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Miscellaneous

Absolute Net Ground Lease Lowe's | Tax Free State | 12+ Acre Lot | Dominant Retail Corridor

2221 NW Myhre Rd, Silverdale, WA 98383

Listing Price: $16,450,000

Cap Rate
4.48%
Tenant Name
Lowe's Home Improvement
Years Remaining On Lease
6.5
Guarantor
Corporate Guarantee
Rentable SF
111,000
Lease Type
NNN Ground Lease
Rent Per Square Feet
$6.64

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in this Lowe’s location in Silverdale, Washington. This 111,000-square-foot property has seven years remaining on an Absolute Net Ground Lease with four, five-year renewal options and 10 percent rental increases in each option. The property sits on a large 12 plus acre lot with a large, fully lit parking lot and two points of ingress and egress. This location sits in a dense retail corridor that is the main retail hub of the surrounding area. The property is adjacent to a Costco, Bestbuy, Trader Joe’s and Crunch Fitness across the street from the Kitsap Mall, the largest retail center in the area. There are strong demographics with the average household income exceeding $103,000 in a five-mile radius. Silverdale is a census-designated place in Kitsap County, Washington. Silverdale is located on the Kitsap Peninsula. It is nine miles northwest of the city of Bremerton and the same distance south of Poulsbo. Silverdale lies at the north tip of Dyes Inlet, which connects it to Bremerton via Sinclair Inlet and to the Pacific Ocean via Port Orchard and Puget Sound. Commerce in Silverdale is primarily divided into two geographic areas: Old Town Silverdale along the northeast edge of Dyes Inlet, and the Kitsap Mall and big box stores (Costco Wholesale Center, REI, Best Buy, Target, Trader Joe’s and T.J. Maxx) just north within SR 3 and SR 303. In addition to the Port of Silverdale, Old Town Silverdale is home to many salons, restaurants, and medical offices.

Investment Highlights

  • Lowe's Home Improvement | Absolute Net Ground Lease | Situated on 12 Plus Acre Lot
  • Nearly Seven-Years Remaining on Current Term | Four, Five-Year Renewal Options | 10 Percent Increases in Each Option
  • Corporately Guaranteed by Lowe's Companies Inc. (S&P: BBB+ Credit Rated Tenant)
  • Situated in a Dominant Retail Corridor of Silverdale, Adjacent to Multiple National Retailers Such as Costco, TJ Maxx, Ross Dress for Less, Sportsman's Warehouse, Best Buy, Bed Bath & Beyond, Trader Joe's PetSmart, Macy's, JC Penny, Kohl's, and Many More
  • Positioned Along a Major Traffic Corridor | Just Off of SR-3 with Daily Traffic Counts Exceeding 53,000 Vehicles per Day
  • Strong Visibility Along Myhre Road Across from St. Michael Medical Center, a Major Hospital in the Area with a Large Expansion Completed in 2021
  • Over 77,400 Residents with Household Incomes Exceeding $103,000 Within Five Miles | Nearly 73 Percent Median Household Income Growth Since 2000
  • Silverdale Sits just 13 Miles West of Downtown Seattle | Washington is an Income Tax Free State

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Financing By

Miscellaneous

Absolute Net Ground Lease Lowe's | Tax Free State | 12+ Acre Lot | Dominant Retail Corridor

Listing Price: $16,450,000

Cap Rate
4.48%
Tenant Name
Lowe's Home Improvement
Years Remaining On Lease
6.5
Guarantor
Corporate Guarantee
Rentable SF
111,000
Lease Type
NNN Ground Lease
Rent Per Square Feet
$6.64

Investment Highlights

  • Lowe's Home Improvement | Absolute Net Ground Lease | Situated on 12 Plus Acre Lot
  • Nearly Seven-Years Remaining on Current Term | Four, Five-Year Renewal Options | 10 Percent Increases in Each Option
  • Corporately Guaranteed by Lowe's Companies Inc. (S&P: BBB+ Credit Rated Tenant)
  • Situated in a Dominant Retail Corridor of Silverdale, Adjacent to Multiple National Retailers Such as Costco, TJ Maxx, Ross Dress for Less, Sportsman's Warehouse, Best Buy, Bed Bath & Beyond, Trader Joe's PetSmart, Macy's, JC Penny, Kohl's, and Many More
  • Positioned Along a Major Traffic Corridor | Just Off of SR-3 with Daily Traffic Counts Exceeding 53,000 Vehicles per Day
  • Strong Visibility Along Myhre Road Across from St. Michael Medical Center, a Major Hospital in the Area with a Large Expansion Completed in 2021
  • Over 77,400 Residents with Household Incomes Exceeding $103,000 Within Five Miles | Nearly 73 Percent Median Household Income Growth Since 2000
  • Silverdale Sits just 13 Miles West of Downtown Seattle | Washington is an Income Tax Free State

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in this Lowe’s location in Silverdale, Washington. This 111,000-square-foot property has seven years remaining on an Absolute Net Ground Lease with four, five-year renewal options and 10 percent rental increases in each option. The property sits on a large 12 plus acre lot with a large, fully lit parking lot and two points of ingress and egress. This location sits in a dense retail corridor that is the main retail hub of the surrounding area. The property is adjacent to a Costco, Bestbuy, Trader Joe’s and Crunch Fitness across the street from the Kitsap Mall, the largest retail center in the area. There are strong demographics with the average household income exceeding $103,000 in a five-mile radius. Silverdale is a census-designated place in Kitsap County, Washington. Silverdale is located on the Kitsap Peninsula. It is nine miles northwest of the city of Bremerton and the same distance south of Poulsbo. Silverdale lies at the north tip of Dyes Inlet, which connects it to Bremerton via Sinclair Inlet and to the Pacific Ocean via Port Orchard and Puget Sound. Commerce in Silverdale is primarily divided into two geographic areas: Old Town Silverdale along the northeast edge of Dyes Inlet, and the Kitsap Mall and big box stores (Costco Wholesale Center, REI, Best Buy, Target, Trader Joe’s and T.J. Maxx) just north within SR 3 and SR 303. In addition to the Port of Silverdale, Old Town Silverdale is home to many salons, restaurants, and medical offices.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

Financing By

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