Denny's Absolute Net Leased
521 Auburn Way S Auburn, WA 98002
521 Auburn Way S, Auburn, WA, 98002
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For Sale
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Renovated Denny's with a brand-new 20-year absolute net lease and scheduled 10% rent escalations every five years.
Property Size5,700 SF
Price / SF$602.63
Days on Market108
Property Features for 521 Auburn Way S
General Information
- Standard status
- Active
- Size
- 5,700 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1977
Listing agency
Marcus & Millichap - Seattle
Listed by
Trevor Lane · License #24007779
Source
Crexi
Added: Apr 6 Updated: Jul 21 at 1:46PM Checked: Jul 21 at 1:46PM
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
Investment Insights
Based on property information with market context.
This Denny's has been extensively renovated in 2018 to modern prototype standards and is offered secured by a brand-new 20-year Absolute Net Lease to be executed at closing. The lease is described as providing zero landlord responsibilities, with 10% rent escalations every five years. The lease is also supported by a guarantee from Awashington, LLC, a franchisee with 15 Washington locations and $30M+ in annual sales. The restaurant is operated by The Keshap Group, a multi-brand franchisee with 25+ years of experience and multiple branded units. The property is sized at approximately 5,700 square feet.
Located just off Hwy-18 at a signalized hard corner of Auburn Way S and 6th St SE, the site benefits from the traffic described in the materials as 88,000+ VPD on Hwy-18 and 57,000+ VPD at the intersection. The remarks also cite strong area traffic drivers including nearby hotels, the Boeing Auburn plant, and the Outlet Collection, described as the largest outlet mall in the Pacific Northwest with 5.2 million annual visitors.
The materials further state the trade area serves approximately 195,000 residents within 5 miles, with average household incomes exceeding $105,000 in income tax-free Washington.
Located just off Hwy-18 at a signalized hard corner of Auburn Way S and 6th St SE, the site benefits from the traffic described in the materials as 88,000+ VPD on Hwy-18 and 57,000+ VPD at the intersection. The remarks also cite strong area traffic drivers including nearby hotels, the Boeing Auburn plant, and the Outlet Collection, described as the largest outlet mall in the Pacific Northwest with 5.2 million annual visitors.
The materials further state the trade area serves approximately 195,000 residents within 5 miles, with average household incomes exceeding $105,000 in income tax-free Washington.
Key Highlights
- Denny’s in Auburn, WA built in 1977, renovated in 2018 to modern Denny’s prototype standards
- Brand‑new 20‑year Absolute Net Lease to be executed at closing, with zero landlord responsibilities
- Lease includes 10% rent escalations every five years
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 | $171.0k | $30.00 |
| − Vacancy | −$8.6k | −$1.50 |
| EGI | $162.5k | $28.50 |
| − OpEx | −$40.6k | −$7.13 |
| NOI | $121.8k | $21.38 |
5,700 SF · lease $30.00/SF/yr · vacancy 5.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,838 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,810 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The Meltdown
Restaurant
The Burger Den
Restaurant
Denny's
Restaurant
Jennifer parks
Waste Management Facility
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FAQs
What type of property is this?
Conventional restaurant - Renovated Denny's with a brand-new 20-year absolute net lease and scheduled 10% rent escalations every five years.
Where is this conventional restaurant located?
The property is located at 521 Auburn Way S Auburn, WA.
What is the asking price?
The asking price for this property is $3,435,000.
What are key features of this property?
This property features: Denny’s in Auburn, WA built in 1977, renovated in 2018 to modern Denny’s prototype standards; Brand‑new 20‑year Absolute Net Lease to be executed at closing, with zero landlord responsibilities; Lease includes 10% rent escalations every five years
