512 Strander Blvd, Tukwila, WA 98188-2921

This exceptional investment opportunity presents a 18,900 square foot auto shop in Tukwila, WA, currently leased to Foss Audio under a Net Lease (NNN) agreement. The property, located at 512 Strander Blvd, 98188, sits on a 0.69-acre lot and boasts a single-story building constructed in 1969 and renovated in 2014. The current lease, commencing September 30, 2022, and expiring September 29, 2027, offers a remaining term of approximately 2.9 years. The tenant, Foss Audio, is backed by a corporate guarantee, providing significant security. The current rent is below market, with a pro-forma cap rate of 8.80% achievable through market rent adjustments. The lease includes a 3-year option at fair market rent, offering substantial near-term upside potential. The property's TUC-TOD zoning allows for diverse commercial uses, providing flexibility for future development. Its prime location, just two blocks from Westfield Southcenter Mall and a short drive from downtown Seattle, Bellevue, and Seattle-Tacoma International Airport, ensures high visibility and accessibility. The surrounding area exhibits robust population growth, with over 287,000 residents within a 5-mile radius. The asking price is $4,295,000, representing a price per square foot of $227.25 and a current cap rate of 4.75%. The Net Operating Income (NOI) is $204,000. This is a fee simple ownership opportunity with minimal landlord responsibilities. The state of Washington offers income tax-free benefits.