34839 Pacific Hwy S - Quick Quack Carwash (Ground Lease) 3,588 SF Specialty Building Offered at $4,340,700 CAD at a 5.71% Cap Rate in Federal Way, WA 98003

• 20-Year Primary Term: A two-decade initial commitment (February 21, 2026 through February 20, 2046). Five 5-year options extend the potential term to 45 years.
• Direct Corporate Lease, Institutional Sponsor: The lease is held directly by Quick Quack Car Wash Holdings, LLC (Delaware), the corporate parent, not a franchisee. KKR made a significant minority investment in the company in June 2024, reported at approximately $850 million, with the founders and Seidler Equity Partners retaining meaningful stakes. Quick Quack operates 350+ locations across nine states and is the nation’s fourth largest car wash operator.
• Absolute NNN Ground Lease: Zero landlord responsibilities. Tenant pays all operating expenses directly.
• Built-In Rent Growth: 10% at every 5-year interval, within the primary term as well as at options. Annual NOI grows from $180,000 to $239,580 during the primary term alone.
• Highway and Freeway Exposure: The pad fronts Pacific Highway S at ±23,000 vehicles per day with combined corridor exposure above 50,000 VPD at the S 348th Street junction, two blocks from Interstate 5, which carries 116,000+ VPD through Federal Way.
• Scarce Drive-Through Zoning: Federal Way permits drive-through use in only a narrow set of commercial zones along the Pacific Highway S corridor, with the balance of the city zoned residential. The subject sits inside that envelope, which constrains competing development and shortens the list of sites available to any future drive-through tenant.
• Surrounded by High-Performing Anchors: Walmart, Costco, Home Depot, and Lowe’s all operate within a block and combine for 8+ million annual visits (per Placer.ai). Federal Way Crossings is directly across the street, a dominant shopping center, anchored by Sportsman’s Warehouse and Ross. The subject captures the daily traffic of Federal Way’s dominant retail node.
• 17 Vacuum Stalls Show Tenant Conviction: More vacuum stalls than older Quick Quack locations. The tenant designed this site for high membership volume and underwrote strong visit traffic before committing to a 20-year term.
• Proven Commitment to Washington: Quick Quack entered the state in December 2024 by acquiring all six Glint Car Wash locations, then moved to ground-up development. Federal Way is part of that new construction pipeline, with Seattle and Tacoma announced. The tenant built a regional operating base before committing capital to this site.
• Light Rail & Rooftop Growth: The Federal Way Link light rail opened December 2025, and 4,500+ homes are recently delivered or in the pipeline near the city’s three new stations.