INVESTMENT HIGHLIGHTS
8.21% CAP RATE WITH COVID TESTING SITE IN PARKING LOT
A portion of the parking lot has been rented to Discovery Health MD since March 2022 for a covid testing site. They are paying $10,000/mo and operate on 3 month long lease periods. Currently the site is leased through September 30, 2022. While they continue to lease the space, the property’s income at list price is a 8.21% cap rate.
VALUE-ADD SHOPPING CENTERE
The Property features below market rents and is currently priced at roughly $80/SF of GLA and features three separate pad-sites ready for development.
ASHLEY FURNITURE NEW 10-YEAR NNN LEASE
The Property features a new 10-Year NNN Lease with Ashley Furniture, the anchor tenant. There are currently 8+ years of firm term remaining on their original 10-year NNN lease.
LOW RENT ON ANCHOR TENANT SPACE
Ashley Furniture is currently paying just $4.24/SF + NNN, providing upside in rent and a low operating cost for the anchor tenant.
RECENTLY RENOVATED/UPDATED
The Property features recent updates and improvements including a brand new TPO roof on the anchor box (2021), resealed/striped parking lot (2022), new HVAC units (2022, 2019, 2018) and new exterior LED parking lot lighting (2020)
MULTIPLE PAD SITES READY FOR DEVELOPMENT
The Property features three separate pad sites ready for build-to-suit or ground lease development.
LARGE 14.36 ACRE LOT WITH AMPLE PARKING
The Property features a total of 14.36 acres of land and a total of 629 parking stalls.
PRICED WELL BELOW REPLACEMENT COST
The Property is priced at roughly $80/SF which is well below replacement cost.
LOCATED IN HIGH-GROWTH SUBMARKET
The Property benefits from over 125,000 residents within a five-mile radius with an average household income exceeding $80,000/year.
HIGH-TRAFFIC, HIGH VISIBILITY LOCATION
The Property is located on a main thoroughfare featuring in excess of 24,000+ vehicles per day (VPD). The Property benefits from multiple large, pylon signs and excellent visibility/access.
ATTRACTIVE NNN LEASE STRUCTURE
All of the tenants at the Property currently operate on NNN leases providing a hedge against rising operating expenses.
INCOME TAX FREE STATE
Washington State is an Income Tax-Free State.
Listing Agents:
CLAYTON J. BROWN
