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Office Warehouse

Park Terrace Commons

22313 70th Ave W, Mountlake Terrace, WA 98043

Listing Price: $6,615,000

Cap Rate
2.25%
Gross SF
32,420
Price/Gross SF
$204.04
Lot Size
1.27 acres
Year Built
1985
Rentable SF
32,256

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Park Terrace Commons (“the Property”), a 32,256 square-foot office industrial building located in Mountlake Terrace, WA. Built in 1985, the Property is a prime destination for an owner-user with easy access to both Highway 99 and I-5 and is walking-distance from nearby public transit options set to benefit from the Link Light Rail Expansion in 2024. The property is presently tenanted by three service companies, one manufacturing company and two related archery instruction and retail businesses. The ground-floor allows for a variety of professional and industrial uses with two declining well docks, and seven grade-level doors accessed behind the building. The second floor is home to office, storage and retail users, and features an indoor archery range used by two of the tenants. 9,000 square feet of ground-level office and industrial space currently occupied by the seller can be made available upon sale and the sellers are willing to sign up to a one-year lease to facilitate a transaction. In-place rents are deeply below market and industrial vacancies in the market are approaching record lows. Park Terrace Commons represents a rare opportunity to invest in a highly sought-after submarket of Snohomish County with excellent access to I-5. Property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact tenants without prior approval. Seller will respond to offers on a first-come, first-serve basis.

Investment Highlights

  • Light Industrial / Office Property With Rental Upside
  • Seller Occupies 9,000 SF: Can Vacate Or Lease Up To 1 Year
  • High Durability CMU Construction
  • Nearby Access to Highway 99 and Interstate-5
  • Path of Growth Submarket – Link Light Rail Arriving in 2024
  • Tax Advantaged Location – No Local B&O Tax

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Listing Price: $6,615,000

Cap Rate
2.25%
Gross SF
32,420
Price/Gross SF
$204.04
Lot Size
1.27 acres
Year Built
1985
Rentable SF
32,256

Investment Highlights

  • Light Industrial / Office Property With Rental Upside
  • Seller Occupies 9,000 SF: Can Vacate Or Lease Up To 1 Year
  • High Durability CMU Construction
  • Nearby Access to Highway 99 and Interstate-5
  • Path of Growth Submarket – Link Light Rail Arriving in 2024
  • Tax Advantaged Location – No Local B&O Tax

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Park Terrace Commons (“the Property”), a 32,256 square-foot office industrial building located in Mountlake Terrace, WA. Built in 1985, the Property is a prime destination for an owner-user with easy access to both Highway 99 and I-5 and is walking-distance from nearby public transit options set to benefit from the Link Light Rail Expansion in 2024. The property is presently tenanted by three service companies, one manufacturing company and two related archery instruction and retail businesses. The ground-floor allows for a variety of professional and industrial uses with two declining well docks, and seven grade-level doors accessed behind the building. The second floor is home to office, storage and retail users, and features an indoor archery range used by two of the tenants. 9,000 square feet of ground-level office and industrial space currently occupied by the seller can be made available upon sale and the sellers are willing to sign up to a one-year lease to facilitate a transaction. In-place rents are deeply below market and industrial vacancies in the market are approaching record lows. Park Terrace Commons represents a rare opportunity to invest in a highly sought-after submarket of Snohomish County with excellent access to I-5. Property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact 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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