Walgreens Drugstore with NNN
For Sale
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1416 Harvey Rd, Auburn, WA 98002
Masonry retail building occupied by Walgreens under a long-term net lease.
Property Size14,560 SF
Lot Size1.82 Acres
Price / SF$338.60
Days on Market267
Property Features for 1416 Harvey Rd
General Information
Standard status
Active
Size
14,560 SF
Lot size
1.82 Acres
Property subtype
RETAIL
Zoning
C-3
Building Details
Year Built
2006
Buildings
1
Construction
masonry
Tenancy
Single
Listing Agency:
Colliers International WA, LLC
(425) 453-4545
Listed By:
Ryan Olson · License #WA 19573
(425) 586-5646
Source:
Moodyscre
Added: Jan 21
Changed: Oct 11
Last Checked: Oct 14 at 10:33PM
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 Colliers International WA, LLC
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Investment Insights
Based on property information with market context.
Built in 2006, the property is a 14,560-square-foot drugstore on a 79,404-square-foot lot. The building features masonry construction with a brick exterior and operates as a Walgreens location.
The property is situated at 1416 Harvey Rd in Auburn, WA, and carries C-3 Retail zoning that is compliant with the existing use. The lease has 56 years remaining on its 75-year term, with Walgreens indicating an intention to remain for the long term. The NNN structure also includes percentage-rent provisions tied to sales and food and prescription revenue.
The property is situated at 1416 Harvey Rd in Auburn, WA, and carries C-3 Retail zoning that is compliant with the existing use. The lease has 56 years remaining on its 75-year term, with Walgreens indicating an intention to remain for the long term. The NNN structure also includes percentage-rent provisions tied to sales and food and prescription revenue.
Key Highlights
- 14,560 SF drugstore building on a 79,404 SF lot
- Walgreens occupies the property under a NNN lease
- 56 years remaining on a 75‑year lease term
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$311,220
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,224,400
$6.2M
Cap Rate 7%
$4,446,000
$4.4M
Cap Rate 9%
$3,458,000
$3.5M
Market Conditions
NOI Build-Up for 14,560 SF
Gross rent
$436.8K $30.00/SF
− Vacancy
−$21.8K −$1.50/SF
EGI
$415.0K $28.50/SF
− OpEx
−$103.7K −$7.13/SF
NOI
$311.2K $21.38/SF
Area
King County, WA
Vacancy
5.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,224,400
Cap Rate 7%
$4,446,000
Cap Rate 9%
$3,458,000
Alternative Uses
Best Use
Specialty Retail
$4.45M
$3.89M – $5.19M
NOI $311,220 @ 7.0% cap · market cap 6.31%
Second Best
Retail
$3.72M
$3.26M – $4.34M
NOI $260,459 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$5.83M
$5.10M – $6.80M
NOI $408,216 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
279k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 37%
Home Improvements & Furnishings 13%
Office Supplies 2%
Lowe's
Home Improvements & Furnishings
34,677 visits/mo
0.4 miles
McDonald's
Dining
27,679 visits/mo
0.2 miles
Dollar Tree
Shops & Services
21,665 visits/mo
0.2 miles
Fred Meyer Gas Station
Shops & Services
20,588 visits/mo
0.4 miles
Starbucks
Dining
17,618 visits/mo
0.1 miles
Demographics for 98002, WA
38,474
Population
15,279
Households
2.5
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
7.2 sq mi
ZIP Area
5,344
Density / Sq Mi
$77,714
Median Household Income
$44,616
Median Earnings
$1,613
Median Rent
$397,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Fred Meyer Pharmacy — 801 Auburn Way N, Auburn, WA 98002
- Stella's Skincare & Beauty — 820 Harvey Rd STE A, Auburn, WA 98002
- Barbara J. Philpot, RPH — 1231 Auburn Way N, Auburn, WA 98002
- Rite Aid Pharmacy — 1231 Auburn Way N, Auburn, WA 98002
- HealthPoint Auburn North — 923 Auburn Way N, Auburn, WA 98002
Frequently Asked Questions
What type of property is this?
Drug store - Masonry retail building occupied by Walgreens under a long-term net lease.
Where is this drug store located?
The property is located at 1416 Harvey Rd Auburn, WA.
What is the asking price?
The asking price for this property is $4,930,000.
What are key features of this property?
This property features: 14,560 SF drugstore building on a 79,404 SF lot; Walgreens occupies the property under a NNN lease; 56 years remaining on a 75‑year lease term
