51 Dryke Rd, Sequim, WA 98382

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Building Details:

• Year Built: 2008

51 Dryke Rd is located in Sequim, WA.

Striking retail property on Hwy 101 and Dryke Rd in Sequim. The owner was a hands on contractor in this build and no expenses were spared, no corners cut. He ended up with a beautiful 7750 square foot building with 6000 square feet on the main level and an additional 1750 square feet on the upper level. Currently the upstairs space is built out as a three-bedroom spacious apartment with a commercial grade and approved kitchen. It can be used for residential living or a commercial kitchen allowing it to have multiple uses. The grounds are just shy of an acre and there is still room on the property to do more buildings, currently a pad has been poured for another building. The visibility for the property as you can see from the aerials can compete with no one. It is a corner lot with state hwy frontage, what a win win for everyone. The building is currently being used on the main floor as a retail showroom and the back 3750 sq feet for warehousing and repairs. The building is zoned commercial allowing a very broad usage base. The current business is a restaurant equipment distributor and he does extremely well in this location. In 2012-2015 major construction was done on the state highway in front of the store to allow for future expansion that the Sequim/Port Angeles area have already experienced and the current owner endured the project for 2.5 years and now all lights are “go”. Someone could purchase the building on its own and put their own business in here, the tenant does not stay, or they could purchase the current successful business as an option. We did an analysis of the rents in the area (and we would be happy to share) and the average is $11.64 a square foot, so the rent here should be $7517.50 plus NNN easily. The current business owner’s sales support a rent of $15 a square foot easily at an 8% so we are assuming any business here should be able to have like numbers. This building can be at a 7.92 to 10% Cap without hesitation as an investment.
Take a look, call for question, photos, information, would love to sell this building tomorrow.