5320 Ferry Terminal RdAnacortes, WA 98221

Property Details for 5320 Ferry Terminal Rd

Year built

1979

Lot size

0.29 AC

Property size (Sq ft)

3,800 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

3808-000-023-0001

APU

38080000230001

Description

This exceptional 2.02-acre property in Anacortes, Washington, presents a unique development opportunity. Located at 5320 Ferry Terminal Rd, 98221, this mixed-use (Marine) zoned land boasts stunning waterviews and a highly desirable location. Its proximity to the Washington State Ferry terminal and the Guemes Channel Trail offers unparalleled convenience and accessibility. The property's zoning allows for a variety of development options, including residential projects such as townhomes or apartments. There are no density maximums, providing flexibility in design within specified parking, landscaping, and height restrictions. The existing structure on the property, an old restaurant building, is considered a tear-down. Buyers should be aware that the building and decks are unsafe and should not be entered. This prime location, combined with the flexibility of mixed-use zoning and the absence of density restrictions, makes this a truly exceptional investment opportunity. The asking price for this remarkable waterfront property is $1,250,000. Broker co-op is available.

• CAP approach

  CAP return

  Valuation

  6%

  $1,506,739

  6.5%

  $1,390,836

  7%

  $1,291,490

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,910,848

  Geo Method

  $1,844,146

• Alternative Use

  Use

  Valuation

  Residential

  $1,173,222

  Hospitality

  $1,074,665

  Educational

  $894,109

  Medical

  $924,858

  Retail

  $1,390,836

Location Insight

City

Anacortes

County

Skagit

State

Washington

Latitude

48.5003

Longitude

-122.677

CBSA code

34580

CBSA name

MOUNT VERNON-ANACORTES, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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