2408 1st Ave S
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2408 1st Ave S
29,263 SF 100% Leased Retail Building Seattle, WA 98134 $8,400,000 ($287/SF) 6.58% Cap Rate
Investment Highlights
- Irreplaceable Location: Across the street from Starbucks Global HQ, blocks from T-Mobile Park and Lumen Stadium, 1-mile from Seattle CBD
- The tenants have contracted rental increases ranging from 3%-5% throughout initial lease terms providing solid NOI growth
- The Center is located in the heart of SODO which is a major commercial corridor and has experienced strong business demand and development
- The Center is 100% providing stability and ease of management. This is a testament to the quality and location of the Center
- Over $1M in capital improvements have been invested in the Center
- All 5 tenants are on NNN leases with minimal landlord responsibilities
Executive Summary
SoDo Center is a highly desirable property located in an irreplaceable location. Situated across the street from Starbucks Global HQ, the largest coffeehouse chain in the world, the property benefits from the high employment and foot traffic generated by Starbucks. Additionally, the center is just blocks away from T-Mobile Park and Lumen Stadium, home to the Seattle Mariners, Seattle Seahawks, and Seattle Sounders, drawing millions of people for games and concerts. The property’s strategic position 1 ¼ miles south of downtown Seattle provides immediate access to major highways and the city’s bustling CBD, which is home to major tech companies like Amazon, Google, Facebook, and Salesforce.
The property’s location in the heart of SODO, a major commercial corridor, ensures strong business demand from various industries. SODO has experienced significant development and transformation, with the presence of Starbucks HQ, sports stadiums, and recent multi-family, office, and hotel developments. The property is 100% leased, providing stability and ease of management, and the tenants have contracted annual rental increases, ensuring solid NOI growth.
The property’s location in the heart of SODO, a major commercial corridor, ensures strong business demand from various industries. SODO has experienced significant development and transformation, with the presence of Starbucks HQ, sports stadiums, and recent multi-family, office, and hotel developments. The property is 100% leased, providing stability and ease of management, and the tenants have contracted annual rental increases, ensuring solid NOI growth.
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Property Facts Under Contract
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
29,263 SF
Building Class
C
Year Built/Renovated
1926/2023
Price
$8,400,000
Price Per SF
$287
Cap Rate
6.58%
NOI
$552,720
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.00
Land Acres
0.67 AC
Opportunity Zone
Yes
Zoning
IG2 U85
Frontage
Amenities
- Bus Line
- Signage
Bike Score ®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,698,500 | |
| Land Assessment | $3,240,000 | Total Assessment | $4,938,500 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,240,000
Improvements Assessment
$1,698,500
Total Assessment
$4,938,500
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