4351/4440 Chennault Beach RdMukilteo, WA 98275

For Sale
$26,000,000

Multi-tenant industrial park, high occupancy.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional Mukilteo, WA industrial park presents a compelling value-add investment opportunity. Encompassing 125,282 square feet across five buildings situated on 8.2 acres, the property boasts 100% occupancy with 36 tenants. The park features a diverse range of unit sizes, primarily between 1,200 and 4,000 square feet, catering to high demand for smaller industrial spaces. Built between 1976 and 2007, the buildings offer ceiling heights ranging from 14 to 20 feet, ample parking (254 spaces), and convenient access to major transportation arteries including Mukilteo Speedway, I-5, I-405, SR-526, and Hwy 99. The property benefits from a flexible LI (Light Industrial) zoning designation, allowing for a variety of uses. With a current NOI of $1,822,189 and an asking price of $26,000,000, this represents a 7.01% cap rate. The property includes approximately 70,000 square feet of paved yard with covered storage and is comprised of six tax parcels (APN: 00548700001600, 00441400004300, 00441400004400, 00441400004502, 00441400004600 & 00441400004700). Rent bumps are in place, further enhancing the investment potential. The location within a land-constrained market with rising construction costs ensures the property's long-term value and competitive advantage. Grade level and dock high loading doors are available. Two small units currently occupied by the seller will be vacated at closing.

Highlights

  • $26,000,000 asking price, 7.01% cap rate.
  • 125,282 SF across five buildings, plus approximately 70,000 SF paved yard with covered storage; six tax parcels.
  • 8.2-acre site with Light Industrial zoning in Mukilteo, WA, allowing for diverse uses.
  • Excellent access to Mukilteo Speedway, I-5, I-405, SR-526, and Hwy 99.
  • 100% occupied by 36 tenants (seller-occupied units to be vacated at closing).
  • Ample parking (approx. 254 stalls), 3-phase power to all buildings.

Property Details for 4351/4440 Chennault Beach Rd

Property type
Other warehouses, Other industrial properties
Square Feet
125,282 SF
Buildings
5
Lot Size (sq. ft)
357,192 SF
Units
43

Location Insight

City
Mukilteo
County
Snohomish
State
Washington
Latitude
47.8959149
Longitude
-122.2924852
4351/4440 Chennault Beach Rd, Mukilteo, Washington

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4351/4440 Chennault Beach Rd
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