1401 Broadway Seattle, WA 98122
- Lifestyle centers
- 43,477 SF
Current Use by Public Records
- Blink Charging Station / Electric Vehicle Charging Station
- Starbucks / Cafe / Coffee Store
- Redbox / Movie Rental Store / Movie Rental Kiosk
- Harvard Market / Shopping Mall / Market
- Western Union / Money Transfer Service
Property Details for 1401 Broadway
- Year built
- 1996
- Property size
- 43,477 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Harvard Market, a Class A, two-story shopping center in Seattle's Capitol Hill neighborhood, presents a compelling investment opportunity. This 43,477 square foot property, built in 1996 and renovated in 2019, boasts a 5.43% cap rate and a strong net operating income (NOI) of $1,357,240. Currently at 62% occupancy, the center offers significant value-add potential through the leasing of a 14,668 square foot vacant space formerly occupied by Bartell Drugs (Rite Aid), along with an additional smaller shop space. The property benefits from a highly desirable location, anchored by a QFC/Kroger grocery store, creating substantial foot traffic and drawing customers to the center. A dedicated parking garage with 275 stalls provides ample parking for shoppers and tenants. The property features strong annual contracted rental increases, promising long-term rental growth and appreciation. The Capitol Hill location presents significant barriers to entry, further enhancing the investment's stability and potential for future returns. The property's location at 1401 Broadway, Seattle, WA 98122, within King County, offers exceptional access and visibility. The asking price is $25,000,000. This investment offers a secure initial yield with substantial upside potential upon stabilization, projected to increase approximately 230 basis points.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.321
- Latitude
- 47.6131
