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4115 SW Admiral Way 420 SF 100% Leased Retail Building Seattle, WA 98116 $4,000,000 ($9,523.81/SF)
Investment Highlights
- Absolute net ground lease with Safeway Inc. as tenant, ensuring minimal landlord obligations.
- Located in West Seattle’s Admiral District, a dense and affluent neighborhood with strong consumer demand.
- Zoning designation NC2P-55 (M) and NFA environmental certificate support long-term redevelopment potential.
- Lease term in place through November 30, 2030, providing secure income for the next several years.
- Positioned along SW Admiral Way with excellent visibility and steady traffic flow.
- Close proximity to Alki Beach, The Junction, and major Seattle employment hubs, including Downtown and South Lake Union.
Executive Summary
This Safeway-branded gas station presents a rare opportunity to acquire a single-tenant, absolute net ground lease investment in the highly desirable West Seattle submarket. The property is leased to Safeway Inc., a nationally recognized grocer, under a ground lease structure that requires minimal landlord responsibilities, providing a stable and predictable income stream. The current lease runs through November 30, 2030, offering investors secure cash flow with no renewal options, creating potential for future redevelopment or repositioning upon lease expiration.
Situated along SW Admiral Way, the property benefits from strong visibility and consistent traffic counts in a dense residential and retail corridor. The surrounding area features a vibrant mix of local businesses, national retailers, and popular destinations such as Alki Beach, the Admiral District, and The Junction. West Seattle’s proximity to Downtown Seattle, combined with its affluent demographics and limited commercial land availability, enhances the long-term value of this asset.
With an NFA environmental certificate in place and zoning of NC2P-55 (M), this property offers both immediate income stability and future upside potential. Investors seeking a low-maintenance, credit-tenant investment in a thriving urban neighborhood will find this offering highly compelling.
Situated along SW Admiral Way, the property benefits from strong visibility and consistent traffic counts in a dense residential and retail corridor. The surrounding area features a vibrant mix of local businesses, national retailers, and popular destinations such as Alki Beach, the Admiral District, and The Junction. West Seattle’s proximity to Downtown Seattle, combined with its affluent demographics and limited commercial land availability, enhances the long-term value of this asset.
With an NFA environmental certificate in place and zoning of NC2P-55 (M), this property offers both immediate income stability and future upside potential. Investors seeking a low-maintenance, credit-tenant investment in a thriving urban neighborhood will find this offering highly compelling.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Service Station
Building Size
420 SF
Building Class
C
Year Built
2006
Price
$4,000,000
Price Per SF
$9,523.81
Percent Leased
100%
Building Height
1 Story
Building FAR
0.04
Lot Size
0.22 AC
Zoning
NC2P-55 (M
Parking
2 Spaces (4.76 Spaces per 1,000 SF Leased)
Frontage
115’ on Southwest Admiral Way
Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 608710-0910 | Improvements Assessment | $547,500 |
| Land Assessment | $1,652,000 | Total Assessment | $2,199,500 |
Property Taxes
Parcel Number
608710-0910
Land Assessment
$1,652,000
Improvements Assessment
$547,500
Total Assessment
$2,199,500
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4115 SW Admiral Way