1401-1431 Broadway - Supermarket FOR SALE


Seattle, WA 98122- Capitol Hill
$25,000,000 USD
206-518-9567
1401-1431 Broadway, Seattle, WA for Sale
$25,000,000 USD
Supermarket - FOR SALE
1/26
null | 5.43% Cap Rate

1401-1431 Broadway
Seattle, WA 98122
Capitol Hill


HIGHLIGHTS

  • The Center has a dedicated above and below level parking garage with 275 parking stalls with multiple points of ingress and egress
  • The offering provides attractive value-add returns, with a secure year-1 as-is yield and it is extremely rare to find such a secure initial cap rate
  • The immediate trade area contains severe barriers to entry as Capitol Hill is extremely difficult to penetrate
  • The offering provides upside through leasing of the free-standing 14,668 SF former Bartell Drugs (Rite Aid) space as well as an additional shop space
  • Due to the leasing upside and contracted rental increases the going in yield increases approximately 230 basis points upon stabilization
  • Although not a part of the offering, QFC adds the grocery component, and daily goods draw to the Center

OVERVIEW

Harvard Market is a generational asset located in the heart of Capitol Hill – Seattle’s most dynamic and densely populated trade area. The shopping center benefits from an irreplaceable location highlighted by a high-performing shadow anchor grocery store (QFC/Kroger), huge barriers to entry, a rare value-add component due to the recent Bartell Drugs vacancy, strong annual contracted rental increases, long-term rental growth, and pure real estate appreciation.

FOR SALE DETAILS

PRICE

$25,000,000 USD

PRICE/SF

$285 USD /SF

CAP RATE

5.43%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Harvard Market

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Supermarket

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1996

SPRINKLERS

-

PARKING SPACES

227

LAND DETAILS

CROSS STREETS

E Pike St

LAND ACRES

1.71 AC

LAND SF

74,488 SF

ZONING

NC3-65, Seattle

APN/PARCEL ID

314865-0050

ASK ABOUT THIS PROPERTY

Billy SleethNewmarkMore Info
206-518-9567

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Billy SleethNewmarkMore Info
206-518-9567

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.