Listed by Northmarq - Seattle, Northmarq
$4,890,000
Raising Cane's - Lynnwood
Details
APN 003737-006-006-03
Property Type Retail
Sub Type QSR/Fast Food
Cap Rate 4.5%
NOI $220,000
Occupancy 100%
Tenancy Single
Brand/Tenant Raising Cane's
Lease Type Absolute NNN
Rent Bumps Yes
Lease Options 5, 5-Year Options
Class A
Year Built 2026
Lot Size (SqFt) 36,147
Zoning Commercial
Investment Type Net Lease
Tenant Credit Credit Rated
Ownership Ground Lease
Retail | 4.50% CAP
Marketing description
CORPORATE RAISING CANE’S ON 15-YEAR ABSOLUTE NNN GROUND
LEASE IN SEATTLE MSA (2026 CONSTRUCTION)
Investment highlights
- Only Raising Cane's listed for sale in Washington (as of August 2025); 900+ locations nationwide
- 15-year absolute NNN corporate ground lease, 10% rental bumps every 5 years, four 5-year options at 10% increases
- Q2 2026 delivery — brand-new construction with dual-lane drive-thru and 10.5 spaces per 1,000 SF
- Lighted hard corner on 164th St SW (50,000+ VPD), 1,000 feet from the I-5 interchange (180,000+ VPD)
- Adjacent to a Walmart with 2.3M annual visits; co-tenancy includes Fred Meyer, Starbucks, Panda Express, Five Guys
- 380,000+ residents within 5 miles; $149,000 average household income
- 2,000+ multifamily units delivered within 2 miles since 2021, plus a 20-unit townhome project approved on the adjacent parcel
- Raising Cane's posts the 2nd-highest AUV of any QSR brand in the U.S. ($6M+)
Listing Contacts
Listed by Northmarq - Seattle, Northmarq
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$220,000.00
$18,333.33/mo
Valuation Metrics
0
DSCR
4.5%
Cap Rate
4.5%
ROI
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