Retail    

European Square

 Lakewood, WA

Asking Price

$3,100,000

Cap Rate

6.70%

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Year Built

1980

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Avg HHI

$101,000

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Square Feet

11,866 SF

For more details on this exclusive listing

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INVESTMENT HIGHLIGHTS

  • 100% occupied neighborhood center with little-to-no historical vacancy
  • Hess Bakery & Deli and the German Pastry Shop have occupied 65% of the building for over 40 years, with an incredibly loyal customer base reflected in high ratings from over 1,000 Google reviews; both Tenants plan to extend their leases
  • Annual lift in base rent is provided by yearly CPI increases scheduled for all tenants
  • Lease extensions were recently executed for Marcus Anthony and Charisma School of Dance, with an extension currently being negotiated by Seller for Crossroads Counseling
  • The Property is exposed to over 32,000 VPD between two heavily trafficked intersections, with additional daily foot traffic provided by an adjacent 60k SF office building
  • Joint Base Lewis-McChord is the third-largest employer in Washington with over 110,000 active-duty members and family, located less than three miles from the Property
  • High-density surrounding residential base of over 235,000 residents within a 5-mile radius with average houshold incomes of $101K

Exclusively Listed By

Joe Dugoni

Associate
  jdugoni@northmarq.com      206.693.3329
WA Lic. #21001346

Sean Tufts

Managing Director
  seantufts@northmarq.com      206.693.3352
WA Lic. #74057

Kevin Adatto

Managing Director
  kadatto@northmarq.com      503.675.7726
WA Lic #21038208

Northmarq

130 Nickerson St, Suite 200
Seattle, WA 98109

northmarq.com