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Johnstone Property 2505 Airport Way S 20,060 SF 100% Leased Industrial Building Seattle, WA 98134 $8,682,500 CAD ($432.83 CAD/SF) 5.95% Cap Rate
Investment Highlights
- 2,016 s.f. office 2,100 s.f. Showroom
- Recent renovation 2024 and 2026
- 1 ramped drive-in door
- 120/208V, 3-phase and 120/240V, single phase
Executive Summary
JLL, as exclusive advisor, is pleased to present this rare opportunity to purchase 2505 Airport Way South-Seattle (“the Property”), a fully leased, 20,060 square foot office and distribution facility located on the key arterial, Airport Way South, in the SODO industrial submarket of Seattle, WA. The property is leased to a single tenant, a leading wholesale distributor for HVAC equipment, which has been in the facility since 2007. This dock-high and drive-in served facility features on site truck maneuvering, on-site auto parking, exposure to Airport Way South customers and immediate access to I-5, I-90, Ports of Seattle and Seattle CBD. The existing lease expires December 31, 2028, with triple net, market rent and 3.25% annual escalations.
Property Facts
| Price | $8,682,500 CAD | Rentable Building Area | 20,060 SF |
| Price Per SF | $432.83 CAD | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1963 |
| Cap Rate | 5.95% | Parking Ratio | 0.3/1,000 SF |
| Property Type | Industrial | Clear Ceiling Height | 20’ |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 4 |
| Building Class | C | No. Drive In / Grade-Level Doors | 2 |
| Lot Size | 0.55 AC | Opportunity Zone |
Yes
|
| Zoning | MML U/85 - MML U/85 | ||
| Price | $8,682,500 CAD |
| Price Per SF | $432.83 CAD |
| Sale Type | Investment |
| Cap Rate | 5.95% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 0.55 AC |
| Rentable Building Area | 20,060 SF |
| No. Stories | 1 |
| Year Built | 1963 |
| Parking Ratio | 0.3/1,000 SF |
| Clear Ceiling Height | 20’ |
| No. Dock-High Doors/Loading | 4 |
| No. Drive In / Grade-Level Doors | 2 |
| Opportunity Zone |
Yes |
| Zoning | MML U/85 - MML U/85 |
Amenities
- Bus Line
- Fenced Lot
- Signage
Moderately walkable
70/100
Very drivable
80/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 766620-3186 | Improvements Assessment | $4,433,910 CAD |
| Land Assessment | $3,500,784 CAD | Total Assessment | $7,934,693 CAD |
Property Taxes
Parcel Number
766620-3186
Land Assessment
$3,500,784 CAD
Improvements Assessment
$4,433,910 CAD
Total Assessment
$7,934,693 CAD
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Johnstone Property | 2505 Airport Way S
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