Secure access, 72-stall parking garage located in a Class A condo in Belltown, blocks to Seattle's waterfront & Seattle Center. 69 car spaces, 3 motorcycle stalls. Current monthly parking rates are below market with immediate upside potential allowing for a likely 7.6% cap rate. Out-of-town seller willing to carry the contract at 6.25% for 5 years with $1M down payment. Shrinking inventory of parking spaces as 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.
Listed by:
Kidder Mathews
Date | Days Ago | Event | New Price |
---|---|---|---|
Jul 16, 2025 | 14 days ago | Price decreased350,000 (13%) | $2,275,000 |
May 2, 2025 | 3 mos ago | New on market | $2,625,000 |