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4th Street Plaza 3904 NE 4th St 7,141 SF 100% Leased Retail Building Renton, WA 98056 $3,300,000 ($462.12/SF) 5.92% Cap Rate
INVESTMENT HIGHLIGHTS
- New and Recently Extended Leases
- Rental Upside & NNN Leases
- High Barrier to Entry
- High Visibility Location W/ Prominent Signage
- Strong Historical Occupancy
- Exceptionally Strong Submarket Fundamentals
EXECUTIVE SUMMARY
BROWN RETAIL GROUP OF MARCUS & MILLICHAP is pleased to present the opportunity to acquire 4th Street Plaza, a fully leased, multi-tenant retail strip center located along NE 4th Street in Renton, Washington. All 5 tenants operate under NNN lease structures, limiting landlord obligations and offering a hedge against inflation through scheduled annual increases. Excellent signage and visibility to over 30,500 vehicles per day support the property’s strong historical occupancy, with over 80% of the GLA having occupied the property for more than 10 years. A new tenant just executed a 5 year lease, at a 25% increase over the previous tenant’s rent, and multiple other tenants are the property recently extended their leases or are in the process of doing so, demonstrating strong demand and commitment. Staggered lease expirations create near-term potential to unlock additional value, with average in-place rents currently below market.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
7,141 SF
Building Class
B
Year Built
2003
Price
$3,300,000
Price Per SF
$462.12
Cap Rate
5.92%
NOI
$195,503
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.23
Lot Size
0.71 AC
Zoning
Retail; CS, Renton - Commercial Arterial - CA
Parking
35 Spaces (4.9 Spaces per 1,000 SF Leased)
Frontage
192’ on NE 4th St.
AMENITIES
- Bus Line
- Pylon Sign
- Signage
- Tenant Controlled HVAC
Walk Score®
Very Walkable (76)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 092305-9110 | Improvements Assessment | $1,246,200 |
| Land Assessment | $1,056,900 | Total Assessment | $2,303,100 |
PROPERTY TAXES
Parcel Number
092305-9110
Land Assessment
$1,056,900
Improvements Assessment
$1,246,200
Total Assessment
$2,303,100
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4th Street Plaza | 3904 NE 4th St
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