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7-Eleven 12848 Martin Luther King Jr Way 2,428 SF Retail Building Seattle, WA 98178 $4,936,800 ($2,033.28/SF) 5% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN Lease | 10% Increase in 2031
- Long-Term Operating History of 43 Years
- Feet from the On-Ramp to Interstate 5 (193,114 VPD) -- the main north-south route in the region
- Five, 5-Year Renewal Options | 7.5% Increase in Options 1-3 | FMRV Increase in Options 4 & 5
- Located at the Signalized Intersection of Martin Luther King Jr. Way S (31,583 VPD) and South 129th Street
- Seattle, WA MSA Advantage (MSA Population: 4.19M+)
EXECUTIVE SUMMARY
The CBRE Net Lease Property Group is pleased to offer for sale the 2,428-square-foot 7-Eleven Gas Station & Convenience Store situated on 0.47 acre in Seattle, Washington (MSA Population: 4.19M+). 7-Eleven’s absolute NNN lease features ±10.4 years of primary term remaining with a 10% rent increase in 2031 and five, 5-year renewal options. Rent increases by 7.5% in the first three options and is set to FMRV in the fourth and fifth options.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Service Station
Building Size
2,428 SF
Building Class
C
Year Built
1982
Price
$4,936,800
Price Per SF
$2,033.28
Cap Rate
5%
NOI
$246,840
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
0.47 AC
Opportunity Zone
Yes
Zoning
CB, Seattle - Central Business
Parking
18 Spaces (7.41 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Security System
- Signage
- Air Conditioning
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 217200-0671 | Improvements Assessment | $182,700 |
| Land Assessment | $517,300 | Total Assessment | $700,000 |
PROPERTY TAXES
Parcel Number
217200-0671
Land Assessment
$517,300
Improvements Assessment
$182,700
Total Assessment
$700,000
CONTACTS
-
Thomas Carr -
Brian Pfohl -
Christopher Bosworth -
Dino Christophilis -
Kaitlyn Wolf -
Leah Lindell -
Abby Kelly -
CBRE
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