23970 State Route 3 Belfair, WA 98528
- Retail properties
- 1,732 SF
- 0.43 lot acres
Current Use by Public Records
- Retail properties
Property Details for 23970 State Route 3
- Year built
- 1995
- Lot size
- 0.43 lot acres
- Property size
- 1,732 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a 1,732 square foot Valvoline Instant Oil Change located in Belfair, Washington. The property sits on a 0.43-acre lot at 23970 N E State Route 3, 98528, enjoying high visibility on a major thoroughfare with 20,230 vehicles daily. Built in 1995, this single-unit building boasts a 100% occupancy rate under an absolute NNN lease with Valvoline Inc. (NYSE: VVV), a publicly traded company providing a corporate guarantee. The lease commenced July 31, 2024, and extends for a remaining term of approximately 9.7 years, expiring July 30, 2034, with four 5-year lease options available. Annual rent increases of 1.5%, beginning August 1, 2025, provide inflation protection. The property generates a Net Operating Income (NOI) of $93,139, resulting in a compelling 6.15% capitalization rate. The asking price is $1,514,455, translating to $874.40 per square foot. This location benefits from a high-growth market, with average household incomes exceeding $122,500 within a 5-mile radius. The absence of state income tax in Washington further enhances the investment's attractiveness. This property offers a secure, passive income stream with significant long-term potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Belfair
- County
- Mason
- State
- Washington
- Longitude
- -122.822
- Latitude
- 47.453
