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Shopping Neighborhood

Richmond Beach Plaza

1437-1439 NW Richmond Beach Rd, Shoreline, WA 98177

Listing Price: $4,200,000

Cap Rate
5.40%
Gross SF
8,273
Rentable SF
8,273
Price/Gross SF
$507.68
Lot Size
0.73 acres
Year Built
1995

Investment Overview

Marcus & Millichap is pleased to present the sale offering for the Richmond Beach Plaza retail center in Shoreline (Seattle), Washington. This very rare Richmond Beach offering is the premier essential needs retail center servicing one of Seattle’s best neighborhoods. This corner property is very well located and has great visibility and access. The well-established and successful tenant base features long term NNN leases with scheduled annual rental increases. Overall, Richmond Beach Plaza is an excellent opportunity for the savvy investor to secure a unique high quality investment property with strong cash ?ow and a bright future of stability and rental upside.

Investment Highlights

  • RECENT LEASE EXECUTIONS: Two new leases executed within the past 5 months demonstrating strong Tenant commitment and verification of achievable lease rates.
  • HIGHLY VISIBLE CORNER: The property is strategically located on the signalized corner of Richmond Beach Road and 15th Avenue which has exposure to over 22,000 vehicles per day.
  • COMMUNITY ESSENTIAL NEEDS RETAILERS: Richmond Beach Plaza focuses on the proven high demand for restaurant and essential needs services tenancies.
  • MINIMAL LANDLORD RESPONSIBILITIES: Triple Net lease expense structures on all of the leases provides the future investor with passive and predictable income.
  • LONG-TERM LEASES: Average weighted lease term is 5.2 years with one freshly extended 10 year term offering excellent stability.
  • DEVELOPMENT POTENTIAL: The Neighborhood Business zoning would allow for a multitude of redevelopments such as office, townhouses, mixed-use and multi-family uses.
  • EXCELLENT DEMOGRAPHICS: The community boasts a well educated population with an average household income in excess of $155,000 annually and a median home value of nearly $800,000.
  • INCOME TAX FREE STATE: Washington is an income tax-free state.

Exclusively Listed By

Financing By

Listing Price: $4,200,000

Cap Rate
5.40%
Gross SF
8,273
Rentable SF
8,273
Price/Gross SF
$507.68
Lot Size
0.73 acres
Year Built
1995

Investment Highlights

  • RECENT LEASE EXECUTIONS: Two new leases executed within the past 5 months demonstrating strong Tenant commitment and verification of achievable lease rates.
  • HIGHLY VISIBLE CORNER: The property is strategically located on the signalized corner of Richmond Beach Road and 15th Avenue which has exposure to over 22,000 vehicles per day.
  • COMMUNITY ESSENTIAL NEEDS RETAILERS: Richmond Beach Plaza focuses on the proven high demand for restaurant and essential needs services tenancies.
  • MINIMAL LANDLORD RESPONSIBILITIES: Triple Net lease expense structures on all of the leases provides the future investor with passive and predictable income.
  • LONG-TERM LEASES: Average weighted lease term is 5.2 years with one freshly extended 10 year term offering excellent stability.
  • DEVELOPMENT POTENTIAL: The Neighborhood Business zoning would allow for a multitude of redevelopments such as office, townhouses, mixed-use and multi-family uses.
  • EXCELLENT DEMOGRAPHICS: The community boasts a well educated population with an average household income in excess of $155,000 annually and a median home value of nearly $800,000.
  • INCOME TAX FREE STATE: Washington is an income tax-free state.

Investment Overview

Marcus & Millichap is pleased to present the sale offering for the Richmond Beach Plaza retail center in Shoreline (Seattle), Washington. This very rare Richmond Beach offering is the premier essential needs retail center servicing one of Seattle’s best neighborhoods. This corner property is very well located and has great visibility and access. The well-established and successful tenant base features long term NNN leases with scheduled annual rental increases. Overall, Richmond Beach Plaza is an excellent opportunity for the savvy investor to secure a unique high quality investment property with strong cash ?ow and a bright future of stability and rental upside.

Exclusively Listed By

Financing By

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