REAL ESTATE: Admiral Way 7-11 site for sale

(King County Assessor photo)

Every so often, a check of the commercial real-estate listings yields something of note. Tonight, it’s the 7-11 site at 4312 SW Admiral Way, listed for sale about a week ago for $1,550,000. It’s a (corrected) 8,973-square-foot lot zoned Neighborhood Commercial 55, for potentially up to five stories of mixed-use redevelopment. The listing also notes the site has held a 7-11 for more than half a century – since 1968. Its sale wouldn’t necessarily mean the end of that, though; the brochure for the listing says the 7-11’s lease runs through 2025, with two five-year extension options after that. Property records show the most-recent 7-11 site sale in West Seattle was California/Erskine, which sold for $2.9 million three years ago. Of the other 7-11 sites, three are company-owned – Highland Park, South Delridge, and 35th/Avalon

Al King March 12, 2023 (7:07 am)

At one time the owner of this 7-11 also owned the IGA(?) at 63rd and Alki which is now Cactus. More trivia. When they got started 7-11’s name came from the fact that their original operating hours were 7am to 11pm.

Cheapsleep March 12, 2023 (1:30 pm)

And Motel 6 was named that because it cost $6 per night.
JohnC March 12, 2023 (2:23 pm)

Fun fact. 7-11 is owned by SEJ, a Japanese conglomerate.

Leon Jackson March 12, 2023 (7:11 am)

Tough to get patrons and make money when they double the price on EVERYTHING.

tim March 12, 2023 (8:55 am)

I was wondering why so cheap? Because 7-11 has a ten year lock on the lease. After that lease runs out you’ll see a monster bldg go up. That should fix the housing problem. Maybe they’ll put a light rail depot next to it too.

Eddie March 12, 2023 (11:55 am)

Could take 10 years to get permits.
InPropertyManagement March 12, 2023 (12:53 pm)

Just to add to this further, the current market rate for retail rent in this area is about $25/square foot/yr while 7/11 is currently paying $9.84/square foot/yr (the benefit of locking in the lease rate in 2005)

The extension from 2025-2030 will only be a small increase, but in 2030-2035’s extension it will be at full market value which will likely more than triple their rent and cause them to vacate the building.

Whoever buys this would have to put up with receiving below market rent for 7 years then hope that the huge rent increase in 2030 is enough to get them to leave so the property could be developed.
- skeeter March 13, 2023 (4:15 pm)
  
  Is the owner or tenant responsible for property taxes?

tim March 12, 2023 (8:56 am)

Just make sure the Redbox stays.

Al King March 12, 2023 (1:25 pm)

Question. Would a business have to be included in any new development? Am I wrong in betting any residential units will probably be priced above what is euphemistically called “affordable”.

WSB March 12, 2023 (1:57 pm)

As noted in the story, the site is zoned for *mixed-use* “neighborhood commercial” redevelopment, which means commercial and residential. (Added: See page 2: https://www.seattle.gov/documents/Departments/SDCI/Codes/CommercialZoningSummary.pdf )
InPropertyManagement March 12, 2023 (2:56 pm)

Just to further clarify WSB’s response, a future development would have the option to include a business but would not be required to.I’m pretty certain in order to build new apartments on the lot above a certain height they would be required to either pay a large fee or make a percentage of the units affordable (e.g. MFTE units that you see at large complexes)

Just Asking March 12, 2023 (9:53 pm)

What’s with that dentist office across the street that has never been open in several years?

WSB March 12, 2023 (10:53 pm)

Are you confusing this with the Avalon 7/11, which is across the street from a building with a commercial space that used to hold a dental practice (whose branding has never been removed)?

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