1128 N Miller St
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1128 N Miller St
42,630 SF Retail Building Wenatchee, WA 98801 $9,490,000 ($223/SF) 4% Cap Rate
Investment Highlights
- Absolute NNN Lease with Zero Landlord Responsibilities
- Annual Rental Escalations of 1.75% Offers a Hedge Against Inflation
- Located at the Signalized Intersection of N Miller Stand Springwater Ave.
- 17 Years Remaining in Term | Lease Supports Two, 10-Year Options
- Directly Adjacent to Target and Surrounded by National Retailers Including Lowes,Starbucks, The Home Depot, Walmart, Walgreens and Many Others
- Excellent Visibility and Easily Accessible Along N Miller St with Traffic Counts of Over 30,000 Vehicles Per Day
Executive Summary
Encore REIS is pleased to present the Absolute NNN Albertsons located in Wenatchee, WA.
Albertsons signed a long-term lease showing a strong commitment to the site. There are over 17 year remaining in the term with two, 10-year options available. The lease supports annual rental escalations of 1.75% offering a hedge for inflation. The property is subject to an absolute NNN lease with zero landlord responsibilities.
Albertsons (NYSE: ACI) operates as a banner of Albertsons Companies, one of the largest food and drug retailers in the United States. With both a strong local presence and national scale, the company operates stores across 35 states and the District of Columbia under 20 well-known banners. In October 2022, Kroger announced it would be acquiring Albertsons for $25 billion.
The property is positioned directly adjacent to Target and surrounded by national retailers including Lowes, Starbucks, The Home Depot, Walmart, Walgreens and many others. The asset is located at the signalized intersection of N Miller St and Springwater Ave, and has excellent visibility along N Miller St with traffic counts of over 30,000 vehicles per day.
Albertsons signed a long-term lease showing a strong commitment to the site. There are over 17 year remaining in the term with two, 10-year options available. The lease supports annual rental escalations of 1.75% offering a hedge for inflation. The property is subject to an absolute NNN lease with zero landlord responsibilities.
Albertsons (NYSE: ACI) operates as a banner of Albertsons Companies, one of the largest food and drug retailers in the United States. With both a strong local presence and national scale, the company operates stores across 35 states and the District of Columbia under 20 well-known banners. In October 2022, Kroger announced it would be acquiring Albertsons for $25 billion.
The property is positioned directly adjacent to Target and surrounded by national retailers including Lowes, Starbucks, The Home Depot, Walmart, Walgreens and many others. The asset is located at the signalized intersection of N Miller St and Springwater Ave, and has excellent visibility along N Miller St with traffic counts of over 30,000 vehicles per day.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Supermarket
Building Size
42,630 SF
Building Class
B
Year Built
1990
Price
$9,490,000
Price Per SF
$223
Cap Rate
4%
NOI
$379,571
Tenancy
Single
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.22
Land Acres
4.55 AC
Zoning
G-C - General Commercial
Parking
202 Spaces (5.42 Spaces per 1,000 SF Leased)
Frontage
224 FT on N Miller St
Amenities
- Pylon Sign
- Signalized Intersection
Walk Score ®
Very Walkable (86)
Nearby Major Retailers
-
Power Broker Brian Brockman -
Bang Realty
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1128 N Miller St
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