Foss Audio | Prime Location 512 Strander Blvd

Marcus & Millichap's Brown Retail Group has been exclusively selected to market for sale Foss Audio, a prime location opportunity featuring a short-term lease with below market rent and a fair market rent option. The Tenant is currently paying just $10.74/SF + NNN with market rents achievable in the $19-$22/SF + NNN range. The Tenant’s option in 3 years is at Fair Market Rent (FMR), allowing an investor near-term upside well above an 8% cap rate by simply increasing rent to market. The Property is zoned TUC-TOD (Tukwila Urban Center - Transit Oriented Development) which permits numerous commercial uses including retail, office, hospitality, multifamily, senior housing, government, education, and transportation uses. If the tenant were to leave at the end of its lease term and option term, a new owner would be able to backfill the space with a tenant from nearly any business sector or redevelop the property into a higher and better use opportunity. Foss Audio is only two blocks from Westfield Southcenter Mall, the # 1 performing mall in Washington State and #6 nationally (Placer.ai), which boasts in excess of 14.9 million visitors annually. The Property is also located just a 20-minute drive to both downtown Seattle and downtown Bellevue. Foss Audio is roughly a 7-minute drive from Seattle-Tacoma International Airport, the largest international airport in Washington State with 19 million visitors per year. Located in the dense and rapidly growing Tukwila, WA submarket, the Property benefits from a population of over 287,000 residents within a 5-mile radius. Since 2010 the population has grown over 11% within a 5-mile radius and nearly 32% within a 1-mile radius.