13110 Bothell-Everett Hwy SE - Drug Store FOR SALE


Everett, WA 98208- Silver Lake
$4,470,000 USD
206-826-5787
13110 Bothell-Everett Hwy SE, Everett, WA for Sale
$4,470,000 USD
Drug Store - FOR SALE
1/3
null | 7.25% Cap Rate

13110 Bothell-Everett Hwy SE
Everett, WA 98208
Silver Lake


HIGHLIGHTS

  • Signalized Hard Corner with High Traffic Counts (53,000+VPD)
  • Below Market Rent with Redevelopment Upside
  • Pad to High-Volume Fred Meyer | Located in High-Growth Submarket with Affluent Demographics
  • Recent 5-Year Lease Extension and Strong Historical Occupancy
  • CORPORATE GUARANTEE (NASDAQ: WBA)
  • Attractive NNN Lease Structure | Income Tax Free State

OVERVIEW

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a corporate guaranteed Walgreens (NASDAQ: WBA), located in the rapidly growing Mill Creek/Everett submarket (Seattle MSA). Strategically positioned at a signalized hard corner with over 58,000 vehicles per day, this Walgreens benefits from prime visibility and accessibility at the high-traffic intersection of Bothell Everett Hwy and 132nd St SE, just minutes from Interstate 5. The property sits as a pad to one of the highest-performing Fred Meyer locations in the nation, ranked in the top 83% of all Fred Meyer locations nationally (2,000,000+ visitors) per Placer.ai. The property enjoys strong consumer draw and consistent foot traffic. Walgreens is currently paying $23.30/SF with market rents achievable in the $27/SF to $30/SF+ range providing future upside to an owner. Walgreens recently reaffirmed its commitment to the location by exercising a 5-year lease extension, with six, 5-year options remaining, highlighting its 25-year track record of success at this site. Secured by a NNN lease, the property provides an investor with minimal landlord responsibilities. The lease is backed by a corporate guarantee from Walgreens Boots Alliance Inc. (NASDAQ: WBA), a leading pharmacy and health & beauty retailer with Over 8,500 locations nationwide. Situated in a high-growth sub-market, the surrounding population has surged by 60% since 2010, now exceeding 315,000 residents with an average household income of $125,000+ within a 5-mile radius. Additionally, investors benefit from Washington State’s favorable tax environment, as it imposes no state income tax.

FOR SALE DETAILS

PRICE

$4,470,000 USD

PRICE/SF

$321 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2000

SPRINKLERS

-

PARKING SPACES

42

LAND DETAILS

LAND ACRES

1.12 AC

LAND SF

48,787 SF

ZONING

CB, Everett

APN/PARCEL ID

280530-004-068-00

ASK ABOUT THIS PROPERTY

Clayton BrownMarcus & MillichapMore Info
206-826-5787

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Clayton BrownMarcus & MillichapMore Info
206-826-5787

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.