Drive-Thru Walgreens
For Sale
Contact for pricing
2205-2227 Broadway, Everett, WA 98201
Corporate-guaranteed net Walgreens on a signalized corner with four ingress/egress points and drive-thru service.
Property Size13,896 SF
Price / SF$363.41
Days on Market131
Property Features for 2205-2227 Broadway
General Information
Standard status
Active
Size
13,896 SF
Property subtype
RETAIL
Additional Details
Road Access
Yes
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5700
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
(206) 826-5787
Source:
Moodyscre
Added: May 4
Changed: Aug 13
Last Checked: Sep 11 at 7:51AM
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.
A corporate-guaranteed absolute net Walgreens for sale in Everett, Washington. The property is a drug store retail location with a drive-thru and sits on a signalized hard corner offering four ingress/egress points for convenient customer access. Reported historical store sales are north of $3,000,000 per year, and the site has seen sales and prescription increases following the recent closing of a Bartell Drugs (Rite Aid) location approximately 0.3 miles to the north.
The property is located in close proximity to major employment and regional draw areas, with an approximately 10-minute drive to Paine Field and less than 5 minutes to The Commons Naval Station Everett, home to Carrier Strike Group 11. The broader market includes growth since 2010, with a reported increase of over 18% in the surrounding area since 2010 and a population base within 5 miles exceeding 121,000 residents.
The property is located in close proximity to major employment and regional draw areas, with an approximately 10-minute drive to Paine Field and less than 5 minutes to The Commons Naval Station Everett, home to Carrier Strike Group 11. The broader market includes growth since 2010, with a reported increase of over 18% in the surrounding area since 2010 and a population base within 5 miles exceeding 121,000 residents.
Key Highlights
- Corporate‑guaranteed absolute net Walgreens in Everett, WA with drive‑thru service
- Signalized hard‑corner location with four ingress/egress points
- Assumable loan at roughly 85% LTV, fixed interest‑only until March 2029 at 5.19%
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
$228,117
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
4.52%
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%
$4,562,340
$4.6M
Cap Rate 7%
$3,258,814
$3.3M
Cap Rate 9%
$2,534,633
$2.5M
Market Conditions
NOI Build-Up for 13,896 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
$316.8K $22.80/SF
− Vacancy
−$12.7K −$0.91/SF
EGI
$304.2K $21.89/SF
− OpEx
−$76.0K −$5.47/SF
NOI
$228.1K $16.42/SF
Area
Everett, WA
Vacancy
4.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$4,562,340
Cap Rate 7%
$3,258,814
Cap Rate 9%
$2,534,633
Alternative Uses
Best Use
Specialty Retail
$3.26M
$2.85M – $3.80M
NOI $228,117 @ 7.0% cap · market cap 4.52%
Second Best
Retail
$2.87M
$2.51M – $3.34M
NOI $200,653 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$4.60M
$4.02M – $5.37M
NOI $321,978 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,569
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98201, WA
30,421
Population
15,196
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
91%
High-School Grad
18.8 sq mi
ZIP Area
1,618
Density / Sq Mi
$73,822
Median Household Income
$48,830
Median Earnings
$1,443
Median Rent
$476,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Corporate-guaranteed net Walgreens on a signalized corner with four ingress/egress points and drive-thru service.
Where is this drug store located?
The property is located at 2205-2227 Broadway Everett, WA.
What is the asking price?
The asking price for this property is $5,050,000.
What are key features of this property?
This property features: Corporate‑guaranteed absolute net Walgreens in Everett, WA with drive‑thru service; Signalized hard‑corner location with four ingress/egress points; Assumable loan at roughly 85% LTV, fixed interest‑only until March 2029 at 5.19%
