Under Contract
Cap Rate
6.46%
Offering Price
$7,400,000
Year Built
1984
Building Size
37,871 SF
Price Per SF
$197/SF
Type
For Sale
Status
Under Contract
Location
Everett, WA

Investment Summary

The center is currently 100% occupied by 14 tenants. However, two tenants totaling approximately 17% of the gross leasable area are past due and paying partial rent. Therefore, we have discounted these spaces and the center is underwritten as 82% occupied providing an investor a 6.46% cap rate on current in-place income. The majority of the tenants have been at the center since 2015 or earlier. An investor will benefit from contracted annual increases from all tenants plus the ability to add value through stabilization. Casino Square is situated at a signalized intersection directly across from a 182,000 square foot Fred Meyer Center.

Investment Highlights

High traffic location located on Casino Road near the Evergreen Way (Hwy 99) and Boeing Freeway Interchange

The majority of the tenants have annual rent increases of at Least 3%

First time on the market since it was built in 1984

Population density of over 230,000 people and 90,000 households within 5 miles.

Zoning allows for future mixed-use residential development. Property is located near a future light rail station.

Property Summary

Offering Price
$7,400,000
CAP Rate
6.46%
Year Built
1984
Building Size
37,871 SF
Price Per SF
$197/SF
Address
205 E Casino Road, Everett, WA 98208

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