NNN Leased Petco in
For Sale
Contact for pricing
9004 Vernon Rd, Lake Stevens, WA 98258
Single-tenant Petco in Lake Stevens with 10-year lease extension.
Property Size11,550 SF
Price / SF$379.22
Days on Market173
Property Features for 9004 Vernon Rd
General Information
Standard status
Active
Size
11,550 SF
Class
A
Property subtype
Retail
Zoning
PCB
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$284,708
Building Details
Year Built
2015
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Kidder Mathews Bellevue
(360) 705-2800
Listed By:
Kevin Verger · License #WA 26206
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 11 at 12:23PM
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 Kidder Mathews Bellevue
Investment Insights
Based on property information with market context.
This single-tenant, NNN-leased property is located in Lake Stevens, Washington, and is occupied by Petco. The property has a newly executed 10-year lease extension. The 11,550-square-foot property is leased to Petco Animal Supplies Stores, Inc., a corporate operating entity with over 1,500 locations nationwide. The lease includes scheduled rent increases every five years. The property is strategically positioned within a high-barrier-to-entry retail corridor, offering visibility and access along State Route 204, the primary east-west arterial connecting Lake Stevens to Everett and the I-5 corridor. It is also in close proximity to State Route 9, the area’s dominant north-south highway. The site is surrounded by national retailers, including Safeway, Target, and Ace Hardware. The property benefits from strong demographics, historically low retail vacancy, and the continued growth of the Snohomish County economy, supported by major employers such as Boeing and the U.S. Navy.
Key Highlights
- NNN Lease to Petco Animal Supplies Stores, Inc. (Corporate Operating Entity with 1,500+ Locations Nationwide)
- Newly Executed 10‑Year Lease Extension
- Scheduled Rent Increases Every 5 Years
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$162,761
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,255,220
$3.3M
Cap Rate 7%
$2,325,157
$2.3M
Cap Rate 9%
$1,808,456
$1.8M
Market Conditions
NOI Build-Up for 11,550 SF
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.
Gross rent
$249.5K $21.60/SF
− Vacancy
−$17.0K −$1.47/SF
EGI
$232.5K $20.13/SF
− OpEx
−$69.8K −$6.04/SF
NOI
$162.8K $14.09/SF
Area
Snohomish County, WA
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,255,220
Cap Rate 7%
$2,325,157
Cap Rate 9%
$1,808,456
Alternative Uses
Best Use
Retail
$2.33M
$2.03M – $2.71M
NOI $162,761 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,477 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
59k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 40%
Safeway Gas
Shops & Services
25,056 visits/mo
0.3 miles
Wendy's
Dining
17,754 visits/mo
0.2 miles
IHOP
Dining
5,925 visits/mo
0.2 miles
Les Schwab Tire Center
Shops & Services
4,207 visits/mo
0.3 miles
Bank of America
Shops & Services
3,109 visits/mo
0.2 miles
Demographics for 98258, WA
51,995
Population
18,397
Households
2.8
Avg Household Size
36
Median Age
32%
College-Educated
94%
High-School Grad
37.1 sq mi
ZIP Area
1,401
Density / Sq Mi
$120,571
Median Household Income
$63,208
Median Earnings
$2,187
Median Rent
$606,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant Petco in Lake Stevens with 10-year lease extension.
Where is this retail space located?
The property is located at 9004 Vernon Rd Lake Stevens, WA.
What is the asking price?
The asking price for this property is $4,380,000.
What are key features of this property?
This property features: NNN Lease to Petco Animal Supplies Stores, Inc. (Corporate Operating Entity with 1,500+ Locations Nationwide); Newly Executed 10‑Year Lease Extension; Scheduled Rent Increases Every 5 Years
