Listed by CBRE Atlanta, CBRE - Atlanta, CBRE - Seattle
$4,368,900
7-Eleven: Seattle, WA
Details
Property Type Retail
Sub Type Convenience Store, Gas Station
Square Footage 2,428
Pumps 2
Cap Rate 5.65%
NOI $246,840
Occupancy 100%
Tenancy Single
Brand/Tenant 7-Eleven
Lease Type Absolute NNN
Lease Expiration 01/31/2036
Remaining Term 9.6
Rent Bumps Yes
Lease Options Five, 5 Year Options
Year Built 1982
Acreage 0.470
Parking Spaces 18 spaces
Parking Per SqFt 7.41
Investment Type Net Lease
Lease Commencement 01/04/2021
Ground Lease No
Retail | 5.65% CAP | 2,428 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 2,428-square-foot 7-Eleven Gas Station & Convenience Store situated on 0.47 acre in Seattle, Washington (MSA Population: 4.19M+). 7-Eleven’s absolute NNN lease features ±9.6 years of primary term remaining with a 10% rent increase in 2031 and five, 5-year renewal options. Rent increases by 7.5% in the first three options and is set to FMRV in the fourth and fifth options.
Investment highlights
- Absolute NNN Lease with Rent Increases: 7-Eleven’s absolute NNN lease features ±9.6 years of primary term remaining with a 10% rent increase in 2031 and five, 5-year renewal options. Rent increases by 7.5% in the first three options and is set to FMRV in the fourth and fifth options.
- Long-Term Operating History: 7-Eleven boasts a long-term operating history of over 43 years, demonstrating Tenant’s commitment to the site.
- Excellent Access & Visibility: Positioned less than 10 miles from downtown Seattle, 7-Eleven is located with excellent access and visibility at the signalized intersection of Martin Luther King Jr. Way South (31,583 VPD) and South 129th Street. The property is feet from the on-ramp to Interstate 5 (193,114 VPD), which serves as the main north-south route in the region and connects the cities of Seattle (9.7 miles north), Tacoma (26.3 miles southwest) and Everett (37.7 miles north).
- Surrounded by Major Retail Destinations: The property is proximate to several of the area’s main shopping destinations including Washington’s largest mall, Westfield Southcenter (1.7 MSF; 3.0 miles southwest), Southcenter Plaza (58,282 SF; 3.2 miles southwest), The Landing (728,000; 3.3 miles northeast) and Southcenter Square (229,762 SF; 3.9 miles southwest). Together, these developments feature tenants like JCPenney, Macy’s, Nordstrom, AMC Theaters, Regal Movie Theaters, Target, Kohl’s, Marhsalls, Ross Dress for Less, Nordstrom Rack, Cost Plus World Market, LA Fitness, Staples, Petsmart, Petco, Dollar Tree, Ulta Beauty, Starbucks, and Panera Bread, to name a few.
Listing Contacts
Listed by CBRE Atlanta, CBRE - Atlanta, CBRE - Seattle
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$246,840.00
$20,570.00/mo
Valuation Metrics
0
DSCR
5.65%
Cap Rate
5.65%
ROI
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