Lee & Associates is pleased to exclusively present the opportunity to acquire a covered land play along West Seattle’s primary commercial artery at 5435-5437 California Avenue SW.

The 0.21-acre lot is currently improved by a 2,927-square-foot office, divided into three suites, originally built in 1957. Previous tenants of the versatile property include a medical office, a cannabis dispensary, and a perfumery. Currently occupied by a sole month-to-month tenant, the property will be delivered at 24% occupancy. This allows a new owner to immediately utilize the space for operations or begin a new development project.

5435-5437 California Avenue SW benefits from NC2 40 zoning, which permits a wide array of mixed-use projects, including retail, multifamily, office, medical, and more. The zoning also allows new developments to reach a maximum height of 40 feet, delivering beautiful views of Puget Sound and Olympic Mountain. New housing projects are particularly attractive, as more than 45% of the 63,000 residents within two miles of the property currently rent their homes. Rent growth in the submarket has also been consistent, with rates increasing 2.7% annually.

The opportunity enjoys a top-tier location along California Avenue, the main thoroughfare of the area, which features dozens of popular local restaurants, boutique shops, art galleries, and quality residential communities. Almost 13,000 vehicles pass by 5435-5437 California Avenue SW daily, providing strong exposure for new projects. Only a half-mile north of the site is the Junction, a bustling urban center that serves as West Seattle’s downtown. The Junction houses top-rated retailers, grocery stores, professional offices, and dense multifamily communities. Walkability to this key hub lends massive strength to new developments at the subject property.

Sitting across the Duwamish River, West Seattle is an affluent commuter hub that houses more than one-fifth of the city’s population. West Seattle is known for the beautiful water views at Alki Beach, numerous forested parks, and a peninsula-wide trail system that makes it one of the most walkable areas in Washington’s capital city. The restored West Seattle Bridge allows for easy commutes and quick access to all the urban amenities of the city’s downtown core. Beyond Seattle’s Central Business District, the new project will afford tenants easy access to demand drivers, including Lumen Field, T-Mobile Park, the Port of Seattle, and the Seattle-Tacoma International Airport.

West Seattle is an ideal location for new development, thanks to its robust demographic profile of commuting professionals. Within two miles of the site, the population of more than 63,000 is highly educated, with 56% carrying a bachelor’s degree or higher, and household incomes averaging above $149,000. Residents’ consumer spending exceeded $1.15 billion in 2023, ensuring a stable pool of affluent shoppers or tenants for new projects in the area.