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Office Medical

CAPO Medical and Professional Buildings

12351 Lake City Way NE, Seattle, WA 98125

Listing Price: $5,300,000

Cap Rate
3.13%
Rentable SF
15,790
Occupancy
79.0%
Year Built
1946
Lot Size
0.35 acres

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the CAPO Buildings, a two-building medical & professional office property located at 12351-12359 Lake City Way in the commercial core of the Lake City Way district in Seattle, WA. The property is bounded by NE 125th Street to the North and spans the block between 30th Ave NE and Lake City Way. The Northern building is a medical office building is occupied by the King County Health Department’s public dental clinic and also houses a screen-printing firm in the second level. The larger Southern building is filled with professional offices occupied by accountants, financial advisors, counselors, attorneys and property managers. At street level Pony Express, a shipping & mailing service, has been operating for decades. As there is some vacancy in the Southern building and shorter-term leases overall at the property, it is well positioned for both an investor or owner/user as it allows for a range of future tenanting strategies. Longer-term, there is redevelopment upside in maximizing the parcel, potentially in concert with the pocket park to the North. Lake City Way is poised to enjoy significant growth in the coming years as numerous planned apartment developments take shape. It’s walkable, urban village atmosphere makes for a pleasant setting to both live and work. The property sits on two parcels spanning 15,324 sqft, has 15 dedicated parking spaces and is zoned NC3P-75M. It is located on a frequent transit corridor and enjoys express bus service to the University of Washington and Downtown Seattle. As office tenants, especially those in expensive urban settings, reassess their space requirements, the CAPO Buildings offer a compelling solution: the opportunity to reap financial and health benefits by purchasing a dedicated building in a suburban setting that is closer to housing and essential retail services, while offering immediate access to rapid transit as well as a close, 15-minute drive to downtown. The CAPO Buildings are an outstanding opportunity to invest in an undervalued district of Seattle in a prime intersection. Property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants without prior approval. Seller will respond to offers on a first-come, first-serve basis.

Investment Highlights

  • Professional Office Investment Opportunity For An Investor Or Owner/User
  • Attractive Professional Spaces Including Street Retail Spaces, Lofts And Executive Suites Surrounding A Tranquil Atrium With Skylight & Water Feature
  • 50-Yard Line Lake City Location Surrounded By Abundant Amenities, Including Shopping Centers, Restaurants, Cafes, Bars & Grocery Stores
  • Future Redevelopment Potential: 15,324 Sqft Of Land Zoned, NC3P-75 (M) Within The Lake City Urban Village Overlay
  • 2019 Average Household Income Of $98,346 Within 1 Mile, $118,493 Within 3 Miles
  • Excellent Frontage: Visibility To Over 32,000 Vehicles Per Weekday
  • Located Within Two Miles Of The Northgate Mall Redevelopment: 400,000 Square Feet Of Retail Space, 1 Million Square Feet Of Office Space, Residential And Hospitality, And A $75 Million NHL Practice Facility
  • University Of Washington & Downtown Seattle Via Express Bus just 15-20 Minutes South

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Office Medical

CAPO Medical and Professional Buildings

Listing Price: $5,300,000

Cap Rate
3.13%
Rentable SF
15,790
Occupancy
79.0%
Year Built
1946
Lot Size
0.35 acres

Investment Highlights

  • Professional Office Investment Opportunity For An Investor Or Owner/User
  • Attractive Professional Spaces Including Street Retail Spaces, Lofts And Executive Suites Surrounding A Tranquil Atrium With Skylight & Water Feature
  • 50-Yard Line Lake City Location Surrounded By Abundant Amenities, Including Shopping Centers, Restaurants, Cafes, Bars & Grocery Stores
  • Future Redevelopment Potential: 15,324 Sqft Of Land Zoned, NC3P-75 (M) Within The Lake City Urban Village Overlay
  • 2019 Average Household Income Of $98,346 Within 1 Mile, $118,493 Within 3 Miles
  • Excellent Frontage: Visibility To Over 32,000 Vehicles Per Weekday
  • Located Within Two Miles Of The Northgate Mall Redevelopment: 400,000 Square Feet Of Retail Space, 1 Million Square Feet Of Office Space, Residential And Hospitality, And A $75 Million NHL Practice Facility
  • University Of Washington & Downtown Seattle Via Express Bus just 15-20 Minutes South

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale the CAPO Buildings, a two-building medical & professional office property located at 12351-12359 Lake City Way in the commercial core of the Lake City Way district in Seattle, WA. The property is bounded by NE 125th Street to the North and spans the block between 30th Ave NE and Lake City Way. The Northern building is a medical office building is occupied by the King County Health Department’s public dental clinic and also houses a screen-printing firm in the second level. The larger Southern building is filled with professional offices occupied by accountants, financial advisors, counselors, attorneys and property managers. At street level Pony Express, a shipping & mailing service, has been operating for decades. As there is some vacancy in the Southern building and shorter-term leases overall at the property, it is well positioned for both an investor or owner/user as it allows for a range of future tenanting strategies. Longer-term, there is redevelopment upside in maximizing the parcel, potentially in concert with the pocket park to the North. Lake City Way is poised to enjoy significant growth in the coming years as numerous planned apartment developments take shape. It’s walkable, urban village atmosphere makes for a pleasant setting to both live and work. The property sits on two parcels spanning 15,324 sqft, has 15 dedicated parking spaces and is zoned NC3P-75M. It is located on a frequent transit corridor and enjoys express bus service to the University of Washington and Downtown Seattle. As office tenants, especially those in expensive urban settings, reassess their space requirements, the CAPO Buildings offer a compelling solution: the opportunity to reap financial and health benefits by purchasing a dedicated building in a suburban setting that is closer to housing and essential retail services, while offering immediate access to rapid transit as well as a close, 15-minute drive to downtown. The CAPO Buildings are an outstanding opportunity to invest in an undervalued district of Seattle in a prime intersection. Property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants without prior approval. Seller will respond to offers on a first-come, first-serve basis.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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