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Absolute NNN Ground Lease Coffee Drive Thru 31405 State Route 20 408 SF Retail Building Oak Harbor, WA 98277 $1,567,000 ($3,840.69/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- High Traffic Signalized Corner Location at SR 20 and Pioneer Way
- 15-year Absolute NNN Ground Lease (Improvements revert to owner upon lease termination or expiration)
- New Construction adjacent to new Quick Quack Car Wash and Sonic Drive In
- 10% Lease Increases Every 5 Years
EXECUTIVE SUMMARY
Newly constructed Cedar & Salt Coffee drive-through, strategically located at the high-traffic corner of Highway 20 and Pioneer Way in Oak Harbor, Washington.
The investment is structured as a build-to-suit ground lease, wherein the tenant holds rights to the improvements during the lease term. Upon lease expiration, all improvements revert to the landlord, offering long-term residual value in addition to passive income under the NNN lease structure. The lease includes a 15-year initial term, four 5-year renewal options, and a percentage rent clause, providing long-term upside potential tied to tenant performance.
The investment is structured as a build-to-suit ground lease, wherein the tenant holds rights to the improvements during the lease term. Upon lease expiration, all improvements revert to the landlord, offering long-term residual value in addition to passive income under the NNN lease structure. The lease includes a 15-year initial term, four 5-year renewal options, and a percentage rent clause, providing long-term upside potential tied to tenant performance.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
408 SF
Building Class
C
Year Built
2024
Price
$1,567,000
Price Per SF
$3,840.69
Cap Rate
6%
NOI
$94,020
Tenancy
Single
Building Height
1 Story
Building FAR
0.02
Lot Size
0.43 AC
Zoning
Community Commercial - C3 - Commercial
Frontage
200’ on Hwy 20
AMENITIES
- Corner Lot
- Drive Thru
- Monument Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $381,559 | |
| Land Assessment | $739,080 | Total Assessment | $1,120,639 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$739,080
Improvements Assessment
$381,559
Total Assessment
$1,120,639
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Absolute NNN Ground Lease Coffee Drive Thru | 31405 State Route 20
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