INVESTMENT HIGHLIGHTS
Strong Historical Occupancy and Recently Extended 10-Year Leases
HomeStreet Bank and Buds & Blooms have occupied the Property since 2002 and 2012, respectively. In early 2022, HomeStreet Bank and Buds & Bloom both extended their leases for 10 years, showing long-term commitment to the location.
Signalized, Hard-Corner Location With Exposure to Nearly 50,000 VPD
The Property is located on a signalized, hard-corner with traffic counts of nearly 50,000 VPD.
2% Annual Rent Increases for Both Tenants
Both HomeStreet Bank and Buds & Blooms feature 2% annual rent increases providing a strong hedge against inflation and compounded NOI growth.
True NNN Leases Allow for 100%+ Expense Recapture
The leases feature true NNN ownership with 100%+ expense recapture including a 15% administrative fee and 5% management fee.
Meticulously Maintained Property with Zero Deferred Maintenance
The Property has been meticulously maintained over the past 20+ years of ownership and features no deferred maintenance or needed capital repairs. Over the last few years the Property has received new outside lighting, roof maintenance, new paint on the full exterior and new sealcoat and parking lot striping.
New 395 Unit Mixed-Use Development Currently in Permitting Located Across the StreeT
The Property benefits from its close proximity to new developments in the area, including Kitts Corner, a new 395-unit mixed-use project featuring 395 apartment units and over 23,000 SF of retail that is currently in for permitting located directly across the street on S 336th St.
Located Adjacent to Planned $1.4 Billion Light-Rail Operations and Maintenance Facility
The Property benefits from its location adjacent to a planned 59 acre facility on behalf of Sound Transit with a scheduled opening date of 2029.
Rapidly Growing Submarket with 18.61% Population growth over the past decade
The Property benefits from its location within a high-growth south King County submarket with 18.61% population growth over the past decade.
Affluent Demographics
Within a 5-mile radius of the Subject Property, there are 220,000 residents with average annual household incomes exceeding $99,000.
Only HomeStreet Bank Location Within a 6.5 Mile Radius
The Property features the only HomeStreet Bank location within a 6.5 mile radius making it a critical location for HomeStreet Bank’s portfolio.
INCOME TAX FREE STATE
Washington State is an income tax free state.
Listing Agents:
CLAYTON J. BROWN
RUTHANNE LOAR
206.493.2622
ruthanne.loar@marcusmillichap.com
