4909 Lacey BlvdLacey, WA 98503

Property Details for 4909 Lacey Blvd

Year built

1950

Construction

WOOD FRAME

Lot size

0.31 AC

Property size (Sq ft)

1,668 SF

Property type

Office buildings

APN

1182-12-33100

APU

11821233100

Description

This exceptional retail investment opportunity presents a 5,957 square foot, triple-net (NNN) leased property located at 4909 Lacey Blvd SE, Lacey, WA 98503. The property boasts a strong 5.20% cap rate and a Net Operating Income (NOI) of $182,539, based on a $3,520,000 asking price. Currently 100% occupied by three tenants, including United Pacific (Apro LLC, with 450+ locations), Milan Beauty Salon, and Liberty Tax, all under NNN leases providing a hedge against rising operating expenses. The leases include annual rent increases (United Pacific 2.5%/year, Milan Beauty Salon $50/month/year, Liberty Tax $100/month/year), and two tenants currently operate below market rates, offering significant upside potential. The property sits on a 0.80-acre lot, strategically positioned on a high-traffic corner with visibility to over 30,000 vehicles per day, ranking in the top 25% for gas station/convenience store visits in Washington State. Recent renovations include parking lot resurfacing and restriping, HVAC upgrades, exterior painting, and façade improvements. The property also benefits from a strong corporate guarantee from United Pacific and an attractive assumable financing option with a fixed interest rate of 4.59% until June 2032. The location is within a rapidly growing area, with Lacey's population increasing by over 35% since 2010 and projected to grow another 5% in the next five years, and average household incomes exceeding $96,000 within a 5-mile radius. The Liberty Tax lease includes a landlord termination right, allowing for potential expansion at the end of the current lease terms. There is no deferred maintenance. This is a prime opportunity for investors seeking a stable, high-performing asset in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $451,365

  6.5%

  $416,645

  7%

  $386,884

• Comparable approach

  Method

  Valuation

  Relative Method

  $447,297

  Geo Method

  $321,223

• Alternative Use

  Use

  Valuation

  Residential

  $516,639

  Hospitality

  $473,239

  Educational

  $393,729

  Medical

  $407,270

  Retail

  $612,467

Location Insight

City

Lacey

County

Thurston

State

Washington

Latitude

47.0345

Longitude

-122.819

CBSA code

36500

CBSA name

OLYMPIA, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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