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Department Store

La-Z-Boy | Seller Financing Available | Brand-New 10 Year Lease | +2% Annual Rent Increases

10205 N Division St, Spokane, WA 99218

Listing Price: $5,834,769

Cap Rate
6.50%
Tenant Name
La-Z-Boy
Years Remaining On Lease
8.5
Gross SF
18,060
Guarantor
Corporate Guarantee
Rentable SF
18,060
Price/Gross SF
$323.08
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$21.00

Investment Overview

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a La-Z-Boy location in Spokane, WA. La-Z-Boy has 9 years remaining on their 10-year Corporate Guaranteed (NYSE: LZB) NNN lease and has operated as a La-Z-Boy at this location for over 25 years. The lease features minimal landlord responsibilities (roof & structure) and 2% annual rent increases which provides investors a hedge against inflation. In 2022, the Property underwent approximately $1,000,000 in property and tenant improvements which included parking lot seal and re-stripe, full interior and exterior paint, new monument sign and sign on building, new interior and exterior lighting, new trim and soffits, all new carpet and tile, all new ceiling fixtures and ceiling tiles, new electrical wiring for computers and monitors, and new plumbing fixtures. The Property also had a full roof replacement in 2019. La-Z-Boy has seen a 54% Y-O-Y increase in store visitors and ranks in the top 10% of all nationwide stores according to Placer.ai. The Property is located directly on N. Division St. (28,900+ VPD), the main arterial north/south in Spokane, with excellent visibility and signage at the intersection of W. Hawthorn Rd. (15,000+ VPD). In the last decade, the area has seen significant population growth within a 5-mile radius of nearly 14% and is predicted to grow by another 5% in the next 5 years.

Investment Highlights

  • RECENT 10-YEAR LEASE
  • +2% ANNUAL RENT INCREASES
  • STRONG CORPORATE GUARANTEE
  • FULL $1,000,000+ PROPERTY RENOVATION IN 2022
  • NEW ROOF AND HVAC REPLACEMENT IN 2019
  • +54% Y-O-Y INCREASE IN CUSTOMER VISITS AND TOP 10% STORE NATIONWIDE
  • BUILD-TO-SUIT WITH 25+ YEARS OF SUCCESSFUL OPERATING HISTORY
  • HIGH-TRAFFIC RETAIL LOCATION W/ EXCELLENT VISIBILITY

Exclusively Listed By

Financing By

Department Store

La-Z-Boy | Seller Financing Available | Brand-New 10 Year Lease | +2% Annual Rent Increases

Listing Price: $5,834,769

Cap Rate
6.50%
Tenant Name
La-Z-Boy
Years Remaining On Lease
8.5
Gross SF
18,060
Guarantor
Corporate Guarantee
Rentable SF
18,060
Price/Gross SF
$323.08
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$21.00

Investment Highlights

  • RECENT 10-YEAR LEASE
  • +2% ANNUAL RENT INCREASES
  • STRONG CORPORATE GUARANTEE
  • FULL $1,000,000+ PROPERTY RENOVATION IN 2022
  • NEW ROOF AND HVAC REPLACEMENT IN 2019
  • +54% Y-O-Y INCREASE IN CUSTOMER VISITS AND TOP 10% STORE NATIONWIDE
  • BUILD-TO-SUIT WITH 25+ YEARS OF SUCCESSFUL OPERATING HISTORY
  • HIGH-TRAFFIC RETAIL LOCATION W/ EXCELLENT VISIBILITY

Investment Overview

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a La-Z-Boy location in Spokane, WA. La-Z-Boy has 9 years remaining on their 10-year Corporate Guaranteed (NYSE: LZB) NNN lease and has operated as a La-Z-Boy at this location for over 25 years. The lease features minimal landlord responsibilities (roof & structure) and 2% annual rent increases which provides investors a hedge against inflation. In 2022, the Property underwent approximately $1,000,000 in property and tenant improvements which included parking lot seal and re-stripe, full interior and exterior paint, new monument sign and sign on building, new interior and exterior lighting, new trim and soffits, all new carpet and tile, all new ceiling fixtures and ceiling tiles, new electrical wiring for computers and monitors, and new plumbing fixtures. The Property also had a full roof replacement in 2019. La-Z-Boy has seen a 54% Y-O-Y increase in store visitors and ranks in the top 10% of all nationwide stores according to Placer.ai. The Property is located directly on N. Division St. (28,900+ VPD), the main arterial north/south in Spokane, with excellent visibility and signage at the intersection of W. Hawthorn Rd. (15,000+ VPD). In the last decade, the area has seen significant population growth within a 5-mile radius of nearly 14% and is predicted to grow by another 5% in the next 5 years.

Exclusively Listed By

Financing By

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