Sonic

$2,727,000

10312 Evergreen Way, Everett, WA 98204

For Sale

Retail Free Standing

Active

Last Updated: 10/20/2026

Details:

Cap Rate: 5.5%

Building Size: 1,200 sqft

Lot Area: 0.63 sqft

Occupancy: 100%

Lease Type: Absolute Net

Year Built: 2022

Highlights:

20-year absolute net sale-leaseback featuring 10% rental increases every 5 years
Lease is signed by one of the largest Sonic franchisees in the country
2022 build-to-suit construction with drive-thru
Located at the signalized hard-corner intersection of Evergreen Way & Olivia Park Road (37,000 VPD)
Sub 8% rent-to-sales ratio, per CenterCheck (ask Agent for more details)
Robust Sales: Annual revenues total ~$300 million

Description:

Sale-leaseback QSR building with drive-thru in affluent Seattle submarket – $97-145K average household incomes within a 1, 3, and 5-mile radius

This 20-year absolute net sale-leaseback Sonic location is operated by one of the largest Sonic franchisees in the country with over 175 units in their system that generate ~$300 million annually. The lease features 10% rental increases every 5 years throughout the base term and options, providing investors a steady hedge against inflation. The subject property is located at the signalized hard-corner intersection of Evergreen Way & Olivia Park Road, exposed to 37,000 VPD.