Urban-High Street

Chase Bank Commercial Condo

1417 Queen Anne Ave N, Seattle, WA 98109

Listing Price: $4,435,000

Cap Rate
5.75%
Gross SF
6,329
Rentable SF
6,329
Price/Gross SF
$700.74
Lot Size
0.15 acres
Year Built
1996

Investment Overview

The Queen Anne Commercial Condominiums consist of two ground-fl oor units, which are 100% occupied by Chase Bank, City Eye Care and Koku Café & Market. The property resides in the Queen Anne neighborhood, one of the most affluent neighborhoods in Seattle, boasting an average household income of nearly $150,000. The units are situated at the corner of a three-way intersection with exposure to Queen Anne Avenue, a primary commercial corridor and home to prominent national retailers such as Safeway, Trader Joe’s, Starbucks, and CVS. Also, within close proximity are popular Seattle retailers such as Top Pot Doughnuts, Molly Moon’s Ice Cream, Ethan Stowell’s How to Cook a Wolf, and Storyville Coffee. Chase Bank, a tenant since 2012, anchors the property and occupies 100% of Unit 101. Prior to Chase Bank, Washington Mutual had occupied the space since 1996, making this an established banking location for nearly 25 years. This Chase Bank branch benefits from its strong deposits, which exceeded $155 million as of June 2019. Additionally, the branch offers a 24-hour ATM, safe deposit boxes, and Chase Private Client – a wealth management program with exclusive benefits offered to select clients that keep substantial amounts of money in Chase investment and banking accounts. City Eye Care and Koku Café & Market occupy Unit 102. City Eye Care, an eye glass retailer and optometry offi ce, has been operating since 1999 and a tenant in the property since 2006. They recently renewed their lease for 4 years, showing their commitment to the location. Koku Café & Market is a popular new Japanese inspired restaurant, which was named “One of the best rice bowls in the city” by Seattle Times. Koku also functions as a market, selling Japanese specialty products and foods. The entire condominium building is professionally managed by a third party who handle all common area maintenance for the property. Those costs are billed back through the HOA Dues. However, all three tenants are on NNN leases, allowing for full reimbursement of such costs. The NNN lease structure and in-place property management create a very passive investment for an investor.

Investment Highlights

  • 100% occupied, three-tenant retail condominium in the heart of Seattle's Queen Anne neighborhood
  • A tenant since 2012, Chase Bank is the largest financial institution in the United States with approximately $2.67 trillion in assets
  • Situated along Queen Anne Ave N, the primary commercial corridor in the area, with national retailers such as Safeway, Trader Joe's, Starbucks, 7-Eleven, and CVS
  • Bank deposits as of June 2019 were $156.7 million. This branch also offers Chase Private Client services, safe deposit boxes, and a 24-hour ATM
  • Situated in Queen Anne, one of Seattle's most affluent suburbs, with an Average Household Income of $145,155 in a one-mile radius
  • All leases benefit from a NNN lease structure, with minimal landlord responsibilities

Exclusively Listed By

Urban-High Street

Chase Bank Commercial Condo

Listing Price: $4,435,000

Cap Rate
5.75%
Gross SF
6,329
Rentable SF
6,329
Price/Gross SF
$700.74
Lot Size
0.15 acres
Year Built
1996

Investment Highlights

  • 100% occupied, three-tenant retail condominium in the heart of Seattle's Queen Anne neighborhood
  • A tenant since 2012, Chase Bank is the largest financial institution in the United States with approximately $2.67 trillion in assets
  • Situated along Queen Anne Ave N, the primary commercial corridor in the area, with national retailers such as Safeway, Trader Joe's, Starbucks, 7-Eleven, and CVS
  • Bank deposits as of June 2019 were $156.7 million. This branch also offers Chase Private Client services, safe deposit boxes, and a 24-hour ATM
  • Situated in Queen Anne, one of Seattle's most affluent suburbs, with an Average Household Income of $145,155 in a one-mile radius
  • All leases benefit from a NNN lease structure, with minimal landlord responsibilities

Investment Overview

The Queen Anne Commercial Condominiums consist of two ground-fl oor units, which are 100% occupied by Chase Bank, City Eye Care and Koku Café & Market. The property resides in the Queen Anne neighborhood, one of the most affluent neighborhoods in Seattle, boasting an average household income of nearly $150,000. The units are situated at the corner of a three-way intersection with exposure to Queen Anne Avenue, a primary commercial corridor and home to prominent national retailers such as Safeway, Trader Joe’s, Starbucks, and CVS. Also, within close proximity are popular Seattle retailers such as Top Pot Doughnuts, Molly Moon’s Ice Cream, Ethan Stowell’s How to Cook a Wolf, and Storyville Coffee. Chase Bank, a tenant since 2012, anchors the property and occupies 100% of Unit 101. Prior to Chase Bank, Washington Mutual had occupied the space since 1996, making this an established banking location for nearly 25 years. This Chase Bank branch benefits from its strong deposits, which exceeded $155 million as of June 2019. Additionally, the branch offers a 24-hour ATM, safe deposit boxes, and Chase Private Client – a wealth management program with exclusive benefits offered to select clients that keep substantial amounts of money in Chase investment and banking accounts. City Eye Care and Koku Café & Market occupy Unit 102. City Eye Care, an eye glass retailer and optometry offi ce, has been operating since 1999 and a tenant in the property since 2006. They recently renewed their lease for 4 years, showing their commitment to the location. Koku Café & Market is a popular new Japanese inspired restaurant, which was named “One of the best rice bowls in the city” by Seattle Times. Koku also functions as a market, selling Japanese specialty products and foods. The entire condominium building is professionally managed by a third party who handle all common area maintenance for the property. Those costs are billed back through the HOA Dues. However, all three tenants are on NNN leases, allowing for full reimbursement of such costs. The NNN lease structure and in-place property management create a very passive investment for an investor.

Exclusively Listed By

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