0 16Th AveMill Creek, WA 98208

Property Details for 0 16Th Ave

Year built

2023

Lot size

0.43 AC

Property size (Sq ft)

3,000 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 3,000 square foot Chase Bank building in Everett, WA. Located on a 0.43-acre lot at the signalized intersection of 132nd Street SE and 16th Avenue SE, this property benefits from exceptional visibility and high traffic counts (26,000 ADT on 132nd Street SE and proximity to I-5 with 181,000 ADT). The property is an outparcel to a shopping center anchored by Fred Meyer and Walgreens, ensuring a strong retail environment. The absolute NNN ground lease with Chase Bank, a credit-rated tenant, runs for 15 years commencing October 17, 2024, and expiring November 30, 2039, with four 5-year renewal options and 10% rent bumps every five years. The property boasts a 4.50% cap rate and a net operating income (NOI) of $130,000. The building, constructed in 2023, is situated in a densely populated and affluent area, with over 322,000 residents within a 5-mile radius and an average household income exceeding $136,000. Its location near the Everett Link Light Rail extension adds further value. The property's zoning is CB (Commercial, Business), and the APN is 28053000408400. This is a rare opportunity to acquire a high-quality, net-leased investment property with a strong tenant and significant upside potential. The asking price is $2,888,888, representing a price per square foot of $962.96.

Location Insight

City

Mill Creek

County

Snohomish

State

Washington

Latitude

47.8781

Longitude

-122.211

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