Grocery Outlet
9 Years 9 Months of NNN Grocery Income | 17+ Years of Historical Occupancy
Marketing description
Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase a single-tenant Grocery Outlet property located at 11656 68th Avenue South in Seattle, Washington. The Property consists of a 23,494-square-foot grocery building situated on 4.51 fee-simple acres. Grocery Outlet, Inc. is operating under a NNN lease structure with 9 years 9 months of remaining primary term through March 31, 2036, providing investors with durable grocery-anchored income supported by more than 17 years of historical occupancy at the site. The lease generates current annual base rent of $227,422, or $9.68 per square foot, with a scheduled 10% rent increase in April 2028 and two five-year renewal options, each featuring 15% rent increases.
Investment highlights
- Long-Term NNN Grocery Income
- 9 years 9 months remaining through March 2036
- 17+ years of historical occupancy by Grocery Outlet
- Large Seattle Fee-Simple Parcel
- 23,494 SF grocery building on 4.51 acres
- Low site coverage with long-term residual value
- Established Regional Retail Trade Area
- Near South Seattle, Tukwila, and Renton retail nodes
- Proximate to Westfield Southcenter, Target, Costco, Home Depot
- Dense, High-Income Demographics
- 314,947 residents and 117,325 households within five miles
- Average HH income of $148,184 within five miles
- Nearby Residential Growth
- 259 planned units at 12536 Renton Ave. S.
- Nearly 600 new Astra / Solera apartments in Renton Highlands
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