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Warehouse

North Seattle Industrial

927 N 128th St, Seattle, WA 98133

Listing Price: $4,850,000

Cap Rate
5.48%
Gross SF
24,023
Price/Gross SF
$201.89
Lot Size
0.81 acres
Year Built
1979
Rentable SF
24,023

Investment Overview

The Leibsohn Group of Marcus & Millichap is pleased to announce the investment sale offering for two adjacent light industrial properties in the city of Seattle. These two core North Seattle properties feature separate versatile warehouse / flex buildings plus the adjacent parking lot parcel. These investment properties are fully leased to two great long term tenants including Carstar (Puget Collision, LLC) which is a prominent automotive aftermarket service provider backed by Eagle Merchant Partners. The other rear adjacent building is uniquely improved and home to the only full service basketball facility in the Seattle area. The Tenant is North West Coastal operating The North Seattle Sports Garage offering versatile programs and specializing in the affiliated AAU National Basketball Program. NWC is a family oriented program and strives to build connections with the athletes, parents, and community helping athletes grow into amazing players and most importantly, people. This facility is also available for renting, full court, main courts, training courts, and conference room. The locations of these core assets offers the savvy investor the opportunity to purchase two stable, fully leased and versatile investment properties with solid cash flow while earning the excellent long term appreciation and certainty of higher rents or redevelopment in the future.

Investment Highlights

  • SIGNIFICANT RENTAL UPSIDE - The current average rent is nearly 50% below market for comparable space and provides tremendous future upside
  • LOW VACANCY SUBMARKET - The immediate North Seattle submarket that encompasses 1.7M square feet of industrial space has a vacancy rate of only 1.1%
  • PASSIVE LEASE STRUCTURES - Both tenants have NNN lease structures that provide predictable and passive net income as a hedge against inflationary pressure impacting operating expenses
  • FUTURE DEVELOPMENT - Each tenant's lease features annual rental increases as an additional hedge against inflation
  • HIGH BARRIERS TO ENTRY - The property is zoned NC3-75(M), which allows for a broad range of commercial and multifamily developments up to 75 feet tall
  • EXCELLENT CORE LOCATION - The properties are extremely well located along the highly trafficked Highway 99 with convenient access to I5 in close proximity to I-5 and just over 5 miles to Downtown Seattle

Exclusively Listed By

Financing By

Warehouse

North Seattle Industrial

Listing Price: $4,850,000

Cap Rate
5.48%
Gross SF
24,023
Price/Gross SF
$201.89
Lot Size
0.81 acres
Year Built
1979
Rentable SF
24,023

Investment Highlights

  • SIGNIFICANT RENTAL UPSIDE - The current average rent is nearly 50% below market for comparable space and provides tremendous future upside
  • LOW VACANCY SUBMARKET - The immediate North Seattle submarket that encompasses 1.7M square feet of industrial space has a vacancy rate of only 1.1%
  • PASSIVE LEASE STRUCTURES - Both tenants have NNN lease structures that provide predictable and passive net income as a hedge against inflationary pressure impacting operating expenses
  • FUTURE DEVELOPMENT - Each tenant's lease features annual rental increases as an additional hedge against inflation
  • HIGH BARRIERS TO ENTRY - The property is zoned NC3-75(M), which allows for a broad range of commercial and multifamily developments up to 75 feet tall
  • EXCELLENT CORE LOCATION - The properties are extremely well located along the highly trafficked Highway 99 with convenient access to I5 in close proximity to I-5 and just over 5 miles to Downtown Seattle

Investment Overview

The Leibsohn Group of Marcus & Millichap is pleased to announce the investment sale offering for two adjacent light industrial properties in the city of Seattle. These two core North Seattle properties feature separate versatile warehouse / flex buildings plus the adjacent parking lot parcel. These investment properties are fully leased to two great long term tenants including Carstar (Puget Collision, LLC) which is a prominent automotive aftermarket service provider backed by Eagle Merchant Partners. The other rear adjacent building is uniquely improved and home to the only full service basketball facility in the Seattle area. The Tenant is North West Coastal operating The North Seattle Sports Garage offering versatile programs and specializing in the affiliated AAU National Basketball Program. NWC is a family oriented program and strives to build connections with the athletes, parents, and community helping athletes grow into amazing players and most importantly, people. This facility is also available for renting, full court, main courts, training courts, and conference room. The locations of these core assets offers the savvy investor the opportunity to purchase two stable, fully leased and versatile investment properties with solid cash flow while earning the excellent long term appreciation and certainty of higher rents or redevelopment in the future.

Exclusively Listed By

Financing By

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