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Raising Cane's Ground Lease - Lynnwood 1232 164th St SW 2,841 SF Retail Building Lynnwood, WA 98087 $4,630,000 ($1,629.71/SF) 4.75% Cap Rate
Executive Summary
• 2026 construction, operating on a 15-year absolute net corporate ground lease.
• 10% rental increases every five years, with five year renewal options at 10% increases.
• Incredible lighted corner location on 164th St SW with 50,000+ vehicles per day, and only 1,000 feet from the I-5/164th St SW interchange, where traffic exceeds 180,000 vehicles daily.
• The Property is adjacent to a Walmart location that welcomed 2.3M visits in the past year. Other nearby national tenants include Fred Meyer, Starbucks, Panda Express and Five Guys.
• 380,000+ people within 5 miles of the Property, earning an average household income of $149,000.
• The Property offers a dual-lane drive-thru with over 10 parking spaces per 1,000 SF of building space.
• Since 2021, over 2,000 multifamily units have been built within 2 miles of the Property.
• The adjacent parcel to the immediate south of the Property has been approved for 20 townhome units and 6,000 SF of commercial space.
• Raising Cane’s has the second highest AUV of any QSR brand in the US ($6M+). Raising
• 10% rental increases every five years, with five year renewal options at 10% increases.
• Incredible lighted corner location on 164th St SW with 50,000+ vehicles per day, and only 1,000 feet from the I-5/164th St SW interchange, where traffic exceeds 180,000 vehicles daily.
• The Property is adjacent to a Walmart location that welcomed 2.3M visits in the past year. Other nearby national tenants include Fred Meyer, Starbucks, Panda Express and Five Guys.
• 380,000+ people within 5 miles of the Property, earning an average household income of $149,000.
• The Property offers a dual-lane drive-thru with over 10 parking spaces per 1,000 SF of building space.
• Since 2021, over 2,000 multifamily units have been built within 2 miles of the Property.
• The adjacent parcel to the immediate south of the Property has been approved for 20 townhome units and 6,000 SF of commercial space.
• Raising Cane’s has the second highest AUV of any QSR brand in the US ($6M+). Raising
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,841 SF
Building Class
B
Year Built
2026
Price
$4,630,000
Price Per SF
$1,629.71
Cap Rate
4.75%
NOI
$220,050
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.77 AC
Zoning
UC
Frontage
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 003737-006-006-03 | Improvements Assessment | $0 |
| Land Assessment | $1,268,500 | Total Assessment | $1,268,500 |
Property Taxes
Parcel Number
003737-006-006-03
Land Assessment
$1,268,500
Improvements Assessment
$0
Total Assessment
$1,268,500
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