Chuck's Hop Shop

Project Details

Single Tenant Retail Building Renovation

656 NW 85th St, Seattle, WA 98117

The project that started it all! This single tenant retail building was purchased in 2009 with a lease expiring at the end of the year. While bullish given the financial uncertainty at the time, 47 North was confident the assumption that a single tenant building at a signaled intersection with parking would be desirable for an entrepreneurial business owner. 

47 North completed renovations to major building systems in conjunction with a 5 year lease to Chuck's Hop Shop in 2010 and negotiated a 10 year lease renewal in 2015. 

In keeping with the original acquisition plan, the property was sold after a projected 10 year holding period. The sale was negotiated in an off-market transaction with a 1031 exchange buyer at the end of 2018. This allowed investors in the project to either take their individual capital gains or re-invest in 2553 Westlake Ave N.


Project Goals

  • Acquired property through direct off-market negotiations in April of 2009 with lease expiring at the end of 2009.
  • Building received new storefront facade and awning.
  • New vinyl floor, insulation, and lighting.
  • Fully updated building HVAC systems. 

    Project by the Numbers

    Acquired - 2009

    Built/Renovated - 1945/2010

    Sold - 2018

    Building - 2,450 SF

    Lot - 4,700 SF

    Zoning - NC1-55 (M)

    Target Investor IRR -

    Actual Investor IRR - 

    Interesting Project Fact

    29 of Matt's friends have "Checked-In" and 8.6K people have liked Chuck's Hop Shop on Facebook.

    Project Team

    Developer: 47 North

    Contractor: 47 North

    Tenant: Chuck's Hop Shop

    Features of Chuck's Hop Shop

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