Shopping Neighborhood

Seattle Mixed-Use Asset | Affluent Neighborhood Near U of WA Campus

7520 35th Ave NE, Seattle, WA 98115

Listing Price: $1,590,000

Cap Rate
4.00%
Gross SF
5,050
Rentable SF
5,050
Price/Gross SF
$314.85
Lot Size
0.11 acres
Year Built
1994

Investment Overview

Wedgwood Mixed-Use is a 5,050 sf, two-story structure situated in the Wedgwood neighborhood of Seattle. The property consists of a 2,153 sf, ground-floor commercial space, a 2,397 sf, 5-bedroom / 2-bath apartment unit on the 2nd floor, and a 500 sf, daylight commercial space on the lower level. The property also has rare on-site, tuck-under parking, which can accommodate approximately 5 vehicles. Additionally, the property is situated on a 5,000 sf parcel zoned NC2P-40, allowing for mixed-use residential development up 40 feet in height. The current lease rates in the building are significantly below-market rate, providing for substantial investor upside. The 2nd floor apartment unit is currently achieving a gross lease rate of $1.13/sf/mo, and the ground-floor restaurant is achieving $22.76/sf/yr (Mod. Gross). Market rates for comparable residential units range from $1.50 - $1.80/sf/mo while retail rents range from $25 - $32/sf/yr + NNN. Currently 100% occupied, the building’s tenants remain on short term leases, allowing near-term ability for an investor to (a) raise rents to market rate, (b) renovate or redevelop the property, and/or (c) occupy a portion of all of the building as an owner-user. Furthermore, the current ownership has plans to convert the 2nd floor into two 2-bedroom / 2-bath apartment units; add a studio apartment to the ground floor; and expand the lower level square footage to create additional leasable area. See brokers for more details. The Wedgwood neighborhood is a dense and affluent suburb of Seattle with an average household income exceeding $137,000 and a population density of over 484,000 within a 5-mile radius. It is also conveniently located within 6 miles of Downtown Seattle and less than 2 miles from the University of Washington Campus.

Investment Highlights

  • 5,050 sf mixed-use building in the Wedgwood neighborhood with ground-floor retail, 2nd floor apartment unit, a lower level commercial space.
  • The 2nd floor apartment unit is currently achieving a lease rate of $1.13/sf/mo, and the ground-floor restaurant is achieving $22.76/sf/yr (Mod. Gross).
  • Plans available for converting 2nd floor into two 2-bedroom / 2-bath apartment units; adding a studio apartment to the ground floor; and expanding the lower level square footage for additional leasing
  • Additional upside can be realized by converting the commercial tenants to NNN leases. Currently commercial tenants are on Modified Gross leases with Landlord responsible for Taxes, Insurance & some Utilities.
  • All leases expire by June 2021, allowing for an investor to quickly (a) raise rents to market rate, (b) renovate or redevelop the property, or (c) occupy the property as an owner-user. However, all tenants are interested in remaining in the building if given the opportunity.
  • Offers tuck-under parking for its tenants, which can accommodate approximately 5 vehicles.
  • Shadow anchored by Safeway and within close proximity to other major retailers such as QFC, Rite Aid, Starbucks, Orangetheory, Chase Bank, and Top Pot Doughnuts
  • Within a 5-mile radius, the average household income exceeds $137,200 and the population density is over 484,000.

Exclusively Listed By

  • Hank Wolfer

    First Vice President Investments

    Email Hank

    License(s): WA: 110547

    Seattle

  • Brian Mayer

    Vice President Investments

    Email Brian

    License(s): WA: 108682

    Seattle

Shopping Neighborhood

Seattle Mixed-Use Asset | Affluent Neighborhood Near U of WA Campus

Listing Price: $1,590,000

Cap Rate
4.00%
Gross SF
5,050
Rentable SF
5,050
Price/Gross SF
$314.85
Lot Size
0.11 acres
Year Built
1994

Investment Highlights

  • 5,050 sf mixed-use building in the Wedgwood neighborhood with ground-floor retail, 2nd floor apartment unit, a lower level commercial space.
  • The 2nd floor apartment unit is currently achieving a lease rate of $1.13/sf/mo, and the ground-floor restaurant is achieving $22.76/sf/yr (Mod. Gross).
  • Plans available for converting 2nd floor into two 2-bedroom / 2-bath apartment units; adding a studio apartment to the ground floor; and expanding the lower level square footage for additional leasing
  • Additional upside can be realized by converting the commercial tenants to NNN leases. Currently commercial tenants are on Modified Gross leases with Landlord responsible for Taxes, Insurance & some Utilities.
  • All leases expire by June 2021, allowing for an investor to quickly (a) raise rents to market rate, (b) renovate or redevelop the property, or (c) occupy the property as an owner-user. However, all tenants are interested in remaining in the building if given the opportunity.
  • Offers tuck-under parking for its tenants, which can accommodate approximately 5 vehicles.
  • Shadow anchored by Safeway and within close proximity to other major retailers such as QFC, Rite Aid, Starbucks, Orangetheory, Chase Bank, and Top Pot Doughnuts
  • Within a 5-mile radius, the average household income exceeds $137,200 and the population density is over 484,000.

Investment Overview

Wedgwood Mixed-Use is a 5,050 sf, two-story structure situated in the Wedgwood neighborhood of Seattle. The property consists of a 2,153 sf, ground-floor commercial space, a 2,397 sf, 5-bedroom / 2-bath apartment unit on the 2nd floor, and a 500 sf, daylight commercial space on the lower level. The property also has rare on-site, tuck-under parking, which can accommodate approximately 5 vehicles. Additionally, the property is situated on a 5,000 sf parcel zoned NC2P-40, allowing for mixed-use residential development up 40 feet in height. The current lease rates in the building are significantly below-market rate, providing for substantial investor upside. The 2nd floor apartment unit is currently achieving a gross lease rate of $1.13/sf/mo, and the ground-floor restaurant is achieving $22.76/sf/yr (Mod. Gross). Market rates for comparable residential units range from $1.50 - $1.80/sf/mo while retail rents range from $25 - $32/sf/yr + NNN. Currently 100% occupied, the building’s tenants remain on short term leases, allowing near-term ability for an investor to (a) raise rents to market rate, (b) renovate or redevelop the property, and/or (c) occupy a portion of all of the building as an owner-user. Furthermore, the current ownership has plans to convert the 2nd floor into two 2-bedroom / 2-bath apartment units; add a studio apartment to the ground floor; and expand the lower level square footage to create additional leasable area. See brokers for more details. The Wedgwood neighborhood is a dense and affluent suburb of Seattle with an average household income exceeding $137,000 and a population density of over 484,000 within a 5-mile radius. It is also conveniently located within 6 miles of Downtown Seattle and less than 2 miles from the University of Washington Campus.

Exclusively Listed By

  • Hank Wolfer

    First Vice President Investments

    Email Hank

    License(s): WA: 110547

    Seattle

  • Brian Mayer

    Vice President Investments

    Email Brian

    License(s): WA: 108682

    Seattle

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