2205 Broadway Ave - Drug Store FOR SALE


Everett, WA 98201- Riverside
$5,050,000 USD
425-233-9522
2205 Broadway Ave, Everett, WA for Sale
$5,050,000 USD
Drug Store - FOR SALE
1/3
null | 8.5% Cap Rate

2205 Broadway Ave
Everett, WA 98201
Riverside


HIGHLIGHTS

  • Attractive Assumable Financing, 27.60% Cash-On-Cash Return
  • Strong Store Sales | $3,000,000+ Annually
  • Absolute Net Lease
  • Limited Drug Store Competition
  • Signalized Hard Corner with High Traffic Counts (25,000+ VPD)
  • Corporate Guarantee with Strong Backing

OVERVIEW

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a corporate guaranteed absolute net Walgreens located in rapidly growing Everett, WA. The Property features an attractive assumable loan at roughly 85% LTV, fixed until March, 2029 at 5.19% interest only, resulting in a 27.60% cash-on-cash return. This location boasts strong historical store sales north of $3,000,000/year and has experienced an increase in sales and prescriptions after the recent closing of the Bartell Drugs (Rite Aid) location roughly 0.3 miles to the north. The Property is strategically located at a signalized hard corner with four ingress/egress points and a drive-thru. The location is roughly a 10 minute drive from Paine Field, an international airport with total economic impact/business revenue of nearly $60 billion annually and 158,227 jobs (direct and indirect, per Snohomish County). The Property is less than 5 minutes away from The Commons Naval Station Everett (NSE), the home port of Carrier Strike Group 11, claimed “as the single most powerful mobile force in the world,” and home to approximately 6,000 Navy personnel. Within a 5-mile radius there are over 121,000 residents with average household incomes in excess of $116,000/year. Since 2010, the surrounding area has grown by over 18%.

FOR SALE DETAILS

PRICE

$5,050,000 USD

PRICE/SF

$363 USD /SF

CAP RATE

8.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2003

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.97 AC

LAND SF

42,253 SF

ZONING

MU

APN/PARCEL ID

004391-474-004-00

ASK ABOUT THIS PROPERTY

Trevor LaneMarcus & MillichapMore Info
425-233-9522

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Trevor LaneMarcus & MillichapMore Info
425-233-9522

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.