512 Strander BlvdTukwila, WA 98188

Property Details for 512 Strander Blvd

Year built

1969

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.69 AC

Property size (Sq ft)

18,900 SF

Zone code

TUC-TOD

Property type

Retail properties

Property subtype

Outlet malls

APN

022320-0041

APU

223200041

Description

This exceptional investment opportunity presents a 18,900 square foot auto shop in Tukwila, WA, currently leased to Foss Audio under a Net Lease (NNN) agreement. The property, located at 512 Strander Blvd, 98188, sits on a 0.69-acre lot and boasts a single-story building constructed in 1969 and renovated in 2014. The current lease, commencing September 30, 2022, and expiring September 29, 2027, offers a remaining term of approximately 2.9 years. The tenant, Foss Audio, is backed by a corporate guarantee, providing significant security. The current rent is below market, with a pro-forma cap rate of 8.80% achievable through market rent adjustments. The lease includes a 3-year option at fair market rent, offering substantial near-term upside potential. The property's TUC-TOD zoning allows for diverse commercial uses, providing flexibility for future development. Its prime location, just two blocks from Westfield Southcenter Mall and a short drive from downtown Seattle, Bellevue, and Seattle-Tacoma International Airport, ensures high visibility and accessibility. The surrounding area exhibits robust population growth, with over 287,000 residents within a 5-mile radius. The asking price is $4,295,000, representing a price per square foot of $227.25 and a current cap rate of 4.75%. The Net Operating Income (NOI) is $204,000. This is a fee simple ownership opportunity with minimal landlord responsibilities. The state of Washington offers income tax-free benefits.

• CAP approach

  CAP return

  Valuation

  6%

  $7,518,148

  6.5%

  $6,939,829

  7%

  $6,444,127

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,772,113

  Geo Method

  $9,172,200

• Alternative Use

  Use

  Valuation

  Residential

  $5,854,006

  Hospitality

  $5,362,238

  Educational

  $4,461,318

  Medical

  $4,614,750

  Retail

  $6,939,829

Location Insight

City

Tukwila

County

King

State

Washington

Latitude

47.4562

Longitude

-122.248

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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