3104 Western Avenue in Seattle

Secure access, 72-stall parking garage located in a Class A condo in Belltown, blocks to Seattle's waterfront & Seattle Center. 69 car spaces, 3 motorcycle stalls. Current monthly parking rates are below market with immediate upside potential allowing for a likely 7.6% cap rate. Out-of-town seller willing to carry the contract at 6.25% for 5 years with $1M down payment. Shrinking inventory of parking spaces as new construction typically provides less parking than needed and surface parking lots are redeveloped. Near $0 in maintenance costs given condo structure / HOA responsibility. Located within a well-maintained building. Car collector/owner-occupant opportunity. 40-50 spaces occupied by office building across the street with no parking.

This listing is provided courtesy of NWMLS, contributed by Kidder Mathews.

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