF: $401.93 USD
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.
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Janet Irons
Windermere Real Estate Co.
