Bartell Retail Center
14227 Tukwila International Blvd., Tukwila, WA 98168
New Listing
Year Built
1978
Building Size
33,475 SF
Price Per SF
$305/SF
Type
For Sale
Status
New Listing
Location
Tukwila, WA
Investment Summary
The Bartell Drugs Retail Center and development land offering is a unique opportunity to acquire a strong performing investment with excess land available for immediate development. The property fronts Tukwila International Boulevard and is less than a mile from Interstate 5. Numerous developments are underway in the immediate area including directly across the street, Tukwila Village, which includes a library, mini-food hall, small retail businesses, live/work units, and a total of 398 apartments (primarily for seniors).
The retail center has had no vacancies for more than a decade and all tenants have paid through Covid without any rent reductions or deferrals. Bartell Drugs serves as a long term anchor tenant with strong store sales that have consistently increased. Bartell Drugs was recently acquired by Rite Aid Corporation. The corner parcel is occupied by Jack in The Box with a drive thru.
The property is within 15 minutes of downtown Seattle and 5 minutes from SeaTac Airport. It is served by two active bus routes, and walkable to the Tukwila light-rail station. The neighborhood around the property is walkable to schools, parks, and a grocery store.
The retail center has had no vacancies for more than a decade and all tenants have paid through Covid without any rent reductions or deferrals. Bartell Drugs serves as a long term anchor tenant with strong store sales that have consistently increased. Bartell Drugs was recently acquired by Rite Aid Corporation. The corner parcel is occupied by Jack in The Box with a drive thru.
The property is within 15 minutes of downtown Seattle and 5 minutes from SeaTac Airport. It is served by two active bus routes, and walkable to the Tukwila light-rail station. The neighborhood around the property is walkable to schools, parks, and a grocery store.
Investment Highlights
100% OCCUPIED RETAIL CENTER
The owners have not had any vacancies at this property for over a decade.
COVERED LAND PLAY
Excess development land gives an investor the ability to develop a 46 unit apartment complex while collecting rent from the retail tenants until the leases expire on the remaining 2.8 acres.
OPPORTUNITY ZONE DEVELOPMENT
The property is located in a qualified Opportunity Zone.
TAX ABATEMENT OPPORTUNITY
The redevelopment could qualify for the Multifamily Tax Exemption (MFTE) Program which allows cities to exemplify multifamily developments from property taxes in urban centers.
URBAN RENEWAL OVERLAY DISTRICT ZONING
3.65 acre site zoned UROD (Urban Renewal Overlay District). The zoning allows for many uses including office, multifamily, retail, or a mixed-use project. The max building height for the parcel is 6 stories for mixed use development.
GROWING SEATTLE SUBMARKET
This drug anchored, daily needs center is situated at a lighted intersection on a high traffic arterial only 5 minutes to Seatac International Airport and 20 minutes south of downtown Seattle.
Property Summary
Offering Price |
$10,284,000 |
Year Built |
1978 |
Building Size |
33,475 SF |
Price Per SF |
$305/SF |
Address |
14227 Tukwila International Blvd., Tukwila, WA 98168 |
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