The Keystone Building | 619 Commercial Ave
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The Keystone Building 619 Commercial Ave
22,488 SF 100% Leased Retail Building Anacortes, WA 98221 $4,995,000 ($222/SF) 5.50% Cap Rate
Investment Highlights
- Property is at a busy downtown core location.
- Low vacany rate.
- Beautiful intact historic details have been maintainted along with new updates including roof, skylights and sewer.
Executive Summary
The iconic Keystone Building has been the anchor of downtown Anacortes for over 100 years! A vibrant city of prestigious marinas & aspiring artists, Anacortes's recent growth is legendary, making this investment a no-brainer. Poured concrete construction + new roof, skylight & recent sewer/foundation improvements mean you can focus on the fun things; exterior paint & bringing your own vision to this classic building. The well maintained interior has amazing historic details, all intact & waiting for your continued care & vision. Sale includes 1890 era cottage for retail or residential and two city lots in the back so you can expand or create something new! Cap rate 5.5%. List on the NHR to receive huge tax benefits with future restorations.
Data Room Click Here to Access
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Building Size
22,488 SF
Building Class
C
Year Built
1909
Price
$4,995,000
Price Per SF
$222
Cap Rate
5.50%
NOI
$274,725
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
2.46
Land Acres
0.21 AC
Zoning
CBD - Central Business District (CBD).
Parking
0.67 Spaces per 1,000 SF Leased
Frontage
100 FT on Commercial Ave.
Amenities
- Corner Lot
- Mezzanine
- Restaurant
- Skylights
- Storage Space
- Smoke Detector
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- Cosmic Veggies
- -
-
99,999 SF
- -
-
Jan 0000
- J Slocum Marine
- -
-
99,999 SF
- -
- -
-
- -
-
99,999 SF
- -
- -
When Bob James founded Raymond James, he did so based on a belief that clients deserved more than help with investment decisions, they needed advice that considered their entire financial picture. Today, that client-focused approach has extended to serve client accounts through thousands of financial advisors in the United States, Canada and overseas. Further, the company has expanded through the years to serve corporations, institutions and municipalities through significant capital markets, banking and asset management services.
- Shear Joy
- -
-
99,999 SF
- -
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| Cosmic Veggies | - | 99,999 SF | - | Jan 0000 | ||
| J Slocum Marine | - | 99,999 SF | - | - | ||
|
|
- | 99,999 SF | - | - | ||
| Shear Joy | - | 99,999 SF | - | - |
Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (82)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | P54998 | Total Assessment | $2,102,000 |
| Land Assessment | $825,600 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,276,400 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
P54998
Land Assessment
$825,600
Improvements Assessment
$1,276,400
Total Assessment
$2,102,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
-
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The Keystone Building | 619 Commercial Ave
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