Building Details

Buildings 1

Tenancy Single

Listing Agency: Newmark Show Phone

Listed By: Billy Sleeth · License #88059 Show Phone

Source: Moodyscre

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 1:57PM

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Investment Insights

Based on property information with market context.

The 14,820-square-foot Walgreens drugstore occupies a 1.29-acre site in Tumwater. It is leased on a corporate-guaranteed, absolute NNN basis, with no landlord responsibilities and no termination option until 2036.

The property is at the I-5 and Trosper Road interchange, within Tumwater’s primary retail corridor. Nearby retailers include Costco, Home Depot, Walmart, Fred Meyer, and Albertsons.

Key Highlights

• 14,820‑square‑foot Walgreens drugstore on 1.29 acres
• Corporate‑guaranteed absolute NNN lease with no landlord responsibilities
• No lease termination option until 2036

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$178,889

Cap Rate

3.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,577,780 $3.6M

Cap Rate 7%

$2,555,557 $2.6M

Cap Rate 9%

$1,987,656 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,820 SF

Gross rent

$266.8K $18.00/SF

− Vacancy

−$11.2K −$0.76/SF

EGI

$255.6K $17.24/SF

− OpEx

−$76.7K −$5.17/SF

NOI

$178.9K $12.07/SF

Area

Thurston County, WA

Vacancy

4.20%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,577,780

Cap Rate 7%

$2,555,557

Cap Rate 9%

$1,987,656

Alternative Uses

Best Use

Retail

$2.56M

$2.24M – $2.98M (±1% cap)

NOI $178,889 @ 7.0% cap · market cap 3.01%

Second Best

Specialty Retail

$2.30M

$2.01M – $2.68M (±1% cap)

NOI $161,000 @ 7.0% cap · market cap 2.71%

Theoretical Best

Office A

$4.34M

$3.80M – $5.06M (±1% cap)

NOI $303,751 @ 7.0% cap · market cap 5.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Drug stores

Suggested Use

Top Pick Big Box & Wholesale Store Real Estate Agency Building Supply Parking Lot & Garage Electrical Service Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

832

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 98512, WA

31,422

Population

13,216

Households

2.4

Avg Household Size

41

Median Age

37%

College-Educated

95%

High-School Grad

138.7 sq mi

ZIP Area

227

Density / Sq Mi

$93,738

Median Household Income

$56,673

Median Earnings

$1,655

Median Rent

$438,800

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Similar Off Market Nearby

• Walmart Pharmacy — 5900 Littlerock Rd SW, Tumwater, WA 98512
• Costco Pharmacy — 5500 Littlerock Rd SW, Tumwater, WA 98512
• Richard A. Vertz, Pharm — 5500 Littlerock Rd SW, Tumwater, WA 98512
• Sav-On Pharmacy — 705 Trosper Rd SW, Tumwater, WA 98512
• Timothy Maynard — 705 Trosper Rd SW, Tumwater, WA 985126933

Frequently Asked Questions

What type of property is this?

Drug store - An absolute NNN lease assigns property responsibilities to the tenant and has no termination option before 2036.

Where is this drug store located?

The property is located at 702 Trosper Rd SW Tumwater, WA.

What is the asking price?

The asking price for this property is $5,950,000.

What are key features of this property?

This property features: 14,820‑square‑foot Walgreens drugstore on 1.29 acres; Corporate‑guaranteed absolute NNN lease with no landlord responsibilities; No lease termination option until 2036