Absolute NNN Walgreens
New
For Sale
$3,960,000
404 State Avenue, Marysville, WA 98270
Absolute NNN leased Walgreens with about eight years remaining and 11 (5-year) options, including 10% increases on every other option period.
Property Size17,780 SF
Price / SF$222.72
Days on Market2
Property Features for 404 State Avenue
General Information
Standard status
Active
Size
17,780 SF
Property subtype
Retail
Building Details
Building Size
17,780 SF
Year Built
1963
Listing Agency:
SRS Industrial - Newport Beach
(714) 404-8849
Listed By:
Matthew Mousavi · License #CA 01732226
(714) 404-8849
Source:
Srsre
Added: Jul 29
Changed: Jul 30
Last Checked: Jul 30 at 7:49AM
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 SRS Industrial - Newport Beach
Investment Insights
Based on property information with market context.
SRS National Net Lease is pleased to offer the fee simple interest in an absolute NNN leased Walgreens property at 404 State Avenue in Marysville, Washington (Seattle MSA). The site includes a single-tenant Walgreens lease with approximately 8 years remaining and 11 (5-year) options to extend. Lease terms include 10% rental increases at the beginning of every other option period. The property is an absolute NNN structure with tenant responsibility for CAM, taxes, and insurance, and the landlord has no ongoing responsibilities.
The Walgreens is situated at a signalized hard corner intersection of State Avenue and Highway 528, supporting reported traffic volumes of more than 40,000 vehicles per day. Additional access is described to Interstate 5 (144,300 VPD), Highway 9 (21,900 VPD), and 88th Street Northeast (23,600 VPD). The asset is positioned adjacent to Marysville Town Center, a 172,000 SF community center anchored by Safeway Burlington, Petco, Staples, Daiso, and The Fitness Compound.
The property was built in 1963 and totals 17,780 SF. Walgreens developed and constructed an adjacent Jimmy John’s outparcel, currently operated under a Walgreens sublease; upon expiration of the Walgreens lease, ownership and control of the Jimmy John’s improvements will revert to the buyer.
The Walgreens is situated at a signalized hard corner intersection of State Avenue and Highway 528, supporting reported traffic volumes of more than 40,000 vehicles per day. Additional access is described to Interstate 5 (144,300 VPD), Highway 9 (21,900 VPD), and 88th Street Northeast (23,600 VPD). The asset is positioned adjacent to Marysville Town Center, a 172,000 SF community center anchored by Safeway Burlington, Petco, Staples, Daiso, and The Fitness Compound.
The property was built in 1963 and totals 17,780 SF. Walgreens developed and constructed an adjacent Jimmy John’s outparcel, currently operated under a Walgreens sublease; upon expiration of the Walgreens lease, ownership and control of the Jimmy John’s improvements will revert to the buyer.
Key Highlights
- Absolute NNN structure with tenant responsibility for CAM, taxes, and insurance and no landlord responsibilities
- Walgreens lease has approximately 8 years remaining with 11 (5‑year) options to extend
- Lease includes 10% rental increases at the beginning of every other option period
Financial Insights For 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 | $384.0k | $21.60 |
| − Vacancy | −$26.1k | −$1.47 |
| EGI | $357.9k | $20.13 |
| − OpEx | −$107.4k | −$6.04 |
| NOI | $250.6k | $14.09 |
17,780 SF · lease $21.60/SF/yr · vacancy 6.80% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.58M
$3.13M – $4.18M
NOI $250,553 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.96M
$4.34M – $5.78M
NOI $347,097 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
357k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 25%
Groceries 11%
Apparel 8%
McDonald's
Dining
48,234 visits/mo
0.4 miles
Albertsons
Groceries
38,600 visits/mo
0.2 miles
Burger King
Dining
23,050 visits/mo
0.1 miles
Staples
Office Supplies
21,048 visits/mo
0.2 miles
Wendy's
Dining
20,105 visits/mo
0.4 miles
Demographics for 98270, WA
51,969
Population
19,840
Households
2.6
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
14.3 sq mi
ZIP Area
3,634
Density / Sq Mi
$102,258
Median Household Income
$50,619
Median Earnings
$1,845
Median Rent
$540,000
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.
Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN leased Walgreens with about eight years remaining and 11 (5-year) options, including 10% increases on every other option period.
Where is this nnn property located?
The property is located at 404 State Avenue Marysville, WA.
What is the asking price?
The asking price for this property is $3,960,000.
What are key features of this property?
This property features: Absolute NNN structure with tenant responsibility for CAM, taxes, and insurance and no landlord responsibilities; Walgreens lease has approximately 8 years remaining with 11 (5‑year) options to extend; Lease includes 10% rental increases at the beginning of every other option period
