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2241-2245 Eastlake Ave - Retail Condo @ Eastlake Lofts

1,161 SF Retail Condo Unit Offered at $765,000 in Seattle, WA 98102

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Investment Highlights

Corner Location, Heavy Foot Traffic, Vibrant Neighborhood, Upscale Building, High End Finishes and Build Out.

Property Facts

Price	$765,000	Building Class	C
Unit Size	1,161 SF	Floors	4
No. Units	1	Typical Floor Size	3,695 SF
Total Building Size	16,733 SF	Year Built	2007
Property Type	Retail (Condo)	Lot Size	0.19 AC
Property Subtype	Storefront Retail/Residential General Retail Restaurant	Parking Ratio	1.43/1,000 SF
Sale Type	Investment

Price	$765,000
Unit Size	1,161 SF
No. Units	1
Total Building Size	16,733 SF
Property Type	Retail (Condo)
Property Subtype	Storefront Retail/Residential General Retail Restaurant
Sale Type	Investment
Building Class	C
Floors	4
Typical Floor Size	3,695 SF
Year Built	2007
Lot Size	0.19 AC
Parking Ratio	1.43/1,000 SF

1 Unit Available

Unit 2245

Unit Size	1,161 SF	Sale Type	Investment
Price	$765,000	Cap Rate	6.75%
Price Per SF	$658.91	NOI	$51,675
Condo Use	Retail	No. Parking Spaces	1

Unit Size	1,161 SF
Price	$765,000
Price Per SF	$658.91
Condo Use	Retail
Sale Type	Investment
Cap Rate	6.75%
NOI	$51,675
No. Parking Spaces	1

Description

Stunning retail condo unit with high foot traffic and corner exposure on a busy thoroughfare. This unit is built out as a coffee house and it has had a successful coffee house operation located in it since 2007 when the building was opened. It has a high end build out with walnut cabinetry and built-in bench seating. Huge sliding windows for an open-air feel during the summer months. Central A/C. This unit was built out to operate as a coffeehouse, but could also easily convert to a wine bar or other restaurant type of establishment. It has a concrete ventilation shaft to the roof which allows for a hood. Amazing corner location on a Main street and major bus route. Eastlake is one of Seattle's most prestigious and high density neighborhoods. One deeded covered parking space is included in the sale.

Sale Notes

This is a direct owner sale with the sale to be handled by an escrow and real estate attorney. No agents please. The unit has 4 years left on the lease. No extensions. After that, the unit is free to be owner occupied or leased out again. The current tenant, Eastlake Coffee & Cafe, is eager to sign another five year lease with the new buyer if the buyer so chooses. Tenant is paying $3,275/month base rent, plus $723/month HOA dues, and $361/month property taxes. Please do not disturb the tenants. I am happy to schedule a walk-thru anytime for a thorough viewing. I can send a copy of the current tenant lease in place upon receiving an NDA. Please contact me to set this up.

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