33520 21st SW Ave Federal Way, WA 98023-2874
Property summary
This exceptional investment opportunity presents a fee-simple, 12,900-square-foot CVS Pharmacy in Federal Way, WA, at 33520 21st Ave SW, 98023. The property boasts a strong, credit-rated tenant (CVS Pharmacy) under an absolute triple-net lease, eliminating landlord responsibilities. With a remaining lease term of 20.2 years (including 10 five-year renewal options), this offering provides exceptional long-term stability and predictable cash flow. The asking price is $8,735,910, representing a compelling $677.20 per square foot and a 6.21% capitalization rate. The property generates a net operating income (NOI) of $542,493. This zero cash flow structure, coupled with a paydown/re-advance option and a fully amortizing loan, requires low equity investment. The investment-grade tenant (NYSE: CVS, S&P: BBB) further mitigates risk. This is an ideal opportunity for investors seeking a secure, high-return retail investment with minimal management requirements. The property is 100% occupied and situated in King County, Washington.
Property profile
VerifiedCap rate & NOI
Value estimations
Owner & transaction history
Zoning & alternative use
used principally for the transportation of commodities, vehicles, merchandise, produce, freight, or animals; as well as any bulldozers, backhoes, cranes, or similar construction equipment. “ Commercial zones ” means the…
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Value estimation
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from $99/month
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Price sensitivity
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Property tax & assessments
Tax year 2024Property description
Physical attributes from public recordsZoning & alternative use
BN · Federal Way, WAused principally for the transportation of commodities, vehicles, merchandise, produce, freight, or animals; as well as any bulldozers, backhoes, cranes, or similar construction equipment. “ Commercial zones ” means the…
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
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The district profile from the municipal source: what is on file for BN in Federal Way, WA.
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