Tractor Supply Co. Investment
For Sale
Contact for pricing
10616 Bald Hill Rd SE, Yelm, WA 98597
NN leased Tractor Supply Co. in Yelm, Washington.
Property Size23,486 SF
Price / SF$410.33
Days on Market195
Property Features for 10616 Bald Hill Rd SE
General Information
Standard status
Active
Size
23,486 SF
Total Parking Spaces
56
Property subtype
Retail
Zoning
C-2: Heavy Commercial
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$568,568
Building Details
Year Built
2015
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
Listed By:
Calvin Short · License #01927216
Source:
Crexi
Added: Jan 29
Changed: Aug 7
Last Checked: Aug 10 at 6:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This commercial real estate opportunity features a NN leased Tractor Supply Co. investment property in Yelm, Washington. The property is a fee simple interest (land & building ownership). The corporate entity recently signed a 15-year deal. The lease features scheduled 5% rental increases throughout the initial term and at the beginning of each option period. The lease is NN with limited landlord responsibilities. Tractor Supply Company operates more than 2,400 locations across the United States. The Tractor Supply Co. is located near the signalized, hard-corner intersection of State Route 507 and Bald Hill Road SE, combining to deliver approximately 21,800 vehicles per day on SR 507 and 15,800 vehicles per day on Bald Hill Road SE. State Route 507 is a primary commercial arterial serving Yelm and surrounding Thurston County communities. The property is positioned within the heart of Yelm’s dominant retail corridor with other nearby national/credit tenants including Walmart Supercenter, Safeway, Harbor Freight, Grocery Outlet, Dollar Tree, Goodwill, O’Reilly Auto Parts, Les Schwab, AutoZone, Starbucks, Verizon, T-Mobile, Anytime Fitness, UPS, Chevron, Dairy Queen, Taco Bell, and more. Additional demand drivers such as U-Haul, First Choice Self Storage, Prairie Hotel, Yelm Cinemas, Bud Barn, and multiple nearby residential communities amplify daily trip volume. The property size is 23486 square feet.
Key Highlights
- NN Lease with Limited Landlord Responsibilities: Ideal for passive income.
- 15‑Year Lease with Tractor Supply Co. (Nasdaq: TSCO): Demonstrates long‑term commitment.
- Scheduled 5% Rental Increases: Provides steadily growing NOI.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$283,495
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,669,900
$5.7M
Cap Rate 7%
$4,049,929
$4.0M
Cap Rate 9%
$3,149,944
$3.1M
Market Conditions
NOI Build-Up for 23,486 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$422.7K $18.00/SF
− Vacancy
−$17.8K −$0.76/SF
EGI
$405.0K $17.24/SF
− OpEx
−$121.5K −$5.17/SF
NOI
$283.5K $12.07/SF
Area
Thurston County, WA
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,669,900
Cap Rate 7%
$4,049,929
Cap Rate 9%
$3,149,944
Alternative Uses
Best Use
Retail
$4.05M
$3.54M – $4.72M
NOI $283,495 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.88M
$6.02M – $8.02M
NOI $481,369 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
122k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 56%
Dining 16%
Shops & Services 14%
Home Improvements & Furnishings 12%
Walmart
Superstores
68,990 visits/mo
0.4 miles
Tractor Supply Co.
Home Improvements & Furnishings
14,948 visits/mo
0.3 miles
ARCO
Shops & Services
10,205 visits/mo
0.3 miles
Starbucks
Dining
10,099 visits/mo
0.4 miles
Chevron
Shops & Services
6,415 visits/mo
0.4 miles
Demographics for 98597, WA
27,233
Population
10,108
Households
2.7
Avg Household Size
35
Median Age
23%
College-Educated
91%
High-School Grad
111.0 sq mi
ZIP Area
245
Density / Sq Mi
$92,120
Median Household Income
$50,829
Median Earnings
$1,441
Median Rent
$423,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - NN leased Tractor Supply Co. in Yelm, Washington.
Where is this retail space located?
The property is located at 10616 Bald Hill Rd SE Yelm, WA.
What is the asking price?
The asking price for this property is $9,637,000.
What are key features of this property?
This property features: NN Lease with Limited Landlord Responsibilities: Ideal for passive income.; 15‑Year Lease with Tractor Supply Co. (Nasdaq: TSCO): Demonstrates long‑term commitment.; Scheduled 5% Rental Increases: Provides steadily growing NOI.
