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Virtual Drive-By

Buffalo Wild Wings NNN

1616 Black Lake Boulevard Southwest · Olympia, WA 98502 · QSR / Restaurant

Asking price
$2,590,000
Cap rate
4.75%
NOI
$121,000

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Lease

Lease typeNNN
Term remaining1.9 yrs
Expiration06/2028
Rent bumpsRents increase 10% at the beginning of each of the next 2, 5-year options, with a fair market reset
Options3; 5YR
Ground leaseYes
Credit profile—
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 SF6,243
Price / SF$415
Year built2013
Lot size0.91 ac
TypeRestaurant
Days on market18

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

  • ​BELOW-MARKET RENT WITH SIGNIFICANT UPSIDE: Current total rent of approximately $123,000/year is estimated to be 30–50% below market for national casual dining and QSR pad tenants in this corridor. A 10% rent increase will take effect in the next option period, set to start 7/1/2028.
  • ​NNN* GROUND LEASE: This is a net ground lease with minimal landlord responsibilities. Rents increase 10% at the beginning of each of the next 2, 5-year options, with a fair market reset on the final 5-year option.
  • ​HIGH-PERFORMING PROMINENT CORNER LOCATION OFF HWY-101: The Property occupies a highly visible corner pad at the intersection of Hwy-101 and Black Lake Blvd SW, which combine for over 110,000 vehicles per day. The site is within the greater Olympia West Center, a Trader Joe's anchored shopping center. Haggen grocery is directly across the street and Capitol Mall is just three blocks away. This location recorded over 290K annual visits in the past year, ranking in the top 12% of all locations nationwide. The tenant also reports sales.
  • ​STRONG REGIONAL DEMOGRAPHICS: Olympia is the state capital of Washington and the county seat of Thurston County. The region benefits from a stable, government-driven employment base, including the Washington State Legislature, numerous state agencies, and Joint Base Lewis-McChord located approximately 20 minutes to the north.

Property overview

High Performing, Below Market Rent Buffalo Wild Wings Ground Lease on Prime Corner Location

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Asking-market observation aggregated from public listing sources, last observed Sep 18, 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.