A neighborhood retail center in Everett with three credit tenants has hit the market for sale. The property, located at 811 SE Everett Mall Way, has been listed for sale by BLVD Real Estate Investment Co. in partnership with ParaSell. The property features three main tenants: Trader Joe’s, Dollar Tree, and T-Mobile.
Positioned along Highway 99, a main thoroughfare that connects Snohomish and King counties, the shopping center holds a prime spot with street frontage and visibility. Moreover, the property is surrounded by high-income residential homes, ensuring a steady flow of potential customers.
The shopping center’s location benefits from a robust local population, with over 265,000 people living within a 5-mile radius. The area features an average household income exceeding $106,000, indicating a strong consumer base with significant purchasing power.
The property is offered at a sales price of $7,980,000, or roughly $322 per square foot. According to the marketing flyer, the retail center generates a net operating income of $458,932 at a 5.75 percent cap rate. The projected net operating income is expected to increase to $486,668 in 2026, with a cap rate of 6.17 percent. Operating expenses are estimated at $143,307.
The shopping center is part of a retail corridor that includes Everett Mall Village, a 673,000-square-foot indoor/outdoor power center that has been serving the public since 1969. In the third quarter of 2022, Brixton Capital, owner of the Everett Mall, has submitted plans to the city to redevelop the property in two phases, according to published reports.
The initial stage of the redevelopment plan involves dividing the former Sears building, located on the west side of the Mall. Two additional spaces will be constructed adjacent to Party City, and a delivery or service drive will be situated behind them. The remaining portion of the Sears building will be preserved as one large space.
During the second phase, the front section of the mall, which currently houses the main entrance and food court, will be demolished. An open concept will be created in its place, featuring retail spaces on both sides of a central “main street” that will extend towards the back of the mall, near Regal Cinemas. A significant portion of the existing mall will also be demolished to make way for additional parking.
Based on the planning documents, the current retail area spans 486,563 square feet. The redevelopment plan entails the removal of 215,944 square feet while adding 97,200 square feet of new retail space. This results in a revised total of 367,819 square feet, reflecting a net reduction of 118,744 square feet in retail space.
The availability of the Everett shopping center represents an investment opportunity for investors seeking to expand their footprint across Snohomish County. With its location, strong tenant lineup, and solid financial projections, the shopping center holds the potential for long-term success.
