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Denny's - Auburn 521 Auburn Way S 5,700 SF Retail Building Auburn, WA 98002 $3,435,000 ($602.63/SF) 5.50% Cap Rate

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Investment Highlights

Brand New 20-Year Absolute Net Lease
Strong Franchisee Guarantee and Experienced Multi-Brand Operator
High-Traffic, Signalized Hard Corner Location with Direct Hwy-18 Access (88,000+ VPD)

High-Performing Location | Top 14% in Washington State
10% Rent Increases Every 5-Years
Extensively Renovated in 2018 Reflecting Denny’s Modern Prototype Design

Executive Summary

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a high-performing Denny's in Auburn, WA, secured by a brand-new 20-year Absolute Net Lease to be executed at closing. The lease offers long-term, passive cash flow, zero landlord responsibilities, 10% rent escalations every five years, and a guarantee from Awashington, LLC (15 WA locations, $30M+ in annual sales). The restaurant is operated by The Keshap Group — a multi-brand franchisee with 25+ years of experience, 35 Denny's, 16 Papa John's, and four Dave's Hot Chicken restaurants. This Denny’s ranks in the top 14% of all restaurants in Washington state and top 30% nationally (per Placer.ai). It is situated just off Hwy-18 (88,000+ VPD) at the signalized hard corner of Auburn Way S and 6th St SE (57,000+ VPD). The property was extensively renovated in 2018 to Denny's modern prototype standards and benefits from strong traffic drivers including nearby hotels, the Boeing Auburn plant, and the Outlet Collection — the largest outlet mall in the Pacific Northwest with 5.2 million annual visitors. The site serves approximately 195,000 residents within 5 miles, with average household incomes exceeding $105,000, in income tax-free Washington state.

Denny's Auburn, WA - OM

Property Facts

Sale Type

Investment NNN

Sale Condition

Sale Leaseback

Property Type

Retail

Property Subtype

Restaurant

Building Size

5,700 SF

Building Class

Year Built/Renovated

1977/2018

Price

$3,435,000

Price Per SF

$602.63

Cap Rate

5.50%

NOI

$189,000

Tenancy

Single

Building Height

1 Story

Building FAR

0.10

Lot Size

1.32 AC

Zoning

Commercial

Parking

77 Spaces (13.51 Spaces per 1,000 SF Leased)

Frontage

233’ on Auburn Way S

Bus Line

Freeway Visibility

Pylon Sign

Signage

Major Tenants

Accommodation and Food Services
5,700 SF
$33.16
Full Service
-

For over 70 years, Denny’s has been a welcoming place where people can connect over great food. They're always open, always serving your favorites, and they're proud to be America's diner. They’re more than just customers or consumers. They’re their guests, and they invite them into their homes with open arms. They’re the very reason why they're in business, and they put them at the center of everything they do. Their Denny's family is their most important asset. They trust, support and respect each other and work together for the greater good. They recognize the contributions of all. They are the classic American diner and proud of everything that means. Since 1953, they've served quality food and healthy portions at a fair price. No matter where they are, their light is always on, inviting guests around the world into a place where everyone is welcome. At Denny’s, they're constantly looking ahead. They're always moving, striving for more, hungry for greatness.