For Sale
$3,500,000

2000 Union StSeattle, WA 98122

Historic Seattle Office, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional mixed-use building, located at 2000 E Union St in Seattle's vibrant East Union Retail District, presents a compelling value-add investment opportunity. Built in 1908 and extensively renovated in 2021, this two-story structure boasts 7,000 square feet of total space, with 6,920 square feet of net rentable area. Currently housing eight tenants across multiple units, the property generates a strong net operating income (NOI) of $211,000, resulting in an attractive 6.03% capitalization rate. The asking price is $3,500,000. The building sits on a 4,336 square foot lot and is zoned NC2P-40 (M). Its creative office subtype caters to a diverse range of businesses, while the building's historic character adds significant charm and appeal. The property offers potential for further value enhancement through the renovation of four large residential units on the second floor, presenting a unique opportunity to increase income streams and overall property value. This prime location in the heart of the East Union Retail District ensures high visibility and accessibility, making it an ideal investment for discerning buyers seeking a blend of historical character and modern functionality. The property's strong financial performance and significant upside potential make it a truly remarkable opportunity in the competitive Seattle market.

Highlights

  • Exceptional mixed-use building in Seattle's East Union Retail District, offering a value-add investment opportunity.
  • 7,000 square foot building (6,920 square feet net rentable) on a 4,336 square foot lot, built in 1908, extensively renovated in 2021.
  • Currently generates $211,000 NOI, resulting in a 6.03% cap rate; asking price $3,500,000.
  • Eight tenants in multiple units; NC2P-40 (M) zoning; creative office space.
  • Potential for value enhancement through renovation of four second-floor residential units.

Property Details for 2000 Union St

Property type
Office properties, Office space
Square Feet
7,000 SF
Year Built/Renovated
1908/2021
Stories
2
Units
8

Location Insight

City
Seattle
County
King
State
Washington
Latitude
47.613125
Longitude
-122.3060158
2000 Union St, Seattle, Washington

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2000 Union St
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