545 Rainier BlvdIssaquah, WA 98027

Property Details for 545 Rainier Blvd

Year built

1937

Construction

WOOD

Lot size

0.35 AC

Property size (Sq ft)

9,915 SF

Zone code

CBD

Property type

Office properties

Property subtype

Office buildings

APN

282406-9030

APU

2824069030

Description

This exceptional Class A, 9,117 square foot executive office building at 545 Rainier Blvd N, Issaquah, WA 98027 presents a compelling owner/user or value-add investment opportunity. The three-story building, constructed in 1982 and extensively renovated in 2023, sits on a 15,200 square foot lot and boasts 29 units, currently 100% occupied. All tenants are on month-to-month leases, providing significant potential for future rent increases. The property features a new roof, private balconies, showers, a sauna, and ample parking with 25 spaces. Located in the heart of Issaquah's central business district (CBD), the building benefits from its proximity to numerous shops and restaurants. The asking price is $3,600,000, representing a pro-forma cap rate of 8.00% and a price per square foot of $394.87. This is a rare chance to acquire a fully leased, high-demand property with substantial upside potential in a thriving Issaquah location. The property's APN is 282406-9030. The gross lease structure ensures consistent income. This is a multi-tenant building with no credit rating required for tenants.

• CAP approach

  CAP return

  Valuation

  6%

  $2,148,851

  6.5%

  $1,983,554

  7%

  $1,841,872

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,564,595

  Geo Method

  $1,909,431

• Alternative Use

  Use

  Valuation

  Residential

  $2,459,608

  Hospitality

  $2,252,987

  Educational

  $1,874,459

  Medical

  $1,938,924

  Retail

  $2,915,825

Location Insight

City

Issaquah

County

King

State

Washington

Latitude

47.5355

Longitude

-122.038

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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