615 Vly Mall Pkwy East Wenatchee, WA 98802-4837

Property Details for 615 Vly Mall Pkwy

Year built

2010

Construction

WOOD

Lot size

0.58 lot acres

Property size

7,115 SF

Zone code

2

Property type

Turn key restaurants

APN

3700002924

APU

3700002924

Description

This exceptional investment opportunity presents a 7,507 square-foot Olive Garden restaurant on a 0.41-acre lot in East Wenatchee, Washington. Built in 2010, the property is situated on an outparcel of the Wenatchee Valley Mall, benefiting from high traffic volume generated by anchor stores such as Macy's, Sportsman's Warehouse, and Ross. The property enjoys a prominent location along Valley Mall Parkway, a signalized intersection off State Route 285, a major thoroughfare with over 56,000 vehicles daily. The strong demographics of the area are highlighted by a population of over 75,000 within a five-mile radius, boasting a six-figure average household income of $108,307. The property is subject to a triple-net (NNN) ground lease with Olive Garden, a wholly-owned subsidiary of Darden Restaurants, one of the world's largest full-service restaurant companies. The current lease, commenced April 1, 2010, and recently extended, expires March 31, 2032, leaving 7.4 years remaining. Three five-year renewal options exist, each with a 10% rent increase. The asking price is $2,525,217, representing a 5.75% cap rate and a price per square foot of $336.38. The property's Net Operating Income (NOI) is $145,200, reflecting a 100% occupancy rate. Nearby retailers include Costco, Safeway, Grocery Outlet, Petco, Marshalls, Chase Bank, Fred Meyer, and Hobby Lobby, further enhancing the property's desirability and investment potential. This is a rare opportunity to acquire a well-established, high-performing asset in a thriving retail corridor.

Location Insight

City

East Wenatchee

County

Douglas

State

Washington

Longitude

-120.291

Latitude

47.4129

CBSA code

48300

CBSA name

WENATCHEE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments