Quick Lube Absolute NNN
For Sale
Contact for pricing
1430 Cornwall Ave, Bellingham, WA 98225
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 Market140
Property Features for 1430 Cornwall Ave
General Information
Standard status
Active
Size
3,840 SF
Property subtype
RETAIL
Lease Type
NNN
Additional Details
Business Included
Yes
Traffic Count
10,600 vehicles/day
Building Details
Year Built
1965
Tenancy
Single
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5700
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
(206) 826-5787
Source:
Moodyscre
Added: Apr 21
Changed: Aug 17
Last 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
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
$45,820
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
3.77%
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%
$916,400
$916.4K
Cap Rate 7%
$654,571
$654.6K
Cap Rate 9%
$509,111
$509.1K
Market Conditions
NOI Build-Up for 3,840 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
$69.1K $18.00/SF
− Vacancy
−$3.7K −$0.95/SF
EGI
$65.5K $17.05/SF
− OpEx
−$19.6K −$5.11/SF
NOI
$45.8K $11.93/SF
Area
Whatcom County, WA
Vacancy
5.30%
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%
$916,400
Cap Rate 7%
$654,571
Cap Rate 9%
$509,111
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10,600 VPD
Traffic count
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,637
Businesses Nearby
66k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Groceries 20%
Dining 6%
Home Improvements & Furnishings 6%
Grocery Outlet Bargain Market
Groceries
13,469 visits/mo
0.3 miles
Dollar Tree
Shops & Services
10,253 visits/mo
0.2 miles
U.S. Bank
Shops & Services
6,011 visits/mo
0.2 miles
Chase Bank
Shops & Services
4,015 visits/mo
0.1 miles
Peoples Bank
Shops & Services
3,812 visits/mo
0.1 miles
Demographics for 98225, WA
49,078
Population
24,202
Households
2
Avg Household Size
31
Median Age
48%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
3,895
Density / Sq Mi
$62,220
Median Household Income
$33,122
Median Earnings
$1,430
Median Rent
$588,800
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?
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
