Habitat for Humanity

Auburn, WA

Price $3,904,000
Cap Rate 6.00%
TYPE Single-Tenant
STATUS Available
Tenant Habitat for Humanity
LEASE TYPE NNN
SQUARE FEET 21,296
PRICE/SQ FT $183
YEAR BUILT 1967
LEASE EXP. 2033
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com
Erica Seward, Capital Pacific
Washington Local Broker #74972

Property Description

Habitat for Humanity has a brand new 15 year NNN lease with $1.00 PSF with 9.09% year 6 and rental escalations every five years. Estimated open date of July 2018 and the property has a recent remodel with over $350,000 spent on parking lot and roof! This property is below market rent for this infilled Seattle suburb. Habitat for Humanity Seattle-King County is a non-profit organization that currently operates in Bellevue, Southcenter, and Auburn. Strong tenant financials! This is a well-positioned property just off the hard corner where three thoroughfares intersect pushing traffic counts to 52, 325 CPD!

Habitat for Humanity is located in Auburn, Alabama just off a hard corner with high drive by visibility. The population in the 3 mile ring has seen a 1.10% growth since 2010. This property is 4.5 miles from Green River College, offering degrees & certificates in 16 different fields with total enrollment of over 7,800, and 1.5 miles from Auburn Regional Medical Center. Nearby retailers include Rite Aid, Goodwill, Walgreens, Joann Fabrics, Walmart Supercenter, The Outlet Collection (a unique mix of top-brand outlets like Burlington, Nike Factory Outlet, Banana Republic, Gap Outlet, Old Navy Outlet, Nordstrom Rack, Columbia Sportswear, H&M, Bed Bath & Beyond, etc.), Coastal Farm & Ranch and Regal Cinemas, Lowe’s Home Improvement, Fred Meyer, Dollar Tree, Office Depot, LA Fitness, Walgreens and Muckleshoot Casino.

 

*In Association With: Washington Local Broker: Capital Pacific

Property Highlights

  • Brand New 15-Year NNN Lease with $1.00 PSF (9.09% Year 6) Rental Escalations Every 5 Years
  • Tenant: Habitat for Humanity Seattle-King County is a Non-Profit Organization that Currently Operates 3 Retail Stores – STRONG TENANT FINANCIALS!
  • Demographics (5 MI) - Total Population: 155,394 | Avg HH Income: $83,453 | Strong Double-Digit Population Growth 2010-2018 (3-MI): 11.01%
  • Infill Seattle Suburb: Below Market Rent
  • Well positioned, just off the hard corner where three thoroughfares intersection pushing traffic counts to 52,325 CPD!
  • Seattle Metropolitan Economy: The Metro is a hotbed for startup businesses, while local tech powerhouses Amazon & Google preserve their hometown glory by boosting construction & leasing activity. The growth is fueled by the University of Washington’s expanding computer science program & the increase in minimum wage.