CLS Building
PF 8.76% Cap Rate | Value-Add or Owner-User Office Within Walking Distance of Lynnwood Light Rail
Marketing description
BROWN RETAIL GROUP OF MARCUS & MILLICHAP is pleased to present the exclusive offering of the CLS Building, a 15,976 SF value-add or owner/user opportunity located in Lynnwood, WA, adjacent to the newly completed Lynnwood Light Rail Station and just minutes from I-5. The property houses tenants in a variety of industries, and offers direct access to dense residential communities and key employment centers. Currently 88% occupied with tenants paying below market rent, it provides investors or owner/users with immediate cash flow and a prime opportunity to implement a valueadd strategy in one of the region’s fastest-growing submarkets. The property has a City Center West zoning designation in the City Center District, which is designed to promote higher density housing, retail and restaurants, and professional uses. The property is well-positioned for eventual redevelopment at a maximum height of 140 feet.
Investment highlights
Owner-User or Value-Add Opportunity
The Property is currently 88% occupied, offering an investor significant upside through leasing the vacant spaces at market rents; or allowing an owner/user to immediately occupy space and collect cash flow.
Exceptionally Located
The Offering is adjacent to the newly finished Lynnwood light rail station and is less than half a mile from I-5, providing businesses with swift access to convenient transportation.
Significantly Below Market Rent
Average rent at the property is $20.16/SF Gross, with market rents achievable in the $29-$32/SF Gross range per CoStar (30% below market), providing substantial upside through leasing the vacant suites and fair market rent renewals.
Excellent Demographics
The property is located in the heart of a 3-mile population exceeding 140,000 residents with an above average household income of over $126,000.
Future Development Potential
The CCW zone promotes high density multi-family development up to 140 feet in height, or continued professional/retail use.
Essential Service Tenant Base
Home to a mix of in-person, essential service providers including recreational activities, healthcare, and finance professionals that cater to nearby residential areas.
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