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Midas & Stormy Espresso | PAD TO RECENTLY RENOVATED GROCERY ANCHORED SHOPPING CENTER

1774 Mile Hill Dr, Port Orchard, WA 98366

Listing Price: $1,460,870

Cap Rate
5.18%
Tenant Name
Midas
Years Remaining On Lease
0.7
Guarantor
Personal Guarantee
Rentable SF
4,032
Lease Type
Absolute Net
Rent Per Square Feet
$16.98

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Midas & Stormy Espresso located in Port Orchard, WA. The property features a brand new 13-year absolute NNN lease from Midas and a coffee stand that is paying well below market rent providing an immediate value-add opportunity. The Property is ideally located as a pad-site at the main entrance to Towne Square Retail Center, a roughly 154,000 SF shopping center anchored by Grocery Outlet, Goodwill and Ace Hardware. This shopping center is currently undergoing a significant renovation with over $5,000,000 in improvements scheduled for completion in the next 12 months including a brand-new parking lot. This Midas location brings in on average 11,800 annual customers, outpacing 78% of Midas locations in Washington State. The Property is located in rapidly growing Port Orchard, WA that has experienced 13.06% population growth over the past decade. The property is adjacent to South Kitsap High School, enrolling more than 2,650 students per year and is located in an income tax free state.

Investment Highlights

  • BRAND NEW MIDAS 13-YEAR ABSOLUTE NNN LEASE
  • IMMEDIATE VALUE-ADD OPPORTUNITY
  • PAD-SITE TO GROCERY ANCHORED SHOPPING CENTER UNDERGOING SIGNIFICANT RENOVATION
  • STRONG MIDAS SALES AND ANNUAL CUSTOMER COUNTS
  • EXCELLENT VISIBILITY AND ACCESS
  • STRONG 5-MILE POPULATION GROWTH
  • LOCATED ADJACENT TO SOUTH KITSAP HIGH SCHOOL
  • INCOME TAX FREE STATE

Exclusively Listed By

Auto Parts

Midas & Stormy Espresso | PAD TO RECENTLY RENOVATED GROCERY ANCHORED SHOPPING CENTER

Listing Price: $1,460,870

Cap Rate
5.18%
Tenant Name
Midas
Years Remaining On Lease
0.7
Guarantor
Personal Guarantee
Rentable SF
4,032
Lease Type
Absolute Net
Rent Per Square Feet
$16.98

Investment Highlights

  • BRAND NEW MIDAS 13-YEAR ABSOLUTE NNN LEASE
  • IMMEDIATE VALUE-ADD OPPORTUNITY
  • PAD-SITE TO GROCERY ANCHORED SHOPPING CENTER UNDERGOING SIGNIFICANT RENOVATION
  • STRONG MIDAS SALES AND ANNUAL CUSTOMER COUNTS
  • EXCELLENT VISIBILITY AND ACCESS
  • STRONG 5-MILE POPULATION GROWTH
  • LOCATED ADJACENT TO SOUTH KITSAP HIGH SCHOOL
  • INCOME TAX FREE STATE

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Midas & Stormy Espresso located in Port Orchard, WA. The property features a brand new 13-year absolute NNN lease from Midas and a coffee stand that is paying well below market rent providing an immediate value-add opportunity. The Property is ideally located as a pad-site at the main entrance to Towne Square Retail Center, a roughly 154,000 SF shopping center anchored by Grocery Outlet, Goodwill and Ace Hardware. This shopping center is currently undergoing a significant renovation with over $5,000,000 in improvements scheduled for completion in the next 12 months including a brand-new parking lot. This Midas location brings in on average 11,800 annual customers, outpacing 78% of Midas locations in Washington State. The Property is located in rapidly growing Port Orchard, WA that has experienced 13.06% population growth over the past decade. The property is adjacent to South Kitsap High School, enrolling more than 2,650 students per year and is located in an income tax free state.

Exclusively Listed By

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