Investors this is for you; This street-front retail condo is ideally located within blocks of the Des Moines Pier, Marina and Beach Park. This small mixed-use building has 16 residential condo's above the street front retail with ample curbside and covered parking for customers and residents. The well maintained Pier View Condominium Complex was built in 2002 with private lobby, elevator and outside gated stair access. This unit is fully leased with 9 years left on a 10-year lease with annual 3% rent increases beyond the 2023 base year. Tenant pays all expenses including HOA increases and property taxes above the Base year. Don't miss this one, they don't come along often at an affordable price. Rainier Title and Escrow File #819925RT.
| Property Type | Retail |
|---|---|
| Property Use | Other Commercial |
| Year Built | 2002 |
| Renovated Year | 2002 |
| Level Number | 1 |
| Average Floor Size | 1,080 |
| Lot Dimensions | 124x119 |
| Available Floors | 1 |
| Max Continuous Area | 1,080 |
| Min Divisible Area | 1,080 |
| Sub-Lease | 1 |
| Zoning | DC |
| Tax Year | 2023 |
| Cap Rate Percentage | 4.49 |
| Average Daily Rate | 100 |
| Listing ID | N36J37 |
| MLS ID | 2224807 |
| Lot Size | 15000 SF |
| Taxes | $2,537 |
Property Highlights
Close proximity to the Des Moines Pier, Marina, restaurants and shopping. Well maintained ground-floor retail unit with 10-year lease. Perfect for small investors with built-in rent escalation of 3%/year from the Base Year. Numerous restaurants and amenities nearby including the Des Moines Beach Park.
Area DescriptionArea Description: Located South and East of the Des Moines Park Conservation Area and within close proximity to the Des Moines Marina. This property is conveniently located near major transportation hubs and freeway systems with convenient access to local shops and services.
Directions: Highway 516 to South 223rd Ave. then Left to 6th Ave. South; Pier View Condominiums at the corner of 6th and South 223rd Ave.
Region: WA
Region: DES MOINES
Region: Des Moines Waterfront
| Industrial Ground Level: | Y |
| Development ID: | Pier View Condominiums |
| Fee 1 Type: | Condo HOA |
| Fee 1 Frequency: | Monthly |
| Fee 1 Amount: | $224 |
| Area Amenities: | Area Boat Dock, Boating, Community Slip |
| Age: | 21-30 Years Old |
| Lot Size: | Under 1/2 Acre |
| Lot Description: | Corner, Access Type - Road, Level |
| Water: | City Water |
| Body of Water: | Sound |
| Sewer: | City |
| Heating Type: | Baseboard |
| Gross Income: $28,440 |
| Expenses: $5,225 |
| Fully Leased Income: $28,440 |
Suite: Unit #101
1,080 Square Feet
$26.33 SF/Year