9816 Gravelly Lake DrLakewood, WA 98499

Property Details for 9816 Gravelly Lake Dr

Year built

2024

Lot size

0.23 AC

Property size (Sq ft)

1,700 SF

Property type

Retail properties

Property subtype

Auto shops

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 1,700 square foot Take 5 Oil Change located at 9816 Gravelly Lake Dr SW, Lakewood, WA 98499. The property sits on a 0.23-acre lot and boasts a 20-year absolute NNN lease with a prominent national tenant. The lease features a 10% rent increase every five years, ensuring consistent income growth. With a current NOI of $140,000 and an asking price of $2,434,782, this property offers a compelling 5.75% cap rate. Built in 2024, the property benefits from its high-visibility location directly across from Lakewood Towne Center, a major shopping center anchored by Target and Safeway, resulting in high daily traffic exceeding 20,400 vehicles. Its proximity to Fort Lewis Military Base (less than 2.5 miles) and educational institutions like Clover Park High School and Pacific Lutheran University further strengthens its demographic appeal. The property is also eligible for bonus depreciation, and Washington state's income tax-free status adds to its financial attractiveness. Four, five-year lease options are included. This is a rare opportunity to acquire a secure, high-performing investment in a desirable location with significant long-term growth potential. The property is 100% occupied.

Location Insight

City

Lakewood

County

Pierce

State

Washington

Latitude

47.1676

Longitude

-122.521

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