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Grocery Outlet 23940 NE State Route 3 17,356 SF Retail Building Belfair, WA 98528 $6,260,000 ($360.68/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- 12-year corporate NNN lease with limited landlord responsibilities
- Full conversion from former pharmacy to modern grocery format.
- $113K average HH income with projected ~1% annual population growth (5-mi).
- Grocery Outlet (NASDAQ: GO) is one of the nation's fastest-growing value-oriented grocery chains, with over 530 locations nationwide.
- State Route 3 sees ±20,000 VPD; adjacent Safeway & QFC draw over 1.6M collective annual visits.
EXECUTIVE SUMMARY
Northmarq is pleased to present the opportunity to acquire a recently redeveloped, corporate-leased Grocery Outlet (NASDAQ: GO) in Belfair, WA. The 17,356 SF Property—formerly a Rite Aid—was fully redeveloped to Grocery Outlet’s specifications and delivered to the tenant in May 2025, with rent commencement anticipated in October/November 2025. The 12-year NNN lease is backed by Grocery Outlet corporate, providing national credit strength, long-term income stability, minimal landlord responsibilities, and 10% rental increases in each option period.
Situated along WA-3, Belfair’s primary commercial corridor, the Property benefits from excellent visibility and ±20,000 vehicles per day. Placer.ai data underscores strong grocery demand—the adjacent Safeway and QFC locations collectively see over 1.6 million annual visits—reflecting a robust and consistent customer base. The surrounding trade area features above-average household incomes exceeding $113,000 within five miles, projected population growth through 2030, and a retail vacancy rate of just 1.6%, signaling a highly constrained retail environment with strong demand for quality space.
The Offering represents a rare opportunity to secure a mission-critical grocery asset, backed by Grocery Outlet corporate, in a high-barrier market with durable long-term fundamentals.
Situated along WA-3, Belfair’s primary commercial corridor, the Property benefits from excellent visibility and ±20,000 vehicles per day. Placer.ai data underscores strong grocery demand—the adjacent Safeway and QFC locations collectively see over 1.6 million annual visits—reflecting a robust and consistent customer base. The surrounding trade area features above-average household incomes exceeding $113,000 within five miles, projected population growth through 2030, and a retail vacancy rate of just 1.6%, signaling a highly constrained retail environment with strong demand for quality space.
The Offering represents a rare opportunity to secure a mission-critical grocery asset, backed by Grocery Outlet corporate, in a high-barrier market with durable long-term fundamentals.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Supermarket
Building Size
17,356 SF
Building Class
B
Year Built
2008
Price
$6,260,000
Price Per SF
$360.68
Cap Rate
6.25%
NOI
$391,250
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
2.12 AC
Zoning
GC - General Commercial
Parking
50 Spaces (2.88 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Freeway Visibility
- Pylon Sign
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 12329-41-90230 | Improvements Assessment | $3,109,195 |
| Land Assessment | $651,370 | Total Assessment | $3,760,565 |
PROPERTY TAXES
Parcel Number
12329-41-90230
Land Assessment
$651,370
Improvements Assessment
$3,109,195
Total Assessment
$3,760,565
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Grocery Outlet | 23940 NE State Route 3
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