SOLD - $2,500,000
Fully Leased. Proven Tenants.
A proven investment opportunity on Bainbridge Island, Washington.
This building has been the home of Bainbridge Island's only cannabis retailer since 2014. An 8,880 sqft light industrial warehouse is fully leased to three proven operators. Constructed in 1993 for the general market, it was converted for retail cannabis use with the passage of Initiative 502 and subsequent approval of the City of Bainbridge Island. A single-story, multi-tenant building houses two retail operations and a 5,800 sf processing facility. Fully occupied with proven tenants in long-term leases, Building 3 at 8040 Day Road offers an opportunity to invest in stable income in a thriving industry.
Scheduled NOI: $243,880
Cap Rate: 9.76%
Unit 1: 1,800 sf Cannabis Retail. Long-term lease.
Existing tenant, Paper & Leaf, is a well-established and highly-respected cannabis retailer in a long-term lease.
Unit 2: 5,800 sf Processing Facility. Long-term lease.
Light industrial warehouse, currently leased to a well-established cannabis processor.
Unit 3: 1,300 sf Retail. Long-term lease.
Market Elevated, is a companion business to Paper & Leaf, offering a wide variety of cannabis-related products, branded merchandise, and a coffee bar.
