3515 Fremont AveSeattle, WA 98103

Property Details for 3515 Fremont Ave

Year built

1911

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.17 AC

Property size (Sq ft)

20,469 SF

Zone code

NC2P-75 (M1)

Property type

Commercial real estate

APN

197220-3060

APU

1972203060

Description

This exceptional investment opportunity presents a three-story, 20,769 square foot retail building situated on a 7,374 square foot lot at 3515 Fremont Ave N, Seattle, WA 98103. Originally constructed in 1911 and extensively renovated in 2011, the property boasts classic architecture and a prime location in the vibrant Fremont neighborhood. The building currently operates as a multi-tenant restaurant, offering a strong, established income stream. The property features a Net Net Net (NNN) lease structure, minimizing landlord responsibilities. A recent (2020-2024) renovation of a portion of the lower-level retail space has modernized the area, enhancing usability and rental income potential. The upper levels, converted into a boutique hotel/hostel in 2011, contribute to the property's unique character and revenue streams. The building is zoned NCP2P - 754 (M1). Financial highlights include an asking price of $7,850,000, a current cap rate of 5.73%, and a pro-forma cap rate of 6.02%. This property offers a compelling blend of historical charm, modern updates, and a strong financial performance, making it an ideal addition to any investment portfolio. The property has been professionally managed for 14 years, ensuring consistent maintenance and tenant retention. The long-term tenants contribute to the vibrancy and stability of the Fremont neighborhood.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.6511

Longitude

-122.35

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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