Everett East
1502 SE Everett Mall Way, Everett, WA
Price: $16,685,000
NOI: $1,251,305
Cap Rate: 7.50%
Building SF: 120,034 SF
Land Area: 10.79 Acres
Status: Active
Newmark is pleased to present Everett East, a 120,034-SF retail investment in Everett, WA. The property is 96.5% leased to Floor & Decor and Urban Air Adventure Park with 7.4 years of WALT. Both leases include contractual rent increases, and a vacant 4,144-SF pad building offers immediate lease-up upside.
The property is located directly on I-5 within the dominant retail trade area of Snohomish County, adjacent to Everett Mall and its proposed redevelopment as The Hub at Everett. Trader Joe’s recently relocated its long-standing store into the mall.
The offering benefits from long-term leases, contractual rent growth, a vacant pad that adds near-term lease-up upside, and an attractive asking price of $139/SF.