Overview
This exceptional Class A retail investment opportunity presents a 46,488 square foot storefront in East Wenatchee, WA, currently occupied by Academy Sports + Outdoors, Dick's Sporting Goods, and Sportsman's Warehouse under a triple-net (NNN) lease with a corporate guarantee. The property boasts a 7.00% cap rate and a strong NOI of $209,196, with a lease expiration date of March 31, 2033, providing a remaining lease term of 8.1 years. The lease includes a favorable 5% rent increase every five years, ensuring consistent income growth. Situated on a 2.29-acre lot, this strategically located property benefits from high visibility due to significant street frontage, a large pylon sign, and multiple points of ingress/egress, just off State Hwy-28 (35,000+ vehicles per day). The property is part of the Wenatchee Valley Mall, the largest mall in Wenatchee, attracting over 2.3 million visitors annually, and is anchored by major retailers such as Marshalls, Ross Dress for Less, Macy's, and more. The location enjoys strong tenant synergy with nearby national retailers including Costco, Safeway, Fred Meyer, and others, further enhancing its appeal. This Sportsman's Warehouse location is a top performer within its chain, and its distance from the nearest competitor (50+ miles) ensures a significant market share. Built in 2000, the property is priced below replacement cost at $64 per square foot, representing a compelling investment opportunity in a growing market. East Wenatchee's population has grown by 23% since 2000, and the average household income exceeds $90,000. The extremely low trade area vacancy rate (under 2%) underscores the strength of this location. The property's proximity to Confluence Health Hospital, a 206-bed facility, further adds to its desirability.
