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26444092
26444093

4241 21st Ave W, Seattle, WA 98199

Windermere Real Estate Seattle Wall Street
Listed by Windermere Real Estate Seattle Wall Street
$2,500,000
316 days on market
Updated 13 days ago

Fisheries Building at Salmon Bay

Details
Property Type Office
Sub Type Creative Office, Traditional Office
Square Footage 20,788
Cap Rate 5.30%
NOI $185,687
Occupancy 96%
Pro-Forma Cap Rate 8.00%
Price per SqFt $120
Stories 4

Office | 5.30% CAP | 20,788 SqFt

Marketing description

96% leased remodeled office building with ample parking, This 4-story office building features a secured lobby entrance, 23+ off-street parking spaces, building conference room, shower facility, hospital grade HEPA filtration system and incredible views of the Ship Canal and Fisherman's Terminal from every floor. Great location close to Vertical World Climbing Gym, Discovery Park, and many great restaurants and breweries. This is an excellent opportunity for an investor or an owner-user to acquire an updated property with stabilized income from long-term tenants with below market rents. The current cap rate with in-place below market rent and vacancy is 5.30%. Cap rate increases to over 8% once 3 small suites are leased. Please don't disturb current tenants.

Listing Contacts

Windermere Real Estate Seattle Wall Street
Listed by Windermere Real Estate Seattle Wall Street

Valuation Calculator

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$185,687.00
$15,473.92/mo

Valuation Metrics

0
DSCR
7.43%
Cap Rate
7.43%
ROI

Map

Zoning

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MML-U/65 IndustrialMaritime Manufacturing And Logistics Unlimited
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View all 82 uses
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Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics

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Property History

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