Listed by Northmarq - Seattle
$3,390,000
Granite Ridge Commercial
Details
APN 500438-001-0, 500493-005-0, 500493-006-0, 500493-007-0
Property Type Retail, Land
Sub Type Shopping Center
Square Footage 4,465
Cap Rate 6.40%
NOI $180,791
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $633
Year Built 2014
Acreage 2.110
Zoning Towne Center (TCtr)
Parking Spaces 52 spaces
Parking per 1,000 SqFt 11.65
Investment Type Stabilized
Ground Lease No
MULTI-FACETED INVESTMENT OPPORTUNITY WITH 100% LEASED RETAIL CENTER & ADJACENT DEVELOPMENT SITE
Marketing description
Granite Ridge Commercial presents a compelling opportunity to acquire a fully leased, 4,465 SF neighborhood retail asset plus 64,401 SF of land parcels situated on a 2.11-acre site at 20401 Mountain Hwy E in Spanaway, Washington. The property offers a dual-value proposition: immediate, stable cash flow from a national tenant base and long-term upside through significant land capacity in a high-growth residential corridor.
Investment highlights
- The 4,465 SF asset is 100% occupied by three tenants on NNN lease structures, generating $180,791 of in-place NOI. The structure minimizes landlord responsibility while providing a stable, predictable yield.
- Starbucks and AT&T occupy approximately 77% of the rent roll, grounding the property in institutional-grade credit and daily-use traffic. This tenant lineup ensures long-term tenant stability and demand resilience.
- With a weighted average remaining lease term of approximately 5.5 years and Starbucks' commitment through February 2035, the asset effectively mitigates near-term rollover risk and provides reliable cash flow visibility.
- The rent roll is structured for growth, with AT&T and Super Vape'z & Smoke featuring contractual 3.0% and 4.0% annual rent escalations. This provides an internal hedge against inflation without relying on market leasing assumptions.
- The building sits on a significant 2.11-acre site featuring 64,401 SF of developable land. This unique "covered land" positioning allows investors to collect stable retail income today while holding a rare, prime development parcel perfectly suited to address the escalating residential demand in the South Sound corridor.
- The property is bolstered by the resilient Spanaway submarket, characterized by a median household income of $98,251. This strong consumer base supports consistent performance for both existing retail tenants and potential future residential occupants.
Listing Contacts
Listed by Northmarq - Seattle
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$180,791.00
$15,065.92/mo
Valuation Metrics
0
DSCR
5.33%
Cap Rate
5.33%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Name
License
Brokerage
Brokerage Phone
Title
Brokerage Address
Name
License
Brokerage
Brokerage Phone
Title
Name
License
Brokerage Phone
Is there information that looks off?
