A Rare Prime Corner Legacy Asset Opportunity

Highlights:

• RARE URBAN INFILL CORNER Being offered for the first time in 30 years this exceptionally well located asset at the nexus of Wallingford and the University District, is a well established commercial corner with a unique opportunity to acquire a long-held urban infill site in one of Seattle’s most supply-constrained neighborhoods. The property’s central location, strong surrounding density, and proximity to the University of Washington and Interstate 5 support durable long-term demand, while the limited availability of comparable corner redevelopment sites reinforces the property’s long-term land value and strategic investment appeal.
• UNIVERSITY DISTRICT GROWTH The University District continues to experience sustained residential and mixed-use investment anchored by the University of Washington, one of the region’s largest employment, research, and education centers, supporting a growing population of students, faculty, medical professionals, and affiliated employment. Recent zoning changes allowing significantly greater building heights and density have accelerated high-rise residential and mixed-use development, supporting the expansion of both housing and employment space and transforming portions of the U-District into an emerging high-density urban core. Continued population and employment growth within the U-District and adjacent Wallingford corridor is driving sustained demand for multifamily housing along with the commercial, retail, and service uses that support higher-density urban living and employment activity
• HIGH BARRIERS TO ENTRY Wallingford is a largely built-out neighborhood with very few commercially zoned parcels capable of supporting high-traffic uses such as convenience retail and fuel operations. Limited zoning availability, constrained parcel sizes, and established residential development create high barriers to new competing sites, reinforcing the long-term scarcity and value of existing commercial corner locations.
• EXCELLENT DEMOGRAPHICS The three-mile trade area includes approximately 304,000 residents across 143,000 households, with a median household income of approximately $140,700 and median disposable income exceeding $111,000, reflecting strong consumer spending capacity. The population is highly educated, with nearly 80% of residents holding a bachelor’s or advanced degree, and employment is predominantly professional, with over 85% of the workforce in white-collar occupations, supporting long-term demand for retail, service, and mixed-use development within this established urban market
• HIGH BARRIERS TO ENTRY Wallingford is a largely built-out neighborhood with very few commercially zoned parcels capable of supporting high-traffic uses such as convenience retail and fuel operations. Limited zoning availability, constrained parcel sizes, and established residential development create high barriers to new competing sites, reinforcing the long-term scarcity and value of existing commercial corner locations.
• EXCEPTIONAL PROPERTY FUNDAMENTALS The property occupies a prominent corner location providing strong neighborhood visibility and convenient vehicle access, located approximately one minute from a full Interstate 5 interchange offering direct regional connectivity. NE 50th Street carries approximately 24,600 vehicles per day, while nearby Interstate 5 serves as the primary gateway connecting North Seattle to downtown Seattle and supports approximately 240,000 vehicles per day, reinforcing the property’s strong accessibility, commuter exposure, and consistent daily consumer traffic within one of Seattle’s most active urban corridors.
• MULTIPLE “VALUE-ADD” OPPORTUNITIES The existing 7-Eleven and Salon leases expire in 2030, providing investors a defined future repositioning opportunity through lease renewal, replacement tenancy, property repositioning, or long-term redevelopment under NC-140 (M) zoning. The current ±3,000 SF convenience store and fuel configuration reflects a proven operating format within a dense infill trade area, offering flexibility for future tenant replacement or redevelopment aligned with continued urban growth.
• PRIME REPLACEMENT‑TENANT APPEAL FOR FUTURE C‑STORE / FUEL OPERATORS The nearly 40-year operating history as an iconic continuously occupied convenience store and fuel location demonstrates a proven and successful format and use. Strong traffic patterns, increasing residential density, and central commuter traffic positioning support the opportunity to re-tenant the site with a national or regional convenience and fuel operator seeking established locations with consistent, proven, long-term consumer demand
• 100% BONUS DEPRECIATION Gas station and convenience store improvements and equipment may qualify for bonus depreciation, permitting accelerated depreciation deductions that reduce taxable income. Consult your CPA.

Description:

Linc Properties is pleased to present the rare opportunity to acquire a legacy corner asset located prominently at the nexus of two of Seattle’s most desirable neighborhoods. 50th Street Plaza, offered for sale for the first time in 30 years, has operated as a successful retail and gas station since 1965. 7/11 constructed the current improvements in 1987 and has demonstrated the enduring strength of this location for nearly four decades.

The existing 7-Eleven and Salon leases expire in June of 2030, providing stable near-term income while offering investors a defined value-creation horizon through potential lease renewal, re-tenanting, owner-user occupancy, or future redevelopment. The property is zoned NC-140 (M), allowing significant long-term multifamily/mixed-use redevelopment potential aligning with Seattle’s continued urban density and transit-oriented growth initiatives.

Located minutes from the University of Washington and within one of Seattle’s most supply-constrained infill submarkets, the property benefits from sustained residential density growth, ongoing mixed-use development, and strong neighborhood commercial demand supported by recent City zoning densification driving area residential, employment, and student population growth.

This offering represents a generational corner asset within a dense, high-barrier-to-entry Seattle neighborhood, positioned to benefit from increasing land scarcity and long-term value appreciation as commercial, service and redevelopment opportunities in core urban locations continue to diminish.

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