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    5589 Harbor Ave Freeland, WA 98249

    For Sale
    $695,000

    High-yield Freeland commercial property with strong tenants.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    307
    This exceptional investment property, located at 5589 Harbor Avenue in Freeland, WA, presents a compelling opportunity for discerning investors. The property is a general commercial building currently housing two established businesses: Farmer Insurance and Chicago Title & Escrow. These reliable tenants provide a stable income stream, contributing significantly to the property's overall return. The building comprises a total of three office spaces. Two are currently occupied, while a third, 500-square-foot office space, is available for lease. At the current market rate of $2.00 per square foot, leasing this space would generate an additional $12,000 in annual income, boosting the property's cap rate to 8.1%. The property's prime Freeland location ensures high visibility and accessibility, making it an attractive proposition for both existing and prospective tenants. The building's solid construction and established tenant base contribute to its strong financial performance and long-term investment potential. This is a rare opportunity to acquire a well-positioned commercial property in a thriving market, offering a blend of immediate income and future growth potential. The asking price for this exceptional investment is $695,000. The property sits on a 0-acre lot. Serious inquiries are encouraged.

    Property Features for 5589 Harbor Ave

    General Information

    Property type
    Other commercial real estate

    Building Details

    Year Built
    1978
    Property Profile Location Intelligence

    Current Use by Public Records

    UPS Self-Serve Drop ... Shipping Service Premier Title of Island ... Escrow Service Farmers Insurance - James ... Insurance Agency

    Suggested Use

    Restaurant Realty agency Law Firm Dental Office Building Supply Wholesale Shop Auto Repair Shop Spa & Massage Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Freeland
    County
    Island
    State
    Washington
    Longitude
    -122.524
    Latitude
    48.00856

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    FAQs

    What type of property is this?
    Commercial real estate - High-yield Freeland commercial property with strong tenants.
    Where is this commercial real estate located?
    The property is located at 5589 Harbor Ave Freeland, WA.
    What is the asking price?
    The asking price for this property is $695,000.
    (360) 221-8898
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    5589 Harbor Ave Freeland, WA 98249
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5589 Harbor Ave Freeland, WA 98249
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