512 Strander Boulevard
Tukwila WA 98188
512 Strander Blvd
512 Strander Boulevard Tukwila WA 98188
Listing #: 680745 | Status: Available | Last Modified: 8/13/2024 |
For Sale
- Phone:(206) 826-5787
- Email:brownretailgroup@marcusmillichap.com
- Office Name:Marcus & Millichap, Inc.
- Office Phone:(206) 826-5700
- Office Website:www.marcusmillichap.com
- Call Listing AgentNo
- Use DiscretionNo
- Listing Price$ 4,900,000.0
- $/SF$ 245.0
- Listing StatusAvailable
- Days on Market150
- Asset ClassRetail
- Terms
- Investment Type
- Min Total SF0
- Max Total SF0
- Lease Rate Low$ 00.0
- Lease Rate High$ 00.0
- Heat Source
- Total Units
- Water
- Electricity
- Storm Sewer
- SignageSignage on Building and Freestanding
- Anchor
- Crane Count
- Crane Tonnage0
- Clearance Height Min
- Clearance Height Max
- Bay Depth
- Second Road Front
- Grade Level Door Count
- Tennant Improvement Allowance
- Building StatusExisting
- # of Buildings1
- # of Floors1
- # of Units0
- # of Elevators
- Clearance Height Min
- Clearance Height Max
- Bay Depth
- Total Building SF20000
- Net Rentable Area18900
- Total Office SF
- Largest Contiguous SF
- Lot SF30056
- Acres0.69
- Property TypeRetail
- Office Type
- Building Class
- CountyKing
- Vicinity
- Location Description
- Second Address
- Cross Street
- Market AreaNot Assigned
- Tax ID #0223200041
- Additional Parcels
- ZoningTUC-TOD
- # Covered Spaces0
- # Uncovered Spaces39
- Total Parking Spots39
- Parking Ratio
- Year Built1969
- Year Renovated2014
- Completion Date
- Roof Type
- Construction TypeMasonry
Foss Audio
We have been exclusively selected to market for sale Foss Audio, a prime location opportunity featuring a short-term lease with below market rent and a fair market rent option. The Tenant is currently paying just $10.74/SF + NNN with market rents achievable in the $19-$22/SF + NNN range. The Tenant’s option in 3 years is at Fair Market Rent (FMR), allowing an investor near-term upside above a 7% cap rate by simply increasing rent to market. The Property is zoned TUC-TOD (Tukwila Urban Center - Transit Oriented Development) which permits numerous commercial uses including retail, office, hospitality, multifamily, senior housing, government, education, and transportation uses. If the tenant were to leave at the end of its lease term and option term, a new owner would be able to backfill the