The 4-bay warehouse is perfect for an owner-user who could close and take fully possession immediately. Opportunity Zone.
Reposition play: Post purchase proforma increase rents to $30/SF NNN on 7,898 SF is proforma NOI of $236,940 and a 6.7% cap rate at the asking price. Current rents are not at the proforma market rents.
If seeking to redevelop, from the ground up, this opportunity allows one to build up to 8 stories, 80,000 buildable SF, excluding parking, and add up to 10 work-live units above parking and industrial uses.
As a value add play, add to the existing single-story industrial property either 10 additional “work-live” units or add up to an additional 7,588 buildable SF of Industrial space or ”work-live” space, and still conform to the parking requirements. There are an existing 16 parking spaces. Per the Seller, for more parking, if the fence were moved out to the closest set-back to NE 60th Street, the additional parking gained may increase the development potential in a value-add play. See the attached Offering Memorandum for details.
D1 Zoning allows by right the development and uses such as: Work-Live, BnB / Inn, Office, Auto-related commercial, Entertainment or Food Service establishment, General or Marine Related Commercial, Open Air Retail, Recreational, Civic, Research Facility, Special Training/Vocational, and all Industrial Uses.
Brian Carter, MBA, CCIM
Douglas Elliman
