7520 35th Ave NE, Seattle, WA 98115
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.
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.
