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(509) 255-8072
Nick McLean Real Estate Group
849 Spring Street, Friday Harbor, WA 98250
Listing Broker: Windermere RE San Juan Islands; Gregory King; 360-378-3600; greg@gregkingsanjuan.com
- $2,300,000
- List Price
- $2,300,000
- Status
- ACTIVE
- MLS#
- 2591273
- Annual Tax Ammount
- 11690
Property Description
Exceptional investment opportunity to acquire Spring Street Square, a well-established income-producing commercial asset in Friday Harbor. Offering approximately 20,000± square feet across five buildings and 24 units, the property features a diversified tenant mix, strong occupancy, and consistent cash flow. Currently operating near capacity at an attractive 7.23% cap rate, Spring Street Square offers additional upside with projected returns of approximately 8.7% upon stabilization. The combination of in-place income and opportunities to optimize rents and operations creates a compelling investment profile in a market with limited commercial inventory. Prominent Spring Street frontage provides excellent visibility and access, along with ample on-site parking and proximity to downtown Friday Harbor, the hospital, and airport. An adjacent 0.55± acre vacant parcel is available separately, offering an additional opportunity for expansion, future development, or a complementary investment strategy. Recent capital improvements include installation of a fire suppression system and upgrades to landings and railings. With the potential for additional income strategies, including short- or mid-term residential uses, Spring street Square presents a rare opportunity to acquire a stabilized island asset with multiple avenues for long-term income growth and value appreciation.
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Additional Information
- Community
- Town
- Building Condition
- Good
- Style
- 61 - Comm Bldg Ovr 10K
- Year Built
- 1993
- # of Assigned Spaces
- 40
- Roof
- Composition
- Tax Year
- 2026
- Potential Terms
- Cash, Conventional
- Flooring
- Ceramic Tile, Concrete, Laminate, Vinyl, Carpet
- Driving Directions
- Spring Street just past water tower, on Left hand side - Spring Street Square, 849 Spring St, Buildings A, B, C, D, E.
- Other Expenses
- 36572
- Energy Source
- Electric
- Net Operating Income
- $166,287
- Gross Adjusted Income
- $264,759
- Gross Scheduled Income
- $293,690
- Water/Sewer/Garbage Expenses
- $40,000
- Cap Rate
- 7.23
- Vacancy Rate
- 10
- Total Expenses
- $98,472
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.