Single-Tenant NNN Retail
For Sale
$4,750,000
9004 Vernon, Lake Stevens, WA 98258
Single-tenant NNN retail property leased to Petco with a newly executed 10-year lease extension and scheduled rent increases.
Property Size11,550 SF
Price / SF$411.26
Days on Market274
Property Features for 9004 Vernon
General Information
Standard status
Active
Size
11,550 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2015
Tenancy
Single
Listing Agency:
Kidder Mathews
Listed By:
Kevin G. Verger
(360) 568-3105
Source:
Century21northhomes
Added: Nov 25, 2025
Changed: Aug 25
Last Checked: Aug 25 at 9:36AM
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
Investment Insights
Based on property information with market context.
This single-tenant NNN retail property is leased directly to Petco Animal Supplies Stores, Inc. and totals 11,550 square feet. The asset features a newly executed 10-year lease extension and includes scheduled rent increases every five years, providing predictable income growth with minimal landlord expense exposure.
The property is located in Lake Stevens, Washington, positioned along State Route 204, the primary east-west arterial connecting Lake Stevens to Everett and the I-5 corridor. It also has close proximity to State Route 9. The surrounding retail mix includes national retailers such as Safeway, Target, and Ace Hardware.
The property is located in Lake Stevens, Washington, positioned along State Route 204, the primary east-west arterial connecting Lake Stevens to Everett and the I-5 corridor. It also has close proximity to State Route 9. The surrounding retail mix includes national retailers such as Safeway, Target, and Ace Hardware.
Key Highlights
- 11,550 SF single‑tenant NNN retail property leased to Petco Animal Supplies Stores, Inc.
- Newly executed 10‑year lease extension with the corporate operating entity operating over 1,500 locations nationwide.
- Scheduled rent increases every 5 years for predictable income growth.
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
3.43%
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 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,477 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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?
NNN property - Single-tenant NNN retail property leased to Petco with a newly executed 10-year lease extension and scheduled rent increases.
Where is this nnn property located?
The property is located at 9004 Vernon Lake Stevens, WA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: 11,550 SF single‑tenant NNN retail property leased to Petco Animal Supplies Stores, Inc.; Newly executed 10‑year lease extension with the corporate operating entity operating over 1,500 locations nationwide.; Scheduled rent increases every 5 years for predictable income growth.
