Secure access, 72-stall parking garage located within a Class A condominium in Belltown, blocks to Seattle's waterfront and Seattle Center. 69 car spaces and 3 motorcycle stalls. Current monthly parking rates are below market with immediate upside potential allowing for a likely 6.5% cap rate. Out-of-town seller willing to carry the contract with 40% down payment. Shrinking inventory of parking spaces as a 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.
Current Location
