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Listed by Kidder Mathews
$ 2,275,000
Est. payment | /mo
$ 2,275,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Commercial Industrial
Listing Status Active
Purchase Type For Sale
Subdivision Belltown
MLS Listing ID 2369846
Style 61 - Comm Bldg Ovr 10K
HOA Fees $1,000/mo
Year Built 2008
Annual Tax Amount $16,586
Property Sub-Type Commercial Industrial
Property Description
Secure access, 72-stall parking garage located in a Class A condo in Belltown, blocks to Seattle's waterfront & Seattle Center. 69 car spaces, 3 motorcycle stalls. Current monthly parking rates are below market with immediate upside potential allowing for a likely 7.6% cap rate. Out-of-town seller willing to carry the contract at 6.25% for 5 years with $1M down payment. Shrinking inventory of parking spaces as new construction typically provides less parking than needed and surface parking lots are redeveloped. Near $0 in maintenance costs given condo structure / HOA responsibility. Located within a well-maintained building. Car collector/owner-occupant opportunity. 40-50 spaces occupied by office building across the street with no parking.
Location
State WA
County King
Area 701 - Belltown/Downtown Seattle
Interior
Fireplace false
Others
Senior Community No
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