10726 Silverdale Way
Silverdale, WA 98383
Goodyear, Midas & Safelite Retail Center · Retail Property For Sale

Marcus & Millichap has been exclusively selected to market for sale the Silverdale Automotive Center in Silverdale, Washington. The property is comprised of a 15,308 square foot building occupied by four tenants. Goodyear, Midas and Safelite AutoGlass anchor the property and all three have recently executed lease renewals showing their commitment to the location. Midas executed a 10-year lease renewal, while Goodyear and Safelite executed 5-year leases. Additionally, Goodyear and Midas have a 30-year operating history, and Safelite has been a tenant for nearly 7 years. The property benefits from below-market rents, which average $11.43/sf/yr + NNN. Comparable retail centers in the immediate trade area are generating rents between $16 - $21/sf/yr + NNN. Furthermore, Bella Cupcakes occupies approximately 10% of the GLA and is on a month-to-month lease at $11.43/sf/yr Full Service. Leasing this space up at market rent provides an investor with significant near-term NOI growth. Benefiting from its location in the region’s premier retail hub, Silverdale Automotive is in close proximity to dozens of major retailers such as Costco, Best Buy, Home Depot, Lowe’s, Sportsman’s Warehouse, and Target. Within blocks is CenterCal’s new retail development, The Trails at Silverdale, which is anchored by Home Goods, Total Wine & More, Ulta Beauty, Old Navy, and Marshall’s. Moreover, CHI Franciscan is expanding its medical campus with the development of a $500,000, 9-story hospital tower with over 262 beds. The first phase of construction is slated for 2020.