PRICE DROP! Beautiful 3 Story Office Complex in Gig Harbor adjacent to
Gig Harbor, WA
Beautiful 3 story office complex in Gig Harbor. The first floor was completed in 2009, and floors 2 and 3 were left as contractor grade concrete construction until a complete build-out and occupancy in June of 2018.
The approach to the second and third floor was completely well thought out and pre-planned. We went out and asked the business community by pre-leasing, what the market was looking for and discovered that smaller offices were in high demand so that approach was used in the design and build-out. It turned out stunning and well received by all tenants and clients that enter the building.
The result was a completely 100% fully occupied building, again prebuild out, with an average $5 per square foot increase in the original asking lease rate.
The location is visible from Hwy 16 on the west side and easily accessible to the freeway. The current
zoning is B2 but it is in a newer growth area and parcels to the north of this property have just been rezoned C1 commercial along Burnham Drive, so continued growth in the area is expected. On the east side of Hwy 16, 2 minutes or 0.7 miles from this building are all the amenities from Starbucks, Target, Home Depot and Office depot.
Projected cap rates for this property are as follows:
5.84 for 2020
6.32 for 2021
Title is open with Rainier Title - Gig Harbor. File #763943RT - Parcel# 0122258008
** Call us and schedule a tour, please do NOT disturb tenants **
Fully leased (10 tenants)
Gross Revenue: $266,727
Operating Expenses: $80,000
Net Income: $186,727
2020 CAP Rate: 5.84
Building size: 14,066 SF
Lot size: 0.66 Acres
41 Parking Stalls
Contact us to find out more