REIT Sale | Former Walgreens with Drive-Thru | 24K VPD | Hard Corner | $157K Avg HH Income

Highlights:

• ±14,372 SF Freestanding Retail Building Suitable for a Variety of Uses with Drive-Thru, Multiple Entrances, and Ample Parking with ±58 Dedicated Spaces
• Nearby Nationals: Target, Marshalls, Five Guys, Ross, Dollar Tree, Starbucks, T-Mobile, O’Reilly Auto, KeyBank, Popeyes, Domino’s
• 19,313 VPD Traffic Counts at Signalized Hard Corner on Roxbury St and 4,907 VPD on 15th Ave SW | 3-Road Frontage
• Affluent Demographics with Average Annual Household Income of ±$157,417 and Population of 283,676 Individuals (5-Mile)
• 5 Miles to King County International Airport; 8 Miles from Downtown and Seattle-Tacoma International Airport
• Zoning: NC2-40, Neighborhood Commercial 2 with a Variety of Commercial Uses

Description:

Ri Marketplace Online Auction December 8th-10th, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2857/reit-sale-former-walgreens-with-drive-thru-24k-vpd-hard-corner-157k-avg-hh-income?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2857

Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing retail building located at 9456 16th Avenue SW, Seattle, Washington 98106 (the “Property”). Formerly occupied by Walgreens, the Property is being offered significantly below replacement cost, providing an excellent opportunity for owner/users or investors to acquire a highly visible, strategically positioned asset at a compelling basis.

Constructed in 2002, the Property features a ±14,372-square-foot, single-story retail building situated on a ±1.22-acre parcel (±53,348 SF). Positioned on a signalized hard corner, the site offers exceptional visibility with frontage along three roads, including ±198 feet along 16th Avenue SW (±4,907 vehicles per day) and ±62 feet along Roxbury Street—one of the area’s primary retail corridors with ±19,221 vehicles per day. The Property provides three curb cuts for convenient ingress and egress, 58 surface parking spaces for ample customer access, and a drive-thru lane offering the opportunity for three-sided building signage to maximize exposure. Previously occupied by Walgreens under a triple-net (NNN) lease structure, the Property represents a value-add opportunity through re-tenanting at current market rents (CoStar estimated at ±$24–$31 per SF NNN retail). The site is zoned NC2-40 (Neighborhood Commercial 2) and is located within the Westwood Highland Park Residential Urban Village, Airport Height District, and Salmon Watershed—offering favorable, flexible zoning that accommodates a wide range of retail, service, and commercial uses.

The Property is located in Seattle, Washington, within King County, approximately ±8-mi south of Downtown Seattle and easily accessible via State Route 509 (±1.5-mi with ±59,323 VPD), SR-99, and I-5 (over 195k VPD) providing seamless regional connectivity to the Seattle-Tacoma International Airport (±8-mi), King County International Airport (±5-mi) and the greater Puget Sound area. Positioned at the gateway to West Seattle’s Highland Park and White Center neighborhoods, the Property is surrounded by a dense and growing residential population and supported by strong daytime demand from retail, service, and healthcare employers throughout the South Seattle trade area. The site is also proximate to major retail anchors including Westwood Village, Safeway, Target, and Ross Dress for Less, which collectively draw high daily traffic and steady consumer activity to the corridor. Seattle ranks among the fastest-growing metro areas in the U.S., driven by its expanding technology, healthcare and logistics sectors. The West Seattle submarket benefits from ongoing infrastructure improvements, steady population inflows, and redevelopment of mixed-use and residential infill projects that continue to enhance the local retail environment. Within a 3-mi radius, the Property serves a dense and affluent population exceeding ±113k residents with an average household income (AHHI) of ±$152,450. The expanded 5-mi trade area doubles to includes more than ±283k residents with an AHHI above ±$157,000, reflecting strong purchasing power and market depth. With its high visibility and strategic position within a dense, well-established, high-barrier to entry urban corridor, the Property is ideally suited to capture long-term retail and service demand in one of Seattle’s most accessible and resilient trade areas.


Randy A. Wells
c/o Fisher Auction Co.
License: 2447
The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

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