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Office

Grenwich Building

3501 Colby Ave, Everett, WA 98201

Listing Price: $8,500,000

Cap Rate
5.88%
Gross SF
31,995
Rentable SF
31,995
Price/Gross SF
$265.67
Lot Size
0.60 acres
Year Built
2001

Investment Overview

Marcus & Millichap Seattle is pleased to present the sale offering for the 31,995 SF Grenwich Office Building Condominiums. This 100% occupied stablzed investment property is centrally located in the desirable Port Gardner area of Everett, Washington. The Grenwich Building is a high quality newer property featuring a solid roster of tenants including the Washington State Attorney General’s regional office, Pace Engineering, Inc., Lifelong (Non-Profit), Snohomish Psychology Associates PLLC and the Lauber Dancey Law Firm. Along with the great territorial and mountain views, the offices have private balconies, state of the art air purification systems, monitored security systems, ample storage and private secured parking garages. Just 25 miles north of Seattle, The Grenwich Building is strategically located to satisfy a strong tenant base within a high growth area of Everett, Washington which is the seventh largest City in Washington State. Everett is home to the Boeing Company’s largest aircraft assembly plant, the United States Naval Station, one of the premier deep water ports and the largest private marina on the West Coast. Overall, the Grenwich Building offers the savvy long term investor an opportunity to purchase a very stable high quality investment property providing strong cash flow and long term rental growth in a core Pacific Northwest office market.

Investment Highlights

  • RECENT LEASE EXTENSIONS Washington State Attorney General and Pace Engineers Inc. recently extended their leases demonstrating their long-term commitment to the location and property.
  • MAJORIT Y CONTROL OVER HOA Current landlord and potential investor would account for 83% of the rentable building area, which enables flexibility and ease of management.
  • LONG TERM LEASES The three core tenants, Attorney General, Lifelong and Pace make up 83% of the building. All with lease terms between 5 and 10 years.
  • MAJOR TENANT IMPROVEMENTS Recent improvement include newly remodeled suites, installed reinforced safety glass, remote security and HVAC control system, and installed custom garage doors on the bottom parking level.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Listing Price: $8,500,000

Cap Rate
5.88%
Gross SF
31,995
Rentable SF
31,995
Price/Gross SF
$265.67
Lot Size
0.60 acres
Year Built
2001

Investment Highlights

  • RECENT LEASE EXTENSIONS Washington State Attorney General and Pace Engineers Inc. recently extended their leases demonstrating their long-term commitment to the location and property.
  • MAJORIT Y CONTROL OVER HOA Current landlord and potential investor would account for 83% of the rentable building area, which enables flexibility and ease of management.
  • LONG TERM LEASES The three core tenants, Attorney General, Lifelong and Pace make up 83% of the building. All with lease terms between 5 and 10 years.
  • MAJOR TENANT IMPROVEMENTS Recent improvement include newly remodeled suites, installed reinforced safety glass, remote security and HVAC control system, and installed custom garage doors on the bottom parking level.

Investment Overview

Marcus & Millichap Seattle is pleased to present the sale offering for the 31,995 SF Grenwich Office Building Condominiums. This 100% occupied stablzed investment property is centrally located in the desirable Port Gardner area of Everett, Washington. The Grenwich Building is a high quality newer property featuring a solid roster of tenants including the Washington State Attorney General’s regional office, Pace Engineering, Inc., Lifelong (Non-Profit), Snohomish Psychology Associates PLLC and the Lauber Dancey Law Firm. Along with the great territorial and mountain views, the offices have private balconies, state of the art air purification systems, monitored security systems, ample storage and private secured parking garages. Just 25 miles north of Seattle, The Grenwich Building is strategically located to satisfy a strong tenant base within a high growth area of Everett, Washington which is the seventh largest City in Washington State. Everett is home to the Boeing Company’s largest aircraft assembly plant, the United States Naval Station, one of the premier deep water ports and the largest private marina on the West Coast. Overall, the Grenwich Building offers the savvy long term investor an opportunity to purchase a very stable high quality investment property providing strong cash flow and long term rental growth in a core Pacific Northwest office market.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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