CAP Rate: 6.35%
Gross Leasable Area: 20,400 SF
- 100%-Leased Retail Center Along Primary Retail Thoroughfare
- 80% of Space Leased to Credit Tenants
- Low-Management Asset–Majority of Leases NNN
- Anchor Tenant with Below-Market Rents
The subject property is situated on 2.62 acres on Columbia River Highway, which sees approximately 25,000 vehicles per day. Strategically located between Saint Helens High School and Wal-Mart, the 100%-leased retail center has multiple tenants with extensive operating history at this location. Dollar Tree recently exercised their option early, which speaks to the long-term viability for the tenant in this space due to the below market rent and strong location. All tenants have continued to pay rent throughout the COVID-19 pandemic, which speaks to the strength of the tenant mix in the center. The oversized parcel has additional acreage behind the Dollar Tree, which could provide an incoming investor with some additional upside through redevelopment or repositioning.