33520 21st SW Ave Federal Way, WA 98023-2874
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.
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 BN, BC, CC-C and CC-F zoning districts. “ Common space ” means an area within a development, which is used primarily by the occupants of tha…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2024Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property 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 BN, BC, CC-C and CC-F zoning districts. “ Common space ” means an area within a development, which is used primarily by the occupants of that development, such as an entryway, lobby, courtyard, outside dining area, etc. “
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
