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Virtual Drive-By

Petco NNN

9004 Vernon Rd · Lake Stevens, WA 98258 · Specialty Retail

Asking price
$4,380,000
Cap rate
6.50%
NOI
$284,708

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Lease

Lease typeNNN
Term remaining10.0 yrs
Expiration—
Rent bumpsYes
Options4 (5)-Year Options
Ground leaseNo
Credit profileCredit Rated
TenancySingle

Planning a 1031 Exchange

Give us your relinquished sale close date and we will calculate your 45-day identification and 180-day closing deadlines, track the clock, and surface matching inventory before it expires. We coordinate directly with your Qualified Intermediary and can introduce one if you have not yet engaged an exchange accommodator. Investment Grade does not provide tax or legal advice.

Property

Building SF11,550
Price / SF$379
Year built2015
Lot size—
TypePet Supplies
Days on market156

Need year-one bonus depreciation

Building age, size and improvement mix drive how much of this asset a cost segregation study can accelerate into year one. Tell us your tax year and entity and we will model the deduction.

Investment highlights

  • ​Recent 10-Year Lease Extension: Petco has exercised its Renewal Option early, securing an additional 10-Years of Firm Term and reinforcing its long-term commitment to the location.​
  • ​NNN Lease Structure: Petco operates under a NNN lease structure, providing the landlord with minimal management and expense responsibility.
  • ​Corporate Signature: Petco Animal Supplies Stores, Inc., the corporate operating entity, operates more than 1,500 locations nationwide, providing added assurance of lease performance.
  • ​Growing Industry: Over the past decade, the U.S. pet care industry has expanded from approximately $99 billion in 2015 to over $145 billion today, driven by rising pet ownership and sustained consumer spending.
  • ​Sub-Market Vacancy: According to CoStar, the Lake Stevens retail submarket exhibits historically low vacancy, currently estimated at 2.5%.
  • ​Strong Retail Trade Area with High Barriers to Entry: Surrounded by national retailers including Safeway, Target, Walgreens, Ace Hardware, and others, the property sits within a well-established retail corridor with limited new supply.

Property overview

The Verger Team is pleased to present the opportunity to acquire a Single Tenant - NNN, Petco located in Lake Stevens, Washington, with a newly executed 10-Year Lease Extension.​ The 11,550 SQFT property is leased directly to Petco Animal Supplies Stores, Inc.​, the Corporate Operating entity with over 1,500 Locations Nationwide.​ The lease includes Scheduled Rent Increases every 5-Years, offering predictable income growth with minimal landlord expense exposure.​

Strategically positioned within a high-barrier-to-entry retail corridor, the property offers excellent visibility and access along State Route 204, the primary east-west arterial connecting Lake Stevens to Everett and the I-5 corridor, with close proximity to State Route 9, the area’s dominant north-south highway.​ The site is surrounded by strong national retailers including Safeway, Target, and Ace Hardware, reinforcing its position within a proven retail trade area.​

Strong demographics, historically low retail vacancy, and the continued growth of the Snohomish County economy, supported by major employers such as Boeing and the U.​S.​ Navy, further underpin the long-term performance of the investment.​

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Asking-market observation aggregated from public listing sources, last observed Sep 25, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.