Property Details for 5589 Harbor Ave

Year built

1978

Property type

Commercial real estate

Description

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.

Location Insight

City

Freeland

County

Island

State

Washington

Longitude

-122.524

Latitude

48.0086