Listed by NAI Puget Sound Properties, NAI Puget Sound Properties Tacoma
$2,900,000
The Fortune Building
Details
APN 8897000065
Property Type Industrial
Sub Type Flex, Office
Square Footage 13,220
Units 6
Cap Rate 5.84%
NOI $189,661
Occupancy 100%
Tenancy Multi
Brand/Tenant 1&1 Spa, LLC
Lease Type NNN
Price per SqFt $246
Year Built 1980
Acreage 1.260
Zoning CE – Commercial Enterprise
Investment Type Stabilized
1707 South 341st Place, Federal Way, WA 98003
Marketing description
NAI Puget Sound Properties is pleased to present for sale The Fortune Building, a fully leased office/flex investment property in Federal Way, WA. The property consists of a 13,220 SF building on a 54,901 SF lot, ideally located in a dense commercial area, adjacent to power retail centers such as Federal Way Crossings, Campus Square, and a Walmart Supercenter.
The Fortune Building is fully leased to six tenants on NNN leases, offering a stable cashflow to investors. In addition, current rents of $14/sf are approximately 20% below market, creating additional rental upside potential.
Investment highlights
- Strong “As-Is” Cash Flow with Upside Potential: Full Leased Investment with True Nnn Leases. Currents Rents of $14/sf Are ~20% Below Market.
- Located in Highly Desirable Commercial Area the Property Ideally Sits in A Highly Coveted Retail Corridor Off the 348th Street Exit/entrance to The I-5 Freeway. Notable Adjacent Properties Include a Walmart Supercenter, Federal Way Crossings (200,000+ Sf Shopping Center), and Campus Square (houses Costco, Hobby Lobby, and Seattle Children’s Urgent Care).
- Small, Easy-To-Lease Units: With An Average Unit Size of Under 2,000 Sf, the Smaller Units Lend Themselves to Easier Leasing, Lower Vacancy, and Higher Rental Rate Potential.
- Significant Recent Building/site Improvements: Over $200 K of Recent Capital Expenditures on Building Improvements, Including New Roof and Hvac Units Within Last 10 Years.
Listing Contacts
Listed by NAI Puget Sound Properties, NAI Puget Sound Properties Tacoma
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$189,661.00
$15,805.08/mo
Valuation Metrics
0
DSCR
6.54%
Cap Rate
6.54%
ROI
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