Fully Leased Retail Strip
3904 4th St, Renton, WA 98056
For Sale
$3,150,000
Pending
Multi-tenant retail strip center in Renton, Washington.
Property Size7,041 SF
Days on Market461
Property Features for 3904 4th St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
CLAYTON BROWN · License #WA:123258,ID:SP56979
(206) 826-5787
Source:
Corcoran
Added: Aug 5, 2025
Changed: Aug 8
Last Checked: Apr 13 at 5:02PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The opportunity includes a fully leased, multi-tenant retail strip center located along NE 4th Street in Renton, Washington. The property size is 7041 square feet. All 5 tenants operate under NNN lease structures, which limits landlord obligations and offers a hedge against inflation through scheduled annual increases. The property benefits from excellent signage and visibility, with over 30,500 vehicles per day. The property has a strong historical occupancy, with the average length of occupancy being 17 years and no tenant having occupied the property for less than 10 years. Staggered lease expirations create near-term potential to unlock additional value, with average in-place rents currently 24.8% below market.
Key Highlights
- Fully leased multi‑tenant retail strip center.
- NNN lease structures limit landlord obligations and hedge against inflation.
- Strong historical occupancy with an average tenant length of 17 years.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$117,372
Cap Rate
3.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,347,440
$2.3M
Cap Rate 7%
$1,676,743
$1.7M
Cap Rate 9%
$1,304,133
$1.3M
Market Conditions
NOI Build-Up for 7,041 SF
Gross rent
$177.4K $25.20/SF
− Vacancy
−$9.8K −$1.39/SF
EGI
$167.7K $23.81/SF
− OpEx
−$50.3K −$7.14/SF
NOI
$117.4K $16.67/SF
Area
Renton, WA
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,347,440
Cap Rate 7%
$1,676,743
Cap Rate 9%
$1,304,133
Alternative Uses
Best Use
Retail
$1.68M
$1.47M – $1.96M
NOI $117,372 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.01M – $2.68M
NOI $160,585 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Explore this area
Business Placement
Demographics for 98056, WA
36,344
Population
15,609
Households
2.3
Avg Household Size
38
Median Age
44%
College-Educated
88%
High-School Grad
7.6 sq mi
ZIP Area
4,782
Density / Sq Mi
$108,596
Median Household Income
$59,170
Median Earnings
$1,992
Median Rent
$726,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Strip mall - Multi-tenant retail strip center in Renton, Washington.
Where is this strip mall located?
The property is located at 3904 4th St Renton, WA.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: Fully leased multi‑tenant retail strip center.; NNN lease structures limit landlord obligations and hedge against inflation.; Strong historical occupancy with an average tenant length of 17 years.
