INVESTMENT HIGHLIGHTS
100% OCCUPIED RETAIL CENTER WITH DIVERSE TENANT MIX
The Property is 100% leased by a diverse mix of tenants including Weichert Realtors, a national real estate company, and Gambee Chiropractic, a chiropractic office, offering a stable and diversified income stream.
ATTRACTIVE NNN LEASE STRUCTURE
All of the tenants at the Property currently operate on NNN leases, allowing for reimbursement of nearly all expenses, including a management fee, and providing a hedge against rising operating expenses.
ANNUAL RENT INCREASES
All of the tenants’ leases feature annual rent increases, providing a hedge against inflation and compounded NOI growth.
BRAND NEW CONSTRUCTION W/ TRANSFERABLE ROOF WARRANTY
The Property was built in late 2023 with high-quality finishes in both the exterior and interior of the building and features a transferable roof warranty. There will be no needed capital improvements for the foreseeable future.
LOCATED BETWEEN TOP PERFORMING, HIGH-VOLUME WALMART SUPERCENTER AND SAFEWAY
The Property benefits from its location between a nationally top 25% ranked Walmart (2.6M+ visitors per year) and a nationally top 30% ranked Safeway (1.1M+ visitors per year), per Placer.ai. The Subject Property’s close proximity to these high-volume grocery stores creates a consistent traffic draw to the center.
SIGNALIZED, HARD-CORNER LOCATION WITH EXPOSURE TO OVER 20,000 VPD
The Property is located on a signalized, hard-corner with excellent visibility and exposure to over 20,000 VPD on NE Fourth Plain Blvd. and features multiple points of ingress and egress.
STRONG TRADE AREA W/ NEW DEVELOPMENT
The Property benefits from being surrounded by large national tenants such as Walmart, Safeway, McDonald’s, Taco Bell, Starbucks, Jiffy Lube, and State Farm; nearby several medical tenants including Banfield Pet Hospital, New Horizons Dental, East Padden Animal Hospital, East Vancouver Eye and Vancouver Smiles Dentistry; and adjacent to many residential neighborhoods. In addition, Kestral Station, a new 50,000 SF retail development is underway just west of the property, which will increase traffic and exposure for the subject property.
STRONG RENT GROWTH (9.3%) AND LOW VACANCY (3.3%) SUBMARKET
The Orchards retail submarket currently boasts a 3.3% vacancy rate and rents have increased a cumulative 9.3% over the past three years, per CoStar.
AFFLUENT, HIGH-GROWTH POPULATION SUBMARKET
The Property is located in the dense and rapidly growing Orchards submarket and benefits from a population of over 208,000 residents within a 5-mile radius, with average household incomes exceeding $94,000. Since 2010 the population has grown over 24% within a 5-mile radius and nearly 16% within a 1-mile radius.
INCOME TAX FREE STATE
Washington State is an income tax free state.
Listing Agents:
CLAYTON J. BROWN
