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Fisheries Bldg at Salmon Bay in Interbay 4241 21st Ave W 20,778 SF Vacant Office Building Seattle, WA 98199 $3,463,100 CAD ($166.67 CAD/SF) 10.06% Cap Rate
Investment Highlights
- Remodeled office building with ample off-street parking
- Updated building systems and building amenities include a common conference room and kitchenette, shower facilities, bike storage/parking
- Excellent views and location close to Vertical World Climbing Gym, Discovery Park & Fisherman's Terminal
- Flexible leases and the ability for an owner to occupy a portion or all of the property
- 23+ off-street parking spaces including 8 covered parking and guest parking
- 4.6% cap rate based on in-place income and 62% occupancy. If 90% occupied, cap rate increases to 10%
Executive Summary
Remodeled 4-story office building featuring a secured lobby entrance, 23+ off-street parking spaces, building conference room, shower facility, hospital grade HEPA filtration system and incredible views of the Ship Canal and Fisherman's Terminal from every floor. Great location close to Vertical World Climbing Gym, Discovery Park, and many great restaurants and breweries. This is an excellent opportunity for an investor or an owner-user to acquire an updated property with stabilized income from long-term tenants with below market rents. Flexible leases allowing a new owner to occupy a portion or all of the building. 4.6% cap rate based on current income and 62% occupancy. Actual 10%+ cap rate with 90% occupancy. Please don't disturb current tenants.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$635,825
|
$30.60
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$63,583
|
$3.06
|
| Effective Gross Income |
$572,243
|
$27.54
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$224,270
|
$10.79
|
| Net Operating Income |
$347,972
|
$16.75
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $635,825 |
| Annual Per SF | $30.60 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $63,583 |
| Annual Per SF | $3.06 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $572,243 |
| Annual Per SF | $27.54 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $224,270 |
| Annual Per SF | $10.79 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $347,972 |
| Annual Per SF | $16.75 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
20,778 SF
Building Class
B
Year Built/Renovated
1979/2016
Price
$3,463,100 CAD
Price Per SF
$166.67 CAD
Cap Rate
10.06%
NOI
$348,263 CAD
Percent Leased
Vacant
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
5,195 SF
Slab To Slab
11’
Building FAR
1.70
Lot Size
0.28 AC
Zoning
MML U/65 - Maritime, Manufacturing & Logistics (MML) zoning allows for a variety of uses incl. office, medical/dental, lab, light/general/heavy industrial, etc.
Parking
23 Spaces (1.11 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Controlled Access
- Conferencing Facility
- Security System
- Signage
- Skylights
- Kitchen
- Accent Lighting
- Storage Space
- Demised WC facilities
- High Ceilings
- Direct Elevator Exposure
- Natural Light
- Plug & Play
- Shower Facilities
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
2nd floor corner office suite for lease in a well-maintained and remodeled office building. The Suite features a welcoming reception area, large open work areas, multiple private offices, tons of natural light and views of the Ship Canal and Fisherman's Terminal. Building features include a secured lobby entrance, building conference room, kitchenette, shower facility and bike storage. Excellent location close to Vertical World Climbing Gym, Discovery Park, and across the street from Fisherman's Terminal.
| Space | Size | Space Use | Condition | Available |
| 2nd Fl-Ste 204 | 3,468 SF | Office | Full Build-Out | 30 Days |
2nd Fl-Ste 204
| Size |
| 3,468 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
1 of 12
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
2nd Fl-Ste 204
| Size | 3,468 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
2nd floor corner office suite for lease in a well-maintained and remodeled office building. The Suite features a welcoming reception area, large open work areas, multiple private offices, tons of natural light and views of the Ship Canal and Fisherman's Terminal. Building features include a secured lobby entrance, building conference room, kitchenette, shower facility and bike storage. Excellent location close to Vertical World Climbing Gym, Discovery Park, and across the street from Fisherman's Terminal.
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 277110-0445 | Improvements Assessment | $3,913,107 CAD (2024) |
| Land Assessment | $1,981,181 CAD (2024) | Total Assessment | $5,894,288 CAD (2024) |
Property Taxes
Parcel Number
277110-0445
Land Assessment
$1,981,181 CAD (2024)
Improvements Assessment
$3,913,107 CAD (2024)
Total Assessment
$5,894,288 CAD (2024)
1 of 34
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
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Fisheries Bldg at Salmon Bay in Interbay | 4241 21st Ave W
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