NNN Lease with Minimal Landlord Responsibility: The Property is on a NNN lease with Landlord responsible for roof and structure.
Attractive Purchase Price: Priced at only $3,650,000 and $258 per square foot provides an opportunity to purchase a Walgreens at lower price per square foot and price point than many of its market peers.
Replaceable Market Rent: Current rental rate of only $18.28 per square foot allows the ability to replace the Tenant if needed in the future with higher market rates and potential higher yields if Tenant were to vacate.
Strong Nearby Retailers: Situated at the intersection of Pacific Avenue and 84th St S, there are several complementary nearby retailers that drive traffic to the site, including Keybank, KFC, Chevron, Fred Meyer, McDonald’s, Les Schwab Tire Center, and more.
New Roof with 20-Year Guarantee: In 2020, Landlord installed a new roof on the Property with a 20-year guarantee providing reduced expense and responsibility for an Investor.
Sizable Parcel with Favorable Zoning: The Property is situated on a 1.46-acre parcel zoned C-2, General Community Commercial District, allowing for several potential future redevelopment uses including commercial, office, storage and residential/multifamily uses.
No State Income Tax: Washington is an income tax free state, allowing for additional potential tax savings for an Investor.