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Kress Bldg 2221 NW 56th St

15,478 SF 92% Leased Retail Building Seattle, WA 98107 $5,850,000 ($378/SF)

Investment Highlights

  • Ballard Market Street Add-Value for Sale

Executive Summary

Ballard Market Street Add-Value for Sale
Pivot from redevelopment or consider this great value-add
mixed-use Ballard building as a 1031 option. The Kress
Building presents a chance to acquire a high-quality asset on
Market Street, featuring a combination of retail, office, and
creative spaces. all ideally suited for this particular
submarket. The seller's ongoing improvements has exceeded
$600k in the past year, encompassing the establishment of new
retail space on Market Street, seven micro loft office suites,
plumbing and electrical enhancements, as well as the addition
of new entrances on both northwest Market Street and northwest
56th Street. This property grants investors the ability to
self-manage while enjoying a stable income, with further
potential for value appreciation through leasing the remaining
vacancies and enhancing the aesthetic appeal of shared areas.

Property Facts

Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront
Building Size
15,478 SF
Building Class
B
Year Built/Renovated
1927/1985
Price
$5,850,000
Price Per SF
$378
Percent Leased
92%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.54
Land Acres
0.23 AC
Zoning
NC3p-65
Frontage
50 FT on Market St

Amenities

  • Bus Line
  • Signage

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • L-12
  • 345 SF
  • Retail
  • -
  • Now

The Kress Building is a historical mixed-use building in Ballard on Market Street that has a number of retail, small office and creative art spaces available. Suite #L-12 is a unique small basement level space space with common area access to the suite located on both the Market Street the 56th Avenue side of the property. Tenant pays monthly fixed rate utility in addition to base rent.

  • L05
  • 500 SF
  • Office
  • -
  • Now

Ballard Basement Creative/Office Space The Kress Building is a historical mixed-use building in Ballard on Market Street that has a number of retail, small office and creative art spaces available. Suite #L-05 is a unique small basement level space space with common area access to the suite located on both the Market Street the 56th Avenue side of the property. Tenant pays monthly fixed rate utility in addition to base rent.

  • 2-7
  • 192 SF
  • Office
  • -
  • Now

Complete renovation of the fmr. Bop Street Records space at the Kress Building, located directly on Market Street available delivery Summer 2023. High 20ft+ ceilings, revamped storefront, new 245 mezzanine and skylights throughout. Additional opportunity lease new micro office loft suites (x5) to create small/short term office leasing center.

  • 201
  • 165 SF
  • Office/Retail
  • -
  • Now
Space Size Space Use Position Available
L-12 345 SF Retail - Now
L05 500 SF Office - Now
2-7 192 SF Office - Now
201 165 SF Office/Retail - Now

L-12

Size
345 SF
Space Use
Retail
Position
-
Available
Now

L05

Size
500 SF
Space Use
Office
Position
-
Available
Now

2-7

Size
192 SF
Space Use
Office
Position
-
Available
Now

201

Size
165 SF
Space Use
Office/Retail
Position
-
Available
Now

L-12

Size 345 SF
Space Use Retail
Position -
Available Now

The Kress Building is a historical mixed-use building in Ballard on Market Street that has a number of retail, small office and creative art spaces available. Suite #L-12 is a unique small basement level space space with common area access to the suite located on both the Market Street the 56th Avenue side of the property. Tenant pays monthly fixed rate utility in addition to base rent.

L05

Size 500 SF
Space Use Office
Position -
Available Now

Ballard Basement Creative/Office Space The Kress Building is a historical mixed-use building in Ballard on Market Street that has a number of retail, small office and creative art spaces available. Suite #L-05 is a unique small basement level space space with common area access to the suite located on both the Market Street the 56th Avenue side of the property. Tenant pays monthly fixed rate utility in addition to base rent.

2-7

Size 192 SF
Space Use Office
Position -
Available Now

Complete renovation of the fmr. Bop Street Records space at the Kress Building, located directly on Market Street available delivery Summer 2023. High 20ft+ ceilings, revamped storefront, new 245 mezzanine and skylights throughout. Additional opportunity lease new micro office loft suites (x5) to create small/short term office leasing center.

Walk Score ®
Walker's Paradise (97)
Bike Score ®
Biker's Paradise (96)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Pho Than Brothers
US Bank
WaFd Bank
Becu
Orangetheory Fitness
Starbucks
Bank of America
Umpqua Bank
Chase Bank
Fitness 19

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
276770-1030
Land Assessment
$4,000,000
Improvements Assessment
$887,800
Total Assessment
$4,887,800
  • Listing ID: 29023259

  • Date on Market: 7/17/2023

  • Last Updated:

  • Address: 2221 NW 56th St, Seattle, WA 98107

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