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803 S 348th St 450 SF Retail Building Federal Way, WA 98003 $1,300,000 ($2,888.89/SF) 5.07% Cap Rate
Investment Highlights
- Long-Term Corporate Lease Stability
- Built-In Revenue Growth
- Passive Net Investment Structure
Executive Summary
This offering presents the opportunity to acquire a newly constructed, single-tenant drive-thru investment situated on a 25,000-square-foot lot in Federal Way, Washington. The property is fully leased to Bigfoot Java, an established regional brand with 41 locations. The asset features a 15-year corporate NNN ground lease that commenced on December 1, 2024, offering a passive investment structure with no landlord management responsibilities.
Property Specifications:
Price: $1,300,000
Building Size: Approximately 450 SF
Land Area: 25,000 SF (0.57 AC)
Year Built: 2024
Zoning: CE (Community Enterprise)
Parcel Number: 2021049087
Lease Highlights:
Tenant: Bigfoot Java (Corporate Guarantee)
Lease Type: Triple Net (NNN) Ground Lease
Term Remaining: 15-year initial term expiring in 2039
Rental Increases: 10% escalations every five years
Renewal Options: Four 5-year options to extend
Expense Structure: Tenant pays insurance and utilities directly and reimburses the landlord for property taxes.
Property Specifications:
Price: $1,300,000
Building Size: Approximately 450 SF
Land Area: 25,000 SF (0.57 AC)
Year Built: 2024
Zoning: CE (Community Enterprise)
Parcel Number: 2021049087
Lease Highlights:
Tenant: Bigfoot Java (Corporate Guarantee)
Lease Type: Triple Net (NNN) Ground Lease
Term Remaining: 15-year initial term expiring in 2039
Rental Increases: 10% escalations every five years
Renewal Options: Four 5-year options to extend
Expense Structure: Tenant pays insurance and utilities directly and reimburses the landlord for property taxes.
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Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Fast Food
Building Size
450 SF
Building Class
B
Year Built
2024
Price
$1,300,000
Price Per SF
$2,888.89
Cap Rate
5.07%
NOI
$65,910
Tenancy
Single
Building Height
1 Story
Zoning
CE - CE (Community Enterprise)
Frontage
130’ on S 348th ST
Nearby Major Retailers
Property Taxes
| Parcel Number | 202104-9087 | Improvements Assessment | $225,500 |
| Land Assessment | $575,000 | Total Assessment | $800,500 |
Property Taxes
Parcel Number
202104-9087
Land Assessment
$575,000
Improvements Assessment
$225,500
Total Assessment
$800,500
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803 S 348th St
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