Bellevue, WA - Evergreen Academy Montessori

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased investment property occupied by Evergreen Academy, located in Bellevue, Washington. The tenant, SEG Inc., has over 17 years of initial term remaining with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease includes annual rental increases of 5% for the first three years and 3% annually thereafter, pushing the cap rate to 6.94% by 2028, 7.36% by 2030 and a blended average of 8.26% over the remaining initial lease term, providing a steadily growing NOI and hedging against inflation. The lease is a NNN, with minimal landlord responsibilities, making it an ideal low management investment for a passive investor.

The Evergreen Academy is located along 112th Ave. NE, directly next to Interstate 405 with a combined (232,000 VPD). Interstate 405 is the major retail thoroughfare serving the city of Bellevue. Evergreen Academy is in close proximity to many other small schools The asset is adjacent to Bellevue Square, a 143,000 square foot Nordstroms and Macy’s anchored center with other national/credit tenants such as Crate & Barrel, American Eagle, Sephora, Panda Express, Pottery Barn, Tiffany & Co, PacSun, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Wendy’s, Chick-fil-A, Trader Joe’s, Whole Foods Market, Best Buy, Home Depot, Safeway and more, further increasing consumer traffic to the site. The subject property is in close proximity to Overlake Medical Center, a 349-bed hospital and one of the leading medical facilities in Bellevue, Washington. The 5-mile trade area is supported by a population of over 269,869 residents and 187,878 employees with an affluent average household income of $255,313.