top of page
The Heart Building - Seattle, WA

The Heart Building - Seattle, WA

$3,345,000.00Price

4444 Woodland Park Ave N, Seattle, WA  98103

Rentable Bldg Area:  12,654 SF 

Land Area: 13,300 SF

Pro Forma Cap Rate: 9.93% 

 

 

Click For Marketing Package

  • Investment Highlights

    SIGNIFICANT NEAR-TERM
    VALUE-ADD

    15 leases up for renewal in the next
    18 months that are nearly 40% below
    market. Tenants are on gross leases,
    allowing NNN conversion potential.

    EXCELLENT DEMOGRAPHICS

    The property boasts secure perimeter
    fencing, ensuring enhanced security
    for Owner-operators/Tenants.

    ESSENTIAL SERVICE TENANT BASE

    Home to a robust mix of in-person,
    essential service providers including
    legal, financial, and healthcare
    professionals that cater to nearby
    residential areas.

    FUTURE DEVELOPMENT POTENTIAL

    The LR3 zone promotes continued
    commercial use alongside multifamily
    development up to 50 feet in
    height with favorable regulations.

  • Investment Overview

    THE VARA GROUP is pleased to introduce the sale offering
    for The Heart Building in Seattle’s Wallingford neighborhood.
    The property sits on 0.31 acres with 140 feet of frontage
    along Woodland Park Ave, and is a short walk from the heavily
    trafficked Stone Way and 45th Street. The Property is in a
    Lowrise Multifamily Zone (LR3) which supports redevelopment
    up to 50’ in height with favorable regulations.


    The Property is currently 85% occupied with staggered lease
    expirations across the 25 suites and 12,654 RSF. The building
    offers a variety of office layouts and is home to a diverse
    industry mix consisting of administrative users, healthcare,
    and service-oriented professionals. A new investor has the
    near-term opportunity to greatly improve operating income
    upon renewals and new leases of existing spaces with many of
    the tenants on month-to-month or short term leases. Growing
    rents and a sub-5% submarket vacancy rate continues to drive
    demand in the area, and the new owner of The Heart Building
    is well-positioned to take advantage.


    The Heart Building is situated between I-5 and Aurora Ave
    N, ensuring seamless connectivity to some of the region’s
    key economic and residential hubs. It is nearby convenient
    transportation options, as well as local amenities such as
    Woodland Park Zoo, Green Lake, and Ballard Locks. Wallingford’s
    business development has continued to attract a sophisticated
    workforce and a strong consumer base that preserves the
    history and continued growth of the neighborhood.

bottom of page