Walgreens NNN Investment
28817 Military Rd S, Federal Way, WA 98003
NNN Walgreens in Federal Way with strong traffic and demographics.
Type:Retail
Property size:
14,238 SFPrice / SF:
$300/SF- Added:
- Feb 18, 2026
- Days on Market:
- 83
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 28817 Military Rd S
General Information
- Standard status
- Active
- Size
- 14,238 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2004
Listing agent Trevor Lane License #24007779
Listing office Marcus & Millichap - Seattle
Listing date Feb 18, 2026
Source Crexi
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 - Seattle
HighLights
- Absolute NNN lease with 5+ years remaining, corporately guaranteed by Walgreens Boots Alliance, Inc.
- Located in a high‑traffic area (33,000+ vehicles per day) at a signalized intersection with excellent visibility and access.
- Shadow‑anchored by a top 10% ranked Safeway and adjacent to Valley Harvest International Market, driving strong traffic.
- Walgreens has occupied the location since 2004 (21+ years).
- Robust demographics with 230,000 residents within five miles and average household incomes exceeding $100,000.
- Rent increases 13% in 2031 at the next lease renewal option, potentially boosting investor returns.
Overview
This property presents an investment opportunity with a Walgreens location in Federal Way, WA, within the Seattle-Tacoma MSA. The property has over 5 years remaining on an absolute NNN lease, with six, 5-year renewal options. The lease is corporately guaranteed by Walgreens Boots Alliance, Inc. Walgreens has occupied this location since 2004, benefiting from a lack of pharmacy competition within 2 miles. The property is shadow anchored by a top 10% ranked Safeway grocery store with over 910,000 annual visits and is adjacent to Valley Harvest International Market, which has 500,000 annual visits, contributing to traffic flow. Situated at the signalized intersection of Military Road S and S 288th Street, the location benefits from over 33,000 vehicles per day, with visibility and access. The area has approximately 230,000 residents within five miles and average household incomes exceeding $100,000. The property size is 14238 square feet. The rent increases 13% in 2031 in the next lease renewal option.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Drug stores
Similar Places Nearby
- Walgreens Pharmacy — 28817 Military Rd S, Federal Way, WA 98003
- Nutri Bella — 29500 Pacific Hwy S suite h, Federal Way, WA 98003
- COVID-19 Drive-Thru Testing at Walgreens — 28817 Military Rd S, Federal Way, WA 98003
- Byung Chung — 28817 Military Rd S, Federal Way, WA 980037912
- Sweety Makadia — 28817 Military Rd S, Federal Way, WA 980037912
Location Insight
- Map
- Local Demand
- City
- Federal Way
- County
- King
- State
- Washington
- Longitude
- -122.3021319
- Latitude
- 47.3429581
Nearby Similar for Sale
FAQs
What type of property is this?
Drug store - NNN Walgreens in Federal Way with strong traffic and demographics.
Where is this drug store located?
The property is located at 28817 Military Rd S Federal Way, WA.
What is the asking price?
The asking price for this property is $4,285,000.
What are key features of this property?
This property features: Absolute NNN lease with 5+ years remaining, corporately guaranteed by Walgreens Boots Alliance, Inc.; Located in a **high‑traffic area (33,000+ vehicles per day)** at a signalized intersection with excellent visibility and access.; Shadow‑anchored by a top 10% ranked Safeway and adjacent to Valley Harvest International Market, driving strong traffic.
