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.
Highlights
Pro-forma 8% cap rate achievable through lease option at market rent.
Net lease with tenant, Foss Audio, exhibiting strong historical occupancy.
Prime Tukwila location, two blocks from Westfield Southcenter Mall.
High-traffic, high-visibility location near major transportation arteries.
TUC-TOD zoning allows for diverse commercial uses.
High barrier-to-entry market with strong rent growth potential (9.5%).
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Contacts
Clayton J. Brown
Ruthanne Loar
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512 Strander Blvd, Tukwila, Washington, 98188
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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512 Strander Blvd
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