INVESTMENT HIGHLIGHTS
BRAND NEW MIDAS 13-YEAR ABSOLUTE NNN LEASE
The property features a brand new 13-year Absolute NNN lease from Midas which will be signed at closing featuring 2.5% annual rent increases.
IMMEDIATE VALUE-ADD OPPORTUNITY
Stormy Espresso, the coffee tenant on site, is currently paying just $800/month providing a future owner immediate upside in raising rents to market or re-leasing with a regional or national coffee user. Estimated pro-forma rents for the coffee pad are $4,000-$5,000/month NNN.
PAD-SITE TO GROCERY ANCHORED SHOPPING CENTER UNDERGOING SIGNIFICANT RENOVATION
The property benefits from being directly adjacent to Towne Square Retail Center, a roughly 154,000 SF shopping center anchored by Grocery Outlet, Ace Hardware, and Goodwill. Towne Square Retail Center is currently undergoing a significant renovation with over $5,000,000 in improvements scheduled for completion in the next 12 months including a brand-new parking lot.
STRONG MIDAS SALES AND ANNUAL CUSTOMER COUNTS
This Midas location brings in on average 11,800 customers annually, outpacing 78% of Midas locations in Washington State.
EXCELLENT VISIBILITY AND ACCESS
The Property features roughly 200 feet of frontage on SE Mile Hill Drive (15,894+ VPD) and is located within a shopping center with large, pylon signage and numerous access points.
STRONG 5-MILE POPULATION GROWTH
Within a 5-mile radius, the subject property saw a 13.06% population growth over the last decade and now has in excess of 105,000 residents.
LOCATED ADJACENT TO SOUTH KITSAP HIGH SCHOOL
The Property is located adjacent to South Kitsap High School, a 4A high school enrolling more than 2,650 students per year.
INCOME TAX FREE STATE
Washington State is an Income Tax-Free State.
Listing Agents:
CLAYTON J. BROWN
