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Listed by:Windermere RE San Juan Islands • Gregory King
$ 2,525,000
Est. payment | /mo
1.7 Acres Lot
$ 2,525,000
Est. payment | /mo
1.7 Acres Lot
Key Details
Property Type Commercial
Sub Type Commercial Industrial
Listing Status Active
Purchase Type For Sale
Subdivision Town
MLS Listing ID 2542686
Style 61 - Comm Bldg Ovr 10K
Year Built 1993
Annual Tax Amount $13,470
Lot Size 1.696 Acres
Property Sub-Type Commercial Industrial
Property Description
Exceptional opportunity to acquire Spring Street Square, an established income-producing asset in Friday Harbor. Offering approximately 20,000± square feet across five buildings, the property is currently configured as 24 units with a strong, diverse tenant mix providing stable cash flow. Operating near capacity, the property currently delivers an attractive 6.5% cap rate, with projected returns of approximately 7.8% upon stabilization, presenting a compelling value-add investment opportunity. Ideally located with prominent Spring Street frontage, the property offers excellent visibility, ample parking, and close proximity to the hospital and airport. The sale includes two tax parcels, featuring an additional 0.55± acre vacant lot—creating valuable future development potential. Recent upgrades include installation of a fire suppression system, improvements to landings and railings, and exterior paint. With the option to incorporate short- or mid-term residential units, this property presents a unique opportunity to further diversify income, enhance long-term value, and capitalize on strong demand in one of the Pacific Northwest's most desirable island communities.
Location
State WA
County San Juan
Area 900 - San Juan Island
Interior
Flooring Ceramic Tile, Concrete, Laminate, Vinyl, Carpet
Fireplace false
Exterior
Exterior Feature Wood
Roof Type Composition
Building
Sewer Sewer Connected
Water Public
Others
Senior Community No
Acceptable Financing Conventional
Listing Terms Conventional
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Nearby Locations
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