Former Retail Space on
22201 Meridian Ave E Graham, WA 98338
22201 Meridian Ave E, Graham, WA, 98338
$3,500,000
For Sale
$3,500,000
High-traffic location, former Rite Aid available for sale.
Property Size17,471 SF
Price / SF$200.33
Days on Market986
Property Features for 22201 Meridian Ave E
General Information
- Standard status
- Active
- Size
- 17,471 SF
Building Details
- Year Built
- 2009
Listing agency
KIDDER MATHEWS
(253) 722-1418
Listed by
BRIAN ENGELKING · License #24581
Source
Corcoran
Added: Nov 8, 2023 Updated: Mar 16 at 9:09AM Checked: Mar 16 at 9:09AM
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 KIDDER MATHEWS
Investment Insights
Based on property information with market context.
This is a former Rite Aid retail property situated at the intersection of 224th and Meridian. The property has a size of 17471 square feet and is located in Graham, WA.
Key Highlights
- High traffic intersection location
- Former Rite Aid
- Built in 2009
Local Financial Insights For Specialty 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 | $251.6k | $14.40 |
| − Vacancy | −$18.6k | −$1.07 |
| EGI | $233.0k | $13.33 |
| − OpEx | −$58.2k | −$3.33 |
| NOI | $174.7k | $10.00 |
17,471 SF · lease $14.40/SF/yr · vacancy 7.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.50M
$2.18M – $2.91M
NOI $174,724 @ 7.0% cap · market cap 4.99%
Second Best
Retail
$2.16M
$1.89M – $2.52M
NOI $151,453 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$4.72M
$4.13M – $5.51M
NOI $330,311 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Drug stores
Similar For Sale Nearby
Similar Off Market Nearby
- James K. Kao, RPh — 22201 Meridian Ave E, Graham, WA 98338
- COVID-19 Drive-Thru Testing at Walgreens — 22320 meridian ave e, graham, wa 983388427
- Michael Howard — 22320 Meridian E, Graham, WA 983388427
- Rite Aid Pharmacy — 22201 Meridian Ave E, Graham, WA 98338
- Walgreens Pharmacy — 22320 Meridian E, Graham, WA 98338
FAQs
What type of property is this?
Drug store - High-traffic location, former Rite Aid available for sale.
Where is this drug store located?
The property is located at 22201 Meridian Ave E Graham, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High traffic intersection location; Former Rite Aid; Built in 2009
