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    16Th Ave Mill Creek, WA 98208

    Sponsored
    For Sale
    $2,888,888

    Everett, WA: Prime Bank Investment

    Property size:
    3,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 3,000 square foot Chase Bank building in Everett, WA. Located on a 0.43-acre lot at the signalized intersection of 132nd Street SE and 16th Avenue SE, this property benefits from exceptional visibility and high traffic counts (26,000 ADT on 132nd Street SE and proximity to I-5 with 181,000 ADT). The property is an outparcel to a shopping center anchored by Fred Meyer and Walgreens, ensuring a strong retail environment. The absolute NNN ground lease with Chase Bank, a credit-rated tenant, runs for 15 years commencing October 17, 2024, and expiring November 30, 2039, with four 5-year renewal options and 10% rent bumps every five years. The property boasts a 4.50% cap rate and a net operating income (NOI) of $130,000. The building, constructed in 2023, is situated in a densely populated and affluent area, with over 322,000 residents within a 5-mile radius and an average household income exceeding $136,000. Its location near the Everett Link Light Rail extension adds further value. The property's zoning is CB (Commercial, Business), and the APN is 28053000408400. This is a rare opportunity to acquire a high-quality, net-leased investment property with a strong tenant and significant upside potential. The asking price is $2,888,888, representing a price per square foot of $962.96.

    Property Features for 0 16Th Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    3,000 SF
    Lot Size
    18,731 SF

    Building Details

    Year Built
    2023
    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • $2,888,888 asking price for this 3,000 square foot Chase Bank retail property.
    • Absolute NNN ground lease with a credit‑rated tenant.
    • 15‑year lease commencing October 17, 2024, with 10% rent increases every 5 years.
    • Investment‑grade tenant (A+ S&P, Aa1 Moody's).
    • High‑visibility location at a signalized intersection in a Fred Meyer & Walgreens‑anchored shopping center, with high daily traffic counts.
    Property Profile Location Intelligence

    Current Use by Public Records

    Banks

    Map

    City
    Mill Creek
    County
    Snohomish
    State
    Washington
    Longitude
    -122.2109959
    Latitude
    47.8781192

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    FAQs

    What type of property is this?
    Individual retail property - Everett, WA: Prime Bank Investment
    Where is this individual retail property located?
    The property is located at 16Th Ave Mill Creek, WA.
    What is the asking price?
    The asking price for this property is $2,888,888.
    What are key features of this property?
    This property features: $2,888,888 asking price for this 3,000 square foot Chase Bank retail property.; Absolute NNN ground lease with a credit-rated tenant.; 15-year lease commencing October 17, 2024, with 10% rent increases every 5 years.
    Request Owner's contact information
    16Th Ave Mill Creek, WA 98208
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    Mill Creek, WA 98208
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16Th Ave Mill Creek, WA 98208
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