Broadway State

Situated on a prominent corner in a pedestrian-oriented and transit-served retail corridor in Capitol Hill’s Pike/Pine neighborhood, the Broadway State Building is a NNN leased property featuring 100% occupancy, and a 6%+ current cap rate offered under $2M and approximately $500 per net rental square foot. The property was originally constructed as a bank offering financial services in the middle of the neighborhood’s auto row area dealerships and related businesses. Featuring a perfect “Walker’s Paradise” Walk Score® of 100, this property is less than a mile from Downtown and the Seattle Convention Center, and more importantly, is within a 5-minute walk of two places of higher education – Seattle Central College and Seattle University – and many of Capitol Hill’s employers and office spaces.The property’s 1,700+ SF of ground-floor retail space featuring extraordinarily high ceilings, matching tall windows, and an additional 430 SF of storage is occupied by a franchise of Come Buy Tea, an international chain of Boba Tea and Waffle cafés. The busy operator just signed a 10-year lease. Upstairs is Here.com, a local design company with another year left on their lease, offering an owner-user buyer the opportunity to purchase the property and occupy the upstairs office space for their own business. The property’s 1,695 SF office space features bright interior with skylights, exposed brick walls, fir wood floors, operable windows, en-suite restroom and kitchenette, HVAC and private entry fronting Broadway (no elevator). The site, with its ±20 feet of frontage on E Pike and ±90 feet of frontage on Broadway E, benefits from daily traffic counts of more than 10,350 vehicles headed in all directions. With such an excellent corner location in one of Seattle’s most desirable neighborhoods, redeveloping the property into a view, mixed-use multifamily and retail property is another potentially lucrative option possible by obtaining or partnering with the neighboring parcel. Given the property’s NC3P-75 (M) zoning, a new mixed-use development is possible with no parking requirement. Priced at $1,975,000, the Broadway State is available at a 6%+ cap rate and approximately $500 per foot. Its strategic corner location and reasonable rental rates of $35 per foot, combined with the potential for cap rate compression, Broadway State should provide the buyer with long-term upside.