2 Auburn Way N
Office | 7.51% CAP | 10,900 SqFt
Marketing description
NAI Puget Sound Properties is please to present for sale a 10,900 SF retail/office building in Auburn, WA. The fully leased building consists of three ground floor retail units with eight small office units above. The current cashflow offers an attractive return for an investor with significant upside potential based on the below market office rents. The offering also presents an owner-user opportunity to due to the month-to-month leases, allowing a user to occupy a portion or the entire building.
Investment highlights
OWNER-USER OR INVESTMENT OPPORTUNITY
The current cashflow offers an attractive return for an investor , while simultaneously allowing the opportunity for an owner-user to occupy a portion or the entire building due to the month-to-month leases.
PRIME MAIN STREET LOCATION
The property is ideally located on the signalized corner of Main Street and Auburn Way, a high-profile retail location with tremendous visibility. The location also offers tenants proximity to the amenities and restaurants along Main Street. Data shows the 1 mile trade area captures nearly 100,000 daytime visitors, and up to 243,000 within a 5 mile radius—excellent exposure for retail use.
STABILIZED INVESTMENT WITH UPSIDE
The property offers an attractive 7.51% current cap rate with an 9.44% cap rate at market rents. Some of the rents on the office units are 50%± below market.
SMALL, EASY-TO-LEASE UNITS
The average size of the office units is only about 450 SF, making these units extremely easy to lease and at higher rental rates that competing larger spaces.
EXCELLENT TRAFFIC FLOW
Located along Auburn Way N between SR 18 and Highway 167, the site sees roughly 31,000 vehicles/day on Auburn Way North.
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