Bought with ZNonMember-Office-MLS
$3,830,000
$3,840,000
0.3%For more information regarding the value of a property, please contact us for a free consultation.
0.5 Acres Lot
SOLD DATE : 06/08/2023
Key Details
Sold Price $3,830,000
Property Type Commercial
Sub Type Commercial Industrial
Listing Status Sold
Purchase Type For Sale
Subdivision Magnolia
MLS Listing ID 2040191
Sold Date 06/08/23
Style 60 - Comm Bldg Und 10K
Year Built 1959
Annual Tax Amount $39,465
Lot Size 0.499 Acres
Property Description
Two parcels totaling 21,750 SF in the heart of Magnolia Village and home to the long-term tenant, Magnolia Garden Center. This property is one of the largest parcels in Magnolia Village with commercial zoning and is on the market for the very first time. 2455 32nd Ave W is a 7,975 SF corner lot with a 1,912 SF building and is zoned NC2P-55 (M). 3213 W Smith St is a 13,775 SF lot with a 1,968 SF building and is zoned NC2-55 (M). Single tenant on a NNN lease occupies both properties with a lease through Dec 2028 plus one 5-year option to extend. NOI currently $58k, increasing to $68k on 1/1/24 with 3% annual increases thereafter. Incredible location and once-in-a-lifetime opportunity to acquire nearly half an acre of land in Magnolia Village.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Interior Features Concrete, Laminate Hardwood
Flooring Concrete, Laminate
Fireplace false
Exterior
Exterior Feature Wood, Wood Products
Roof Type Flat
Building
Sewer Sewer Connected
Water Public
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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