Quick Lube Absolute NNN
1430 Cornwall Ave Bellingham, WA 98225
1430 Cornwall Ave, Bellingham, WA, 98225
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For Sale
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Jiffy Lube quick lube facility on an absolute net lease with zero landlord responsibilities since 2004.
Property Size3,840 SF
Price / SF$316.41
Days on Market94
Property Features for 1430 Cornwall Ave
General Information
- Standard status
- Active
- Size
- 3,840 SF
- Property subtype
- RETAIL
Listing agency
Marcus & Millichap, Inc.
(206) 826-5787
Listed by
Clayton Brown · License #(S):WA:123258,ID:SP56979
Source
Moodyscre
Added: Apr 21 Updated: Jul 23 at 3:12AM Checked: Jul 23 at 3:12AM
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 Marcus & Millichap, Inc.
Investment Insights
Based on property information with market context.
This Jiffy Lube quick lube facility was originally built in 1965 and has operated successfully as a Jiffy Lube for more than 20 years. The property is secured by an absolute net lease with zero landlord responsibilities, in place since 2004, and includes more than 6 years remaining on a 10-year lease extension signed in 2022. The lease calls for rare 3% annual rent increases, and the current rent is listed at $16.88/SF NNN.
The property is operated by Team Car Care, the largest Jiffy Lube franchisee in the U.S., with 500+ locations nationwide, and Team Car Care acquired operations in 2022. Located on a signalized hard corner at 1430 Cornwall Ave, the site provides prominent signage and easy ingress and egress from both streets. The frontage is reported at 10,600+ VPD.
The investment is being marketed for sale by Brown Retail Group of Marcus & Millichap. The remarks note the location is #1 ranked among Jiffy Lube locations in Bellingham, and in the top 16% nationally, per Placer.ai.
The property is operated by Team Car Care, the largest Jiffy Lube franchisee in the U.S., with 500+ locations nationwide, and Team Car Care acquired operations in 2022. Located on a signalized hard corner at 1430 Cornwall Ave, the site provides prominent signage and easy ingress and egress from both streets. The frontage is reported at 10,600+ VPD.
The investment is being marketed for sale by Brown Retail Group of Marcus & Millichap. The remarks note the location is #1 ranked among Jiffy Lube locations in Bellingham, and in the top 16% nationally, per Placer.ai.
Key Highlights
- Absolute net lease with zero landlord responsibilities since 2004
- 10‑year lease extension signed in 2022 with more than 6 years remaining and rare 3% annual rent increases
- Current rent is $16.88/SF NNN; positioned below the $30+ NNN market rate mentioned for quick lube properties
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.1k | $18.00 |
| − Vacancy | −$3.7k | −$0.95 |
| EGI | $65.5k | $17.05 |
| − OpEx | −$19.6k | −$5.11 |
| NOI | $45.8k | $11.93 |
3,840 SF · lease $18.00/SF/yr · vacancy 5.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$654.6K
$572.8K – $763.7K
NOI $45,820 @ 7.0% cap · market cap 3.77%
Second Best
Industrial
$338.8K
$296.5K – $395.3K
NOI $23,718 @ 7.0% cap · market cap 1.95%
Theoretical Best
Office A
$905.9K
$792.7K – $1.06M
NOI $63,412 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Jiffy Lube
Auto Repair Shop
Similar For Sale Nearby
Similar Off Market Nearby
- Baker Window Films — 1229 Cornwall Ave Unit 201, Bellingham, WA 98225
- Performance Lab — 708 E Holly St, Bellingham, WA 98225
- Chuck's Midtown Motors Automotive Repair Inc. — 1058 N State St, Bellingham, WA 98225
- Green Truck Capital — 921 Cornwall Ave, Bellingham, WA 98225
- Skookum Sail Repair LLC — 1101 n state st ste 107, bellingham, wa 98225
FAQs
What type of property is this?
Auto shop - Jiffy Lube quick lube facility on an absolute net lease with zero landlord responsibilities since 2004.
Where is this auto shop located?
The property is located at 1430 Cornwall Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $1,215,000.
What are key features of this property?
This property features: Absolute net lease with zero landlord responsibilities since 2004; 10‑year lease extension signed in 2022 with more than 6 years remaining and rare 3% annual rent increases; Current rent is $16.88/SF NNN; positioned below the $30+ NNN market rate mentioned for quick lube properties
