849 Spring Street, Friday Harbor, WA 98250
- $2,525,000
Listing courtesy of Windermere RE San Juan Islands.
- List Price
- $2,525,000
- Status
- ACTIVE
- MLS#
- 2542686
- Days on Market
- 38
- Annual Tax Ammount
- 13470
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.
/u.realgeeks.media/royal-t/RR_CS_Transparent.png){kind=spacer}
Additional Information
- Community
- Town
- Style
- 61 - Comm Bldg Ovr 10K
- Year Built
- 1993
- # of Assigned Spaces
- 40
- Roof
- Composition
- Tax Year
- 2026
- Potential Terms
- 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
- 36148
- Energy Source
- Electric
- Net Operating Income
- $155,373
- Gross Adjusted Income
- $255,201
- Gross Scheduled Income
- $283,070
- Water/Sewer/Garbage Expenses
- $40,000
- Cap Rate
- 6.5
- Vacancy Rate
- 10
- Total Expenses
- $99,828
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.