Kirkland, WA Retail Property For Sale

Totem Lake Station is an 8,000 SF, 100% leased retail center with an A++ location in the heart of Kirkland. Totem Lake Station has unparalleled frontage and visibility on I-405 with over 130,000 VPD and has enhanced regional connectivity to the largest major employment centers in the Puget Sound. The Center benefits from 2 new, 10-year lease terms and strong annual rental increases providing solid and stable NOI growth. Kirkland's retail market is hard to penetrate and with huge barriers to entry and 99% occupancy rates, a site of this quality and location is extremely rare.

Property Highlights:

• The Center is 100% leased, which is a testament to the quality and location. The Center’s location and retail demand in the trade area will drive occupancy for the foreseeable future.

• Including what is currently being planned and constructed, 8,000 residential units and over 2 million square feet of commercial and institution space have been built in Kirkland since 2019.

• The Center’s close-in trade area pulls from the neighborhoods of Totem Lake, Rose Hill, Juanita, and Kingsgate, all of which are very affluent communities of Kirkland. Average household incomes within 3 miles of the Center are over $180,000 and project to increase to $213,000 by 2028.

• Mercurys Coffee, InsureOne Insurance, Mattress Depot, and I Spa contain 3% annual increases and GameStop has a 10% increase in 5 years providing solid NOI growth.

• Totem Lake Station’s rents are approximately 25% lower than neighboring shop tenant rents, providing stability and future rental upside.

• Mercurys Coffee and GameStop each executed new 10-year leases providing credit, term, and draw to the Center.

• Kirkland currently has a 99% retail occupancy rate.

• Immaculate building, perfectly suited for owner/user

• Great exposure with excellent street visibility and a substantial flow of traffic - Traffic Counts: 35,423 ADT

• Ample surface parking with approximately 14+ on-site stalls both at the front and rear

• Strategically located just minutes away from SR520, I-405, Downtown Kirkland

• The new I-405/NE 85th Street Bus Rapid Transit Station will begin operation in 2024

• RH 8 Zoning: Re-development opportunity mix use retail, office, multi-family

• Potential for three stories commercial retail ground floor space.

Please do not disturb tenants with inquiries--contact Listing Broker

Excellent Property with high visibility. Lots of parking available onsite. Property is currently a Restaurant space but could have a change of concept for a Daycare, Office Building, Medical/Dental Facility, (confirm with city zoning), lots of options.

This is a highly confidential listing. All inquiries will require an NDA.

Do Not Tour the Property and/or Disturb the Tenant