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7-Eleven: Seattle, WA 12848 Martin Luther King Jr Way 2,428 SF Retail Building Seattle, WA 98178 $4,701,700 ($1,936.45/SF) 5.25% Cap Rate
Investment Highlights
- Absolute NNN Lease with Rent Increases
- Positioned less than 10 miles from downtown Seattle (MSA Population: 4.19M+)
- Feet from on-ramp to Interstate 5 (193,114 VPD), which serves as the main north-south route in the region and connects Seattle, Tacoma & Everett.
- Long-Term Operating History of 43+ Years
- Excellent access and visibility at the signalized intersection of Martin Luther King Jr. Way South (31,583 VPD) and South 129th Street.
- Affluent Demographics | Rainier Beach Location
Executive Summary
CBRE is pleased to present the 2,428-square-foot 7-Eleven situated on 0.47 acres in Seattle, Washington (MSA Population: 4.19M+). 7-Eleven's absolute NNN lease features ±10.1 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.
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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
$4,701,700
Price Per SF
$1,936.45
Cap Rate
5.25%
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
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