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Mixed-Use

649 Fifth Street Building

649 5th St, Mukilteo, WA 98275

Listing Price: $1,485,000

Cap Rate
5.15%
Gross SF
5,343
Rentable SF
3,923
Price/Gross SF
$277.93
Lot Size
0.15 acres
Year Built
2001

Investment Overview

The Leibsohn Group is pleased to present the sale offering for the Mukilteo Mixed Use property in Mukilteo, WA. This excellent investment property features a true mixed-use tenancy of retail on the ground floor, professional office on the second level and a spacious view apartment on the top level. These varied uses with very well established and long term tenants provides for great diversification within one property. This prominent corner property has been well maintained and is an iconic part of Old Town Mukilteo. The central and convenient location is within walking distance to many nearby amenities including the Puget Sound waterfront and Mukilteo Lighthouse Park, community centers and the Mukilteo ferry terminal. The property is situated perfectly to service the dense and affluent residential neighborhoods of Harbor Pointe and Elliot Pointe. The Mukilteo Mixed Use property offers the savvy investor the opportunity to purchase a proven and stable asset with strategic rental growth potential and excellent use diversification profile combining for a low risk profile investment for the long term.

Investment Highlights

  • DIVERSE TENANT MIX: The healthy mix of established corner retail, professional office and a top floor view apartment provides asset category diversification.
  • EXCELLENT CORNER LOCATION: The prominent corner location, welcoming street appeal and convenient surface parking lot has attributed to the successful historical tenant occupancy.
  • STRONG HISTORICAL OCCUPANCY: Over the twenty plus years of current ownership the property has rarely experienced a vacant space for over 30 days.
  • WELL MAINTAINED PROPERTY: In addition to the consistent regularly scheduled services and maintenance, the property received a new roof in 2021. The efficient building design and site improvements have proven to be very cost effective and durable.
  • AFFLUENT DEMOGRAPHICS: With an easily accessible location within Old Town Mukilteo, this investment property is strategically positioned to service a very dense and affluent population of 23,565 residents within a 3 mile radius. The surrounding high-end and iconic residential neighborhoods of Harbor Pointe and Elliot Pointe, for example, are some of the most affluent and highly educated Seattle suburbs. An average Household Income of over $145,000 per year is generated by a resident base where o
  • LOCATED IN A TAX-FREE STATE: Washington state is an income tax-free state.

Exclusively Listed By

Financing By

  • Tammy Linden

    First Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Mixed-Use

649 Fifth Street Building

Listing Price: $1,485,000

Cap Rate
5.15%
Gross SF
5,343
Rentable SF
3,923
Price/Gross SF
$277.93
Lot Size
0.15 acres
Year Built
2001

Investment Highlights

  • DIVERSE TENANT MIX: The healthy mix of established corner retail, professional office and a top floor view apartment provides asset category diversification.
  • EXCELLENT CORNER LOCATION: The prominent corner location, welcoming street appeal and convenient surface parking lot has attributed to the successful historical tenant occupancy.
  • STRONG HISTORICAL OCCUPANCY: Over the twenty plus years of current ownership the property has rarely experienced a vacant space for over 30 days.
  • WELL MAINTAINED PROPERTY: In addition to the consistent regularly scheduled services and maintenance, the property received a new roof in 2021. The efficient building design and site improvements have proven to be very cost effective and durable.
  • AFFLUENT DEMOGRAPHICS: With an easily accessible location within Old Town Mukilteo, this investment property is strategically positioned to service a very dense and affluent population of 23,565 residents within a 3 mile radius. The surrounding high-end and iconic residential neighborhoods of Harbor Pointe and Elliot Pointe, for example, are some of the most affluent and highly educated Seattle suburbs. An average Household Income of over $145,000 per year is generated by a resident base where o
  • LOCATED IN A TAX-FREE STATE: Washington state is an income tax-free state.

Investment Overview

The Leibsohn Group is pleased to present the sale offering for the Mukilteo Mixed Use property in Mukilteo, WA. This excellent investment property features a true mixed-use tenancy of retail on the ground floor, professional office on the second level and a spacious view apartment on the top level. These varied uses with very well established and long term tenants provides for great diversification within one property. This prominent corner property has been well maintained and is an iconic part of Old Town Mukilteo. The central and convenient location is within walking distance to many nearby amenities including the Puget Sound waterfront and Mukilteo Lighthouse Park, community centers and the Mukilteo ferry terminal. The property is situated perfectly to service the dense and affluent residential neighborhoods of Harbor Pointe and Elliot Pointe. The Mukilteo Mixed Use property offers the savvy investor the opportunity to purchase a proven and stable asset with strategic rental growth potential and excellent use diversification profile combining for a low risk profile investment for the long term.

Exclusively Listed By

Financing By

  • Tammy Linden

    First Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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