Creekside Retail Center

402 164th St SW
Lynnwood, WA 98087

Listing information

Just Sold
Price $3,400,000
CAP Rate 6.75%
Year Built 1996
Price Per SF $227
Location Lynnwood, WA

Kidder Mathews, as exclusive listing broker, is pleased to offer the opportunity to acquire the fee simple interest in a retail center in Lynnwood, Washington (Seattle, WA MSA). The property is 100% occupied with six tenants in a strip retail center built in 1994. All leases are structured as triple net leases (NNN), with limited landlord responsibility, and options varying from 3 to 5 year extensions. Several of the leases have rent increases in place helping to combat inflation rates. The anchor Tenant, O'Reilly Auto Parts, has been operating in this location since 1994. The Property is situated along a high traffic corridor of 164th St. SW between Lynnwood and Mill Creek, suburbs of Seattle, which are approximately 20 miles from downtown Seattle. The submarket benefits from dense population of over 370,000 people. Household incomes within 2 miles of the Property exceed $122,000, while incomes within 5 miles of the Property average over $116,000 which is well over the national average.

    STRONG DEMOGRAPHICS - Dense Seattle MSA sub-market with a 2-mile population of over 370,000

    100% LEASED INVESTMENT - A historically-stable center with strong, daily needs focused tenants

    LOW TENANT TURNOVER - Approximately 80% of the GLA has been leased by tenants in the center since 2015 or earlier

    NATIONAL NNN TENANT ANCHOR - O'Reilly Auto has provided a strong draw and stability to the center since 1996

    HIGH TRAFFIC LOCATION - With over 36,000 cars per day 164th Ave SW is primary east-west arterial connecting Interstate 5 and Highway 9 in Mill Creek