This Retail Property is Off-Market.

17416 State Route 9
Snohomish, WA 98296 ·

28,441 SF · Retail For Sale

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Clearview Plaza

Price N/A Commission Split 1.5%
Building Size 28,441 SF Cap Rate 7.36%
Property Type Retail Tenancy Multiple
Property Sub-type Retail (Other) Year Built 1994
Property Use Type Investment Lot Size 92,347 SF
Listing ID: 16011446 Date Created: 12/02/2008 Last Updated: 04/27/2009

Description

The subject property is the shadow retail to an Albertsons anchored center within the city of Snohomish, Washington. Snohomish is located in southwest Snohomish County, a submarket experiencing very low vacancy relating to limited retail supply in the submarket. Investors seeking to acquire retail properties with a unique combination of strong demographic fundamentals and conservative additions to supply will be drawn to Clearview Plaza's strong cash-on-cash returns and additional rental rate increases per year with rents below market averages.

Located just south of downtown Snohomish on State Route 9, the subject of a major expansion project, Clearview Plaza is a 28,000 square foot retail facility divided into four separate buildings, with parcels available for construction of additional retail/office space. Major tenants include: Starbucks, Subway, and CSK Auto. Leases are well below market averages, leaving considerable rental upside. Clearview Plaza is adjacent to an Albertsons Grocery Store, a McDonald's restaurant, and several other local and regional retailers. The anchor to Clearview Plaza is Albertsons Grocery, which completed a $3 million remodel in late 2008.

Highlights

  • Assumable Financing at 5.1 Percent Interest Rate
  • Median Income in Five-Mile Radius: $86,205
  • Major Tenants: Starbucks, Shuck's Auto Supply, Subway
  • Below Market Rents with Upside Opportunity
  • Nearby Retailers Include Albertsons and McDonald's
  • Snohomish County is the Fastest Growing County in Washington State

Research

17416 State Route 9, Snohomish, WA 98296 (Snohomish County)

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