3242 Eastlake Avenue E, Seattle, WA 98102

$1,100,000

Listing courtesy of Paragon Real Estate Advisors.

List Price
$1,100,000
Status
ACTIVE
MLS#
1952417
Days on Market
18

Property Description

Paragon Real Estate Advisors is proud to exclusively offer for sale the Eastlake Commercial Condominium. This 2,830 square foot space is currently occupied by the 4.7 star Sebi’s Bistro, a popular polish restaurant. Sebi’s Bistro lease will be ending on December 31st, 2022 providing a great opportunity for an owner-occupier or for an investor to lease up the space at a market rate. The current rental rate provides an investor with a 5.6% cap rate on existing financials. Further, the current lease rate is about 30% below market providing for a market 7.2% cap rate when leased up at a market rate.

Additional Information

Community
Eastlake
Style
75 - Retail
Year Built
1916
HOA Dues
$845
Driving Directions
From downtown Seattle, Take 4th Ave to University St. Get on I-5 N. Continue on I-5 N. Take Boylston Ave E and Harvard Ave E to Eastlake Ave E.
Other Expenses
17343
Net Operating Income
$61,399
Cap Rate
5.58
Total Expenses
$26,017
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