24050 Pacific Hwy S
Kent, WA 98032
Lowe's #2561 · Retail Property For Sale

Ground Lease to Investment Grade Tenant: Lowe’s (NYSE: LOW) recently exercised the first of 4, 5-year options, expiring in 2031. Each option includes a 7.5% rent increase. Lowe’s maintains a BBB+ credit rating (S&P).
Light Rail Expansion: The LINK Kent Des Moines light rail station, just one block north, opened December 2025. Part of the larger Federal Way Link Extension (FWLE), additional stops include Star Lake and Federal Way downtown.
Heavily Trafficked Corridor Location: The Premises has direct frontage on Pacific Hwy S (30,000 VPD), with nearby proximity to Interstate 5 (210,000 VPD). Highline College is directly across the street, providing additional everyday traffic.
Growing Nearby Demographics: Over 96,000 people live within 3 miles of the Property, with an average household income of $112,000. The nearby population has grown 22% since 2010, with continued growth anticipated due to the LINK light rail expansion.
Future Upside Opportunity: Three (3), 5-Year options remain, allowing ownership to capitalize on future upside through mark-to-market leasing, an owner-user sale to similar operators, or multifamily redevelopment (max density is 16 stories with 80% lot coverage).
Below-Market Entry Point: With an effective building rent of $6/sf and a resulting building value well below replacement cost, the future options are vast and could include replacing the tenant, demising the building, selling to a user or developing the 10+ acre site at an extremely low land basis adjacent to light rail.