Enumclaw Retail Investment
For Sale
Contact for pricing
911 Griffin Ave, Enumclaw, WA 98022
NN leased Tractor Supply Co. investment property for sale.
Property Size22,016 SF
Price / SF$411.34
Days on Market195
Property Features for 911 Griffin Ave
General Information
Standard status
Active
Size
22,016 SF
Total Parking Spaces
58
Property subtype
Retail
Zoning
Highway and Community Business
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$534,308
Building Details
Year Built
2015
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
Listed By:
Calvin Short · License #01927216
Source:
Crexi
Added: Jan 29
Changed: Aug 9
Last Checked: Aug 11 at 6:36AM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire a fee simple interest in a NN leased Tractor Supply Co. investment property in Enumclaw, Washington. The corporate entity recently signed a 15-year lease with options to extend at the close of escrow. The lease includes 5% scheduled rental increases throughout the initial term and at the beginning of each option period. The lease is NN with limited landlord responsibilities. Tractor Supply Company has more than 2,400 locations across the U.S. and maintains strong financial performance with a national average unit volume of approximately $6.5MM. The property is located near the signalized, hard-corner intersection of Griffin Avenue and 1st Street, with a combined average of over 29,000 vehicles passing by daily. Griffin Avenue serves as Enumclaw’s primary commercial thoroughfare and is home to a dense concentration of national/credit tenants including Safeway, Grocery Outlet, Walgreens, Verizon, Starbucks, Taco Bell, Dollar Tree, O’Reilly Auto Parts, Les Schwab, AutoZone, and McDonald’s. The 15-mile trade area is supported by strong residential growth, solid household incomes, and a diverse employment base. Residents within 5 miles of the subject property benefit from convenient access to the city’s primary retail corridor and daily-needs destinations. The property size is 22,016 square feet.
Key Highlights
- NN Lease with Limited Landlord Responsibilities: Ideal for passive investors.
- Long‑Term 15‑Year Lease with Options: Provides stable income.
- Scheduled Rental Increases: 5% increases throughout the term.
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
$393,836
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
4.35%
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%
$7,876,720
$7.9M
Cap Rate 7%
$5,626,229
$5.6M
Cap Rate 9%
$4,375,956
$4.4M
Market Conditions
NOI Build-Up for 22,016 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
$581.2K $26.40/SF
− Vacancy
−$18.6K −$0.84/SF
EGI
$562.6K $25.56/SF
− OpEx
−$168.8K −$7.67/SF
NOI
$393.8K $17.89/SF
Area
King County, WA
Vacancy
3.20%
Lease Rate
$26.40 /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%
$7,876,720
Cap Rate 7%
$5,626,229
Cap Rate 9%
$4,375,956
Alternative Uses
Best Use
Retail
$5.63M
$4.92M – $6.56M
NOI $393,836 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.82M
$7.72M – $10.29M
NOI $617,258 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 98022, WA
22,874
Population
9,828
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
726.5 sq mi
ZIP Area
31
Density / Sq Mi
$116,613
Median Household Income
$59,360
Median Earnings
$1,626
Median Rent
$577,200
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 - NN leased Tractor Supply Co. investment property for sale.
Where is this retail space located?
The property is located at 911 Griffin Ave Enumclaw, WA.
What is the asking price?
The asking price for this property is $9,056,000.
What are key features of this property?
This property features: NN Lease with Limited Landlord Responsibilities: Ideal for passive investors.; Long‑Term 15‑Year Lease with Options: Provides stable income.; Scheduled Rental Increases: 5% increases throughout the term.
