Property Details for 525 5Th Ave

Year built

1995

Property size

3,582 SF

Property type

Office properties & Spaces

Property subtype

Medical Office Space

Description

This exceptional Class A commercial condo, located at 525 5th Ave S, Suite 100, Edmonds, WA 98020, presents a compelling investment opportunity. The 3,582 square foot property, built in 1995 and renovated in 2019, features two leased units (100% occupancy) with a remaining lease term of 3.5 years (Lease Expiration: 05/31/2028). The asking price is $1,550,000, representing a price per square foot of $432.72 and a cap rate of 5.27%. The Net Operating Income (NOI) is $81,694 annually, with a monthly rental income of $7,378.25. Tenants are responsible for expenses (NNN) totaling $1,886.06 monthly. The property boasts six parking spaces, plus ample street parking, and benefits from a prime location in the Edmonds Bowl, on a main arterial, across from Ace Hardware, near bus stops, and minutes from I-5, Highway 99, and the Edmonds Ferry. The building features modern aesthetics, including Hardie Plank siding, updated roof, gutters, and windows. Interior highlights include abundant natural light, a tile lobby with double-door entry, a granite reception counter, built-in workspaces, a large conference room, multiple offices, and bathrooms. An elevator provides access to the rear parking lot. The property sits on a 17,860 square foot lot and is zoned BC. Rent bumps are based on CPI plus NNN. The property is also known as 504 Holly Drive. Easy access for showings of the north condo space on weekdays

Location Insight

City

Edmonds

County

Snohomish

State

Washington

Longitude

-122.377

Latitude

47.8064