Listings

Goddard School Redmond

4200 228TH AVE NE
Redmond, WA 98053

Listing information

Under Contract
Price $6,567,000
CAP Rate 6.25%
Year Built 1991
Square Feet 10,352
Price Per SF $633
Location Redmond, WA

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Kidder Mathews is pleased to present The Goddard School in Redmond, WA The building is 10,352 square feet situated on a 9.41 acre parcel. The Goddard School has successfully operated in this location since it opened in 2011. The Goddard School has a strong presence in early education, with over 600 locations nationwide. Located in an affluent neighborhood, the school is accessible to a population of 155,142 within a five-mile radius. The offering also includes excess land for future development.

  • LIMITED LANDLORD RESPONSIBILITY

    NNN lease structure. Landlord is responsible for the roof and structure.

  • RENEWAL OPTIONS

    The lease provides five (5), seven (7) year renewal terms, with a 3% annual rent increases throughout all of the options.

  • EXCESS LAND

    The building is situated on a 9.41 acre lot that fronts both Redmond Fall City Road and 228th Ave NE.

  • EXPERIENCED OPERATORS

    The franchisee is currently building a second location in Lynnwood. The Redmond location has been a success since it first opened in 2011.

  • MULTIPLE PERSONAL GUARANTORS

    The school has been sold twice to new operators. Each of the previous owners remain on the lease as personal guarantors.

  • ANNUAL RENTAL INCREASES

    3% annual rental increases throughout the initial lease term and options.

  • LONG-TERM LEASE

    The subject property has 7 years left on the original lease along with five, seven year options to extend the lease.

  • HIGH INCOME DEMOGRAPHICS

    The school is an affluent neighborhood in Redmond with a median household income of $227,907 within a one-mile radius.