FOLLOWUP: Here’s the asking price for building with former Admiral Wells Fargo and more

That photo texted by a reader shows ATM-decommissioning work today at the former Admiral Wells Fargo branch, which permanently closed at midday Wednesday. The building that includes the ex-bank (2358 California SW) and other businesses (stretching to Hoste on the north end) is now officially listed for sale; CBRE is the listing firm, and $7.65 million is the asking price. Signage will be up next week, we’re told, but they’re expecting this to go relatively quickly. For those who have asked, the 25,000-square-foot parcel is zoned for mixed-use development up to 75 feet (~7 stories), as are the parcels on the other three corners of the Admiral/California intersection.

22 Replies to "FOLLOWUP: Here's the asking price for building with former Admiral Wells Fargo and more"

  • NW March 21, 2024 (4:32 pm)

    Is this property owned by the same owner of Admiral Theater and adjoining commercial spaces aswell as other commercial space ace in Admiral district?

    • WSB March 21, 2024 (4:37 pm)

      No, it’s not. As we have reported before, Wells Fargo owns the building.

    • Bill March 21, 2024 (5:47 pm)

      Across the street

  • rb March 21, 2024 (4:53 pm)

    Commercial agents oftentimes think that a building is going to lease/sell very quickly because they base their assumptions on market appetite for a location and not on market capability to assume a determined financial obligation. be a lease or a mortgage. Look at how many empty buildings are sitting unsold/unleased in West Seattle.  Other times these are not so local agents who just look at numbers on a spreadsheet and expect the West Seattle market to behave like the downtown market or Capitol Hill, etc. Good luck to them.    

    • WSB March 21, 2024 (5:46 pm)

      This is a local-to-WS broker.

  • Javier March 21, 2024 (5:52 pm)

    Seems like the perfect opportunity for Admiral Junction get its first 5 over 1.

  • Anne March 21, 2024 (6:07 pm)

    Say goodbye to all those businesses -some developer will buy the building & build a huge apartment complex . Not opposed to more housing-but will miss many of those businesses. 

    • Business Owner March 21, 2024 (10:29 pm)

      The last lease end date is 2028. Don’t worry about it what will happen to us – the building is worth more with the leases intact and the new owners must honor the existing leases. Hoping for better maintenance and upkeep with a new owner – this could be a good thing for existing businesses. But given the current market for commercial real estate and the mediocre cap rate at current rents  – this sale is going to take time. 

  • onion March 21, 2024 (6:22 pm)

    Never too early to begin worrying about the businesses in that building. We love New Leaf and the people that run it, Antico, and Irashai. And even though we don’t use the laundromat, I appreciate its value to the people who rely on it. P.S. Just had my last Swinery burger. Sigh …

  • SpencerGT March 21, 2024 (6:23 pm)

    What’s the rational for the zoning allowance?

    • Neighbor March 21, 2024 (11:58 pm)

      Sky-high housing costs.  WS needs to do a lot more densifying to make it an affordable place to live.

      • ITotallyAgreeWithYou March 22, 2024 (10:55 am)

        You mean like how that’s worked for New York and San Francisco? Oh wait…

      • SpencerGT March 22, 2024 (4:19 pm)

        I suppose.

  • LuvKumonNewLeaf March 21, 2024 (6:55 pm)

    What happens to the businesses with leased space if the property is purchased for demolition and development?  There are a number of great businesses that currently residing there!

    • Paul March 21, 2024 (8:17 pm)

      In most cases the purchaser needs to honor the lease to the end of the lease.  Sometimes they offer a lease buyout if the business is interested in that option. 

    • KT March 22, 2024 (5:44 am)

      Most commercial leases have buy out clauses for the LL.

  • ed Stellear March 21, 2024 (10:22 pm)

    Kumon is king for that building. what is going to happen to that biz! It’s a cornerstone for the community

    • Business Owner March 21, 2024 (10:32 pm)

      Nothing will happen. Lease ends 2027. If they jack up the rent at that time another smart landlord will gladly take the national franchise tenant offering stable cash flow. 

  • Admiral Building Business owner March 21, 2024 (10:56 pm)

    Nothing material will happen folks. The last lease ends in 2028. The new landlord must honor the existing lease terms. This could be a a great thing for the existing tenants as the new owner can better maintain and operate the property. If the building goes for redevelopment most of the leases would end by the time they break ground . It makes no sense to kick out businesses that pay rent until it is clear what the new purpose is the space will be. Don’t worry about the businesses – they will be fine. If the new landlord doesn’t want a national franchise tenant someone else will gladly take the opportunity to have one.  If your business has value – it will find a way to survive.  The entire group survived covid – this is really not that bad.

  • Steve March 22, 2024 (12:10 am)

    I wouldn’t be surprised to see Admiral morph into the apartment explosion that is the Junction. I’m all for more housing but you can bet on it not being affordable and putting even more strain on the thin health provider network.

  • MixedUseEnjoyer March 22, 2024 (12:47 am)

    y’all know the “mixed” in “mixed-use development” includes commercial businesses, right? most large apartments being built now include commercial space on the ground floor. it’d be silly to think that if this site is redeveloped that commercial space wouldn’t be included.

  • Mike E. March 23, 2024 (5:27 pm)

    Hopefully this building is not demolished. It was designed by prolific Seattle architect, Victor W. Voorhees, built in 1920…   “Continuing research suggests that Voorhees was particularly prolific in
    West Seattle, where he is credited with designing buildings as early as
    1913.  Voorhees designed Perry’s 10-cent Store/Wells Fargo Bank (1920;
    2344-2352 California Avenue SW), “one of the oldest and most intact
    commercial buildings” in West Seattle’s Admiral District… Other surviving Voorhees buildings in the Junction commercial district
    include the Crescent-Hamm Building (Now home to Easy Street Records) (1925-26; 4302 SW Alaska Street), the
    J. C. Penney / Ernst Hardware Building (1926; 4520 California Avenue
    SW), and the Arcade Public Market (1930; 4548 California Avenue SW). ”

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