NAPA Auto Parts Everett 9423 Evergreen Way 10,500 SF Retail Building Everett, WA 98204 $2,200,000 ($209.52/SF) 5.50% Cap Rate

NAI Puget Sound Properties is pleased to present for sale a single-tenant NAPA Auto Parts property in Everett, WA. The corporate backed NNN lease has approximately 2.5 years remaining on the base term with an additional four 5-year tenant options. The current lease rate is ~40-50% below market, offering tremendous rental upside and a low cost-basis for a purchaser.
Strong Corporate Backed Lease: Genuine Parts Company ranked #175 on the Fortune 500 list in 2024. With over 6,000+ locations across the United States and hundreds more across North America, Genuine Parts Co. is one of the largest automotive distributors in the world.
NNN Lease Structure: The lease provides for minimal landlord responsibilities, providing a “hands-off”, coupon-clipper type offering for a passive investor.
Below Market Rents: The current lease rate of $11.52/sf NNN is 40%-50% below market, offering significant long-term rental upside and equity appreciation.
Priced Below Assessed Value: The offering price is below the current assessed value of $2,306,000.
Prime Location on Evergreen Way: Located less than 1-mile from Everett Mall, the subject property is situated on one of Everett’s most active commercial thoroughfares, this site benefits from excellent exposure to both local and commuter traffic.
Brand New Roof: A brand new PVC roof was just installed this year, which comes with a 15-year warranty.