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The Junction | Woodinville, WA

The Junction | Woodinville, WA

$10,510,000.00Price
Address: 19111, 19131, 19151 and 19171 144th Ave NE, Woodinville, WA 98072
Rentable SF: 31,000 SF
Price Per SF: $339.03
Total Land Area: 133,885 SF
Price Per Land SF: $78.50
 
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  • Investment Highlights

    SIGNIFICANT  RENTAL UPSIDE
    The property is 93% occupied, with an average rental rate of $20/SF. A recently signed lease was executed at $26/SF with no tenant improvement allowances.

     

    STABLE  TENANT BASE
    Nearly 50% of the current tenant base has been at the property for 20+ years, and the current rent roll has a WALT of 5+ years. The property has maintained at least 90% occupancy since construction.

     

    PASSIVE  NNN LEASES
    All tenants are on NNN leases with operating cost reimbursements and annual scheduled increases of 2 to 3.5%. This provides investors with protection from expense inflation.

     

    HIGH VISIBILITY: HARD CORNER LOCATION
    The property has over 600’ of frontage on the signalized corner of 144th Ave NE & NE N Woodinville Way, providing significant visibility to the 25K vehicles that pass daily.

     

    EXCEPTIONAL DEMOGRAPHICS
    The 5-mile population has increased 23% since 2010 with over 2,200 multifamily and townhome units under construction, signifying continued growth. The area’s median household income is $124,552, with various industries driving employment in and around the area.

     

    HIGH BARRIERS TO ENTRY
    There are no ongoing retail and small-bay industrial developments in Woodinville. The supply of similar space is highly constrained and continued high construction costs restrict the near-term potential for competing product construction.

     

    RAPID RENT GROWTH SUBMARKET
    The Woodinville submarket has experienced 60% rent growth over the past decade and has maintained an average vacancy rate below 4% over that time.

     

    NEWER  CONSTRUCTION
    The building was built in 2010 and has been meticulously maintained to ensure that the future investor shall have very minimal capital expenditure requirements.

  • Investment Overview

    THE VARA GROUP at Marcus & Millichap is pleased to present The Junction, a premier neighborhood center in Woodinville, WA. The property is 93% leased to various uses, such as fast food, auto care, and tasting rooms. All in-place leases mitigate expense growth through an NNN expense reimbursement structure and feature annual rental increases as a hedge against inflation. The building was built in 2010, and its versatility lends itself to a wide range of uses, allowing the asset to remain near 100% occupancy since it was built.

     

    The Property is strategically positioned at a signalized intersection with over 600 feet of combined frontage and exposure to more than 25,000 vehicles daily. Two access points along 144th Avenue NE ensure seamless entry to the 84 parking stalls on-site. Woodinville’s growing reputation as a premier winery and retail destination has driven significant economic and population growth accompanied by recent and upcoming residential and multi-family developments.

     

    •    First Time On-Market
    •    Class A Neighborhood Center
    •    25,000+ VPD
    •    93.2% Occupied
    •    WALT: 5 Years, 6 months
    •    Significant Nearby Development

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