This location has been in operation for ~10 years, with a solid history of low tenant attrition. This executive suite business is in a suburban market between Seattle (30 minutes to the north) and Tacoma (15 minutes to the south) and close to Ports of Seattle and Tacoma and Sea-Tac Airport. The space is in a unique sweet spot – far enough from the cities to prevent customer loss, close enough to the cities to have a large suburban customer base. There are very few competitors in our area and we have a larger-than-usual amount of conference/board room rentals and virtual mail tenants (typically, lawyers, real estate firms, title companies, etc) due to the large market & lack of competition.
Profitable coworking before, during, and after pandemic for sale in Washington State.
2020 was a rough year for the industry. Across our network, we regularly saw locations drop to 40-60% occupancy, and we’ve seen a lot of spaces close down permanently. That being said – we still see spaces come up for sale that were profitable before, during, and after the pandemic. This is one of those spaces.
|Buildout||59 offices, 2 floors|
|Vibe||Traditional executive suites|
|Status||FF&E, staffing, policies, and customer base already in place|
This space has consistently turned a profit even through 2020 and with part-time onsite management by the owner’s wife. The building owner inherited the business over a decade ago and has kept it at ~60% occupancy through basic Craigslist advertising since. The building owner is selling the building, is looking to divest from the business as well, and is including a solid TI budget for the new owner. For executive suite owners – this is a profitable addition to your portfolio from day 1.
Opportunities for Growth
We think there are two opportunities to grow the business – first, by capitalizing on the unique offering HOSS provides in the market – there’s nothing else like us around. We think a more focused marketing effort would also bring in new clients – we have not had the skillset to create marketing or ad campaigns.
What about other profitable spaces for sale?
We’ve seen some spaces weather the pandemic and still manage to come out healthy and with reasonably high occupancy as America gets back to work. We’ve been starting to list more of these spaces, which we expect to fetch solid multiples in exchange for their outstanding stability and operations.
If this listing, or similar coworking spaces for sale interest you – we’d love to hear from you. You can sign up to be on our list as an interested buyer. We’re trying to get more consistent with our emails, as well as a faster, direct outreach for buyers who fit upcoming coworking listings for sale.