Kress Ballard
2220 NW Market Street, Seattle, WA 98107, United States
   
PRICE BUILDING SIZE (NRA) PRICE PER SF CAP RATE
$4,250,000 15,478 SF $274.58 6.01%
 
The Offering    
Irreplaceable location in the Heart of Ballard
Located at the intersection of Ballard Avenue and Market Street, the property benefits from heavy pedestrian and vehicular traffic in addition to the vibrant local Ballard culture and explosive population growth occurring in the submarket.

Fully Leased Building with Potential Rental Upside Through Renovation and Re-Tenanting
Most of the building’s occupants are long-term tenants, with rents towards the very low end of the submarket range. Ultimately, the property is an excellent candidate for renovation with upside potential to the existing cash flow through rental increases closer to market levels.

Strong Underlying Land Value with Potential Redevelopment Opportunity
The desirable location and zoning (NC3P-65) will introduce the possibility of redevelopment. The local submarket has been exploding with new residential development and the subject is an excellent candidate for a higher-density use.



 


Modernized Building with Historic Charm
While the building maintains its historic character, all major building systems have been modernized, including copper plumbing, new electrical systems, and modern HVAC systems. Importantly, no component of the property is historically protected, allowing for maximum flexibility.

Attractive Pricing at Low Price Per Square Foot and High Investment Returns
The property is being offered at a price of $275 per square foot, which is low for a fully-occupied building with a desirable close-in location. Furthermore, modest rent levels coupled with strong inherent land values make the Kress a fundamentally sound investment opportunity.


 
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