619 Commercial Ave Anacortes, WA 98221

The iconic Keystone Building, a cornerstone of Anacortes' downtown for over a century, presents a unique investment opportunity. This poured concrete structure boasts a newly installed roof and skylights, along with recent sewer and foundation upgrades, minimizing immediate capital expenditures. The building's well-maintained interior retains stunning historic details, ready for a discerning buyer's vision and touch. Priced at $4,995,000, this property offers a 5.5% cap rate. Included in the sale is a charming circa-1890 cottage, suitable for retail or residential use, and two additional city lots providing ample space for expansion or new development. Anacortes' thriving marina and arts scene, coupled with its impressive recent growth, make this a highly attractive investment. The property's eligibility for the National Historic Register (NHR) offers significant tax advantages for future restoration projects. This is a chance to own a piece of Anacortes history and shape its future. The property's location in the heart of downtown ensures high visibility and accessibility. The combination of the main building, the cottage, and the additional lots presents a versatile and lucrative investment opportunity with significant upside potential.