10% Rent Increases High Traffic Location | 17810 Canyon Rd E
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10% Rent Increases High Traffic Location 17810 Canyon Rd E
3,500 SF 4-Star Retail Building Tacoma, WA 98446 $3,876,000 ($1,107/SF) 5.50% Cap Rate
Investment Highlights
- 2024 commencement: 10-Year Initial Term with Three 5-yr options
- High growth Seattle/Tacoma MSA suburban location, tax-free state
- New construction Sherwin Williams net lease build-to-suit
- Rent increases every 5 years (10% rent increase beginning Year 6 of Initial Term and at each renewal option)
- S&P rated investment grade tenant: BBB (NYSE: SHW)
Executive Summary
CONTACT: Jason Witt I jason.witt@lemrx.com I (925) 683-4489
5.74% Initial Term blended cap rate
Limited retail availability in high growth Puget Sound suburb.
The property sits at the retail gateway to one of the largest industrial development sites in the Puget Sound area. High-traffic intersection experiences approximately 65,000 vehicles per day. The lease is set to commence in September 2024 with an initial term of 10 years and three 5-year options to extend. There are scheduled rental increases every 5 years throughout both the initial and option terms of the lease. The first rental increase of approximately 10% is scheduled for Year 6 of the initial term.
*Property is a part of "Frederickson Place" center. Common Area expenses, paid by Landlord, average approximately $150/mo.*
5.74% Initial Term blended cap rate
Limited retail availability in high growth Puget Sound suburb.
The property sits at the retail gateway to one of the largest industrial development sites in the Puget Sound area. High-traffic intersection experiences approximately 65,000 vehicles per day. The lease is set to commence in September 2024 with an initial term of 10 years and three 5-year options to extend. There are scheduled rental increases every 5 years throughout both the initial and option terms of the lease. The first rental increase of approximately 10% is scheduled for Year 6 of the initial term.
*Property is a part of "Frederickson Place" center. Common Area expenses, paid by Landlord, average approximately $150/mo.*
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
3,500 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2024
Price
$3,876,000
Price Per SF
$1,107
Cap Rate
5.50%
NOI
$213,195
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Land Acres
0.64 AC
Zoning
Commercial - Retail use
Frontage
126 FT on Canyon Circle East
Amenities
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 602670-0060 | Improvements Assessment | $0 |
| Land Assessment | $617,800 | Total Assessment | $617,800 |
PROPERTY TAXES
Parcel Number
602670-0060
Land Assessment
$617,800
Improvements Assessment
$0
Total Assessment
$617,800
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Jason Witt
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10% Rent Increases High Traffic Location | 17810 Canyon Rd E
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