Mixed-Use

South Lake Union Mixed-Use

1628 Dexter Ave N, Seattle, WA 98109

Listing Price: $2,750,000

Cap Rate
6.00%
Number of Units
3
Occupancy
100.0%
Price/Unit
$916,667
Price/Gross SF
$774.87
Gross SF
3,549

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the 1628 Dexter Building in Seattle, WA. The Property consists of a three-story, 3,360 square foot mixed-use structure on the corner of Dexter Ave N and Hayes Street, in the South Lake Union Neighborhood of Seattle. The Property is 100% occupied by The Toledo, Pot Shot and Capes & Powers; each tenant occupies an entire floor of the building. All Tenants are on NN leases, and reimburse for taxes, insurance and utilities. The site is zoned NC3P-55, allowing for development up to 55 feet in height, which creates additional development upside. Although currently leased, the 3rd floor can be converted to a residential use without any additional permitting, creating future opportunity for a buyer to live in the space, or lease the floor as an apartment unit.

Investment Highlights

  • The Pot Shop's gross sales between 2018-2019 ranged between $2.4M - $2.85M, and sales for 2020 are on pace to achieve $2.8M - $2.9M.
  • 100% Occupied by three tenants - all subject to NN leases, creating a passive investment with minimal landlord responsibilities
  • NC3P-55 zoning provides potential development upside
  • 3rd floor can be converted to a residential use without any additional permitting required
  • Rare trophy asset in the South Lake Union neighborhood of Seattle; situated blocks from Amazon's world headquarters and Facebook's new Seattle campus
  • The Pot Shop and The Toledo recently renewed their leases for 5-year terms, showing their commitment to the site

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

Mixed-Use

South Lake Union Mixed-Use

Listing Price: $2,750,000

Cap Rate
6.00%
Number of Units
3
Occupancy
100.0%
Price/Unit
$916,667
Price/Gross SF
$774.87
Gross SF
3,549

Investment Highlights

  • The Pot Shop's gross sales between 2018-2019 ranged between $2.4M - $2.85M, and sales for 2020 are on pace to achieve $2.8M - $2.9M.
  • 100% Occupied by three tenants - all subject to NN leases, creating a passive investment with minimal landlord responsibilities
  • NC3P-55 zoning provides potential development upside
  • 3rd floor can be converted to a residential use without any additional permitting required
  • Rare trophy asset in the South Lake Union neighborhood of Seattle; situated blocks from Amazon's world headquarters and Facebook's new Seattle campus
  • The Pot Shop and The Toledo recently renewed their leases for 5-year terms, showing their commitment to the site

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the 1628 Dexter Building in Seattle, WA. The Property consists of a three-story, 3,360 square foot mixed-use structure on the corner of Dexter Ave N and Hayes Street, in the South Lake Union Neighborhood of Seattle. The Property is 100% occupied by The Toledo, Pot Shot and Capes & Powers; each tenant occupies an entire floor of the building. All Tenants are on NN leases, and reimburse for taxes, insurance and utilities. The site is zoned NC3P-55, allowing for development up to 55 feet in height, which creates additional development upside. Although currently leased, the 3rd floor can be converted to a residential use without any additional permitting, creating future opportunity for a buyer to live in the space, or lease the floor as an apartment unit.

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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