527 & 531 S Portland Street

527 - 531 S Portland St Seattle WA 98108

Listing #: 601876 | Status: Available | Last Modified: 4/23/2019 |

For Sale

527 - 531 S Portland St Seattle WA 98108

Agent Information
Showing Instructions
Call Listing AgentYes
Use DiscretionYes

Matthew Little, CCIM

(206) 505-9422
little@westlakeassociates.com

Matt Weber

(206) 505-9413
mweber@westlakeassociates.com

Westlake Associates, Inc.

(206) 505-9400

Listing Information
Price
Listing Price$ 935,000
$/SF$ 115.43
Listing StatusAvailable
Days On Market224
Asset ClassIndustrial
Investment Information
Investment PropYes
Gross Income$ 76,422
Vacancy Factor %0.00%
Operating Expenses$ 12,035
Net Operating Income$ 64,387
CAP Rate6.89 %
Associated Files
Property Information
Building Information
Building StatusExisting
# of Buildings2
# of Floors1
Total Building Sq/ft8,100
Net Rentable Area8,100
Lot Sq/ft10,000
Acres0.23
Property Type
Property TypeIndustrial
Location
CountyKing
Market AreaWest Seattle
Tax ID #7327903160
Construction
Year Built1964

Public Comments: The property is currently leased to Fabrication Specialties LTD, a specialty arts manufacturer who has occupied the property for decades. Current Lease term runs until February 29, 2021 with one (1) five-year option to extend at market rental rate to be exercised by March 1, 2020. The current monthly rental rate is $5,366 per month or $64,387 gross per year, representing a gross return of 6.89% on an all cash purchase. By the end of the lease in 2021, there will be a 7.59% cash on cash return.

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