The Keystone Building | 619 Commercial Ave
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The Keystone Building 619 Commercial Ave
22,488 SF 100% Leased Retail Building Anacortes, WA 98221 $7,225,267 CAD ($321 CAD/SF) 5.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Property is at a busy downtown core location.
- Low vacany rate.
- Beautiful intact historic details have been maintainted along with new updates including roof, skylights and sewer.
- Highest and best use would be boutique hotel with retail and restaurant below, there are no historic hotels in Anacortes at this time.
EXECUTIVE SUMMARY
The iconic Keystone Building has been the anchor of downtown Anacortes for over 100 years! A vibrant city of prestigious marinas & aspiring artists, Anacortes's recent growth is legendary, making this investment a no-brainer. Poured concrete construction + new roof, skylight & recent sewer/foundation improvements mean you can focus on the fun things; exterior paint & bringing your own vision to this classic building. The well maintained interior has amazing historic details, all intact & waiting for your continued care & vision. Recent renovation included the addition of a 9th bathroom which creates another medical/spa rentable space! Sale includes 1890 era cottage for retail or residential and two city lots in the back so you can expand or create something new! Cap rate 5.5%. List on the NHR to receive huge tax benefits with future restorations.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Building Size
22,488 SF
Building Class
C
Year Built
1909
Price
$7,225,267 CAD
Price Per SF
$321 CAD
Cap Rate
5.50%
NOI
$397,390 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
2.46
Lot Size
0.21 AC
Zoning
CBD - Central Business District (CBD).
Parking
0.67 Spaces per 1,000 SF Leased
Frontage
100 ft on Commercial Ave.
AMENITIES
- Corner Lot
- Mezzanine
- Restaurant
- Skylights
- Storage Space
- Smoke Detector
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Cosmic Veggies
- -
-
99,999 SF
- -
-
Jan 0000
- J Slocum Marine
- -
-
99,999 SF
- -
- -
-
- -
-
99,999 SF
- -
- -
When Bob James founded Raymond James, he did so based on a belief that clients deserved more than help with investment decisions, they needed advice that considered their entire financial picture. Today, that client-focused approach has extended to serve client accounts through many financial advisors in the United States, Canada and overseas. Further, the company has expanded through the years to serve corporations, institutions and municipalities through significant capital markets, banking and asset management services. In 1962, Bob James set out to build a different kind of financial services firm. In the years since, that firm has grown to become a leader in its industry, dedicated to and driven by a focus on independence, integrity, conservative risk management and always putting clients first. In the years to come, they will work to carry their success – and Bob’s legacy – to new heights.
- Shear Joy
- -
-
99,999 SF
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Cosmic Veggies | - | 99,999 SF | - | Jan 0000 | ||
| J Slocum Marine | - | 99,999 SF | - | - | ||
|
|
- | 99,999 SF | - | - | ||
| Shear Joy | - | 99,999 SF | - | - |
Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (82)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | P54998 | Total Assessment | $3,275,636 CAD (2024) |
| Land Assessment | $1,784,866 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,490,770 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
P54998
Land Assessment
$1,784,866 CAD (2024)
Improvements Assessment
$1,490,770 CAD (2024)
Total Assessment
$3,275,636 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
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The Keystone Building | 619 Commercial Ave
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