Shell - Westgate Pad | 5744 N 26th St
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Shell - Westgate Pad 5744 N 26th St
1,650 SF Retail Building Tacoma, WA 98407 $1,640,000 ($994/SF) 5.85% Cap Rate
Investment Highlights
- Corporate-backed, investment-grade tenant that has occupied the property since 1983.
- Pad located within the greater Westgate South Shopping Center that includes Big Lots, Planet Fitness, Starbucks, and McDonald’s.
- Strategically positioned less than a mile from Hwy 16, and on the northwest corner of North Pearl Street and North 26th Street, which sees 23,000 VPD.
- Strong ground lease with 10 years remaining well below market rent, allowing for minimal Landlord responsibilities.
- The second closest gas station on Pearl Street, from Hwy 16, which feeds I-5 and Gig Harbor, Washington.
- Strong local demographics with nearly 188,000 residents within a five-mile radius.
Executive Summary
The Offering is a 1,650 SF Shell gas station and car wash adjacent to the Westgate South Shopping Center, a 125K+ SF shopping center anchored by Big Lots and Planet Fitness. The property is positioned directly at the intersection of North Pearl Street and North 26th Street, a dynamic daily-needs trade area exposed to over 23,000 VPD and high-density surrounding residential. Shell Oil is a global oil and gas company with more than 25,000 locations worldwide and has occupied the property since construction in 1983. This Shell location is leased by PacWest Energy, who currently pays ~30% below-market ground rent at $96K, and has recently signed a lease extension through April 2033 with a 10% base rent increase in April 2028, increasing yield by 52 basis points.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Service Station
Building Size
1,650 SF
Building Class
C
Year Built
1983
Price
$1,640,000
Price Per SF
$994
Cap Rate
5.85%
NOI
$96,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.52 AC
Parking
3.03 Spaces per 1,000 SF Leased
Amenities
- Bus Line
- Pylon Sign
- Signage
Walk Score ®
Very Walkable (76)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 704500-0311 | Improvements Assessment | $386,100 |
| Land Assessment | $734,400 | Total Assessment | $1,120,500 |
PROPERTY TAXES
Parcel Number
704500-0311
Land Assessment
$734,400
Improvements Assessment
$386,100
Total Assessment
$1,120,500
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Shell - Westgate Pad | 5744 N 26th St
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