2408 1st Ave S - Storefront FOR SALE


Seattle, WA 98134
$8,400,000 USD
206-518-9567
2408 1st Ave S, Seattle, WA for Sale
$8,400,000 USD
Storefront - FOR SALE
1/16
null | 6.58% Cap Rate

2408 1st Ave S
Seattle, WA 98134


HIGHLIGHTS

  • Irreplaceable Location: Across the street from Starbucks Global HQ, blocks from T-Mobile Park and Lumen Stadium, 1-mile from Seattle CBD
  • The Center is 100% providing stability and ease of management. This is a testament to the quality and location of the Center
  • The tenants have contracted rental increases ranging from 3%-5% throughout initial lease terms providing solid NOI growth
  • Over $1M in capital improvements have been invested in the Center
  • The Center is located in the heart of SODO which is a major commercial corridor and has experienced strong business demand and development
  • All 5 tenants are on NNN leases with minimal landlord responsibilities

OVERVIEW

SoDo Center is a highly desirable property located in an irreplaceable location. Situated across the street from Starbucks Global HQ, the largest coffeehouse chain in the world, the property benefits from the high employment and foot traffic generated by Starbucks. Additionally, the center is just blocks away from T-Mobile Park and Lumen Stadium, home to the Seattle Mariners, Seattle Seahawks, and Seattle Sounders, drawing millions of people for games and concerts. The property’s strategic position 1 ¼ miles south of downtown Seattle provides immediate access to major highways and the city’s bustling CBD, which is home to major tech companies like Amazon, Google, Facebook, and Salesforce. The property’s location in the heart of SODO, a major commercial corridor, ensures strong business demand from various industries. SODO has experienced significant development and transformation, with the presence of Starbucks HQ, sports stadiums, and recent multi-family, office, and hotel developments. The property is 100% leased, providing stability and ease of management, and the tenants have contracted annual rental increases, ensuring solid NOI growth.

FOR SALE DETAILS

PRICE

$8,400,000 USD

PRICE/SF

$287 USD /SF

CAP RATE

6.58%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1926

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.67 AC

LAND SF

29,263 SF

ZONING

IG2 U85

APN/PARCEL ID

766620-6070,766620-6075

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.