Property Details

1232 164th St SW

Lynnwood, WA 98087

$4,890,000

Off Market

CBA# 708923 courtesy of CBA Listing firm: Northmarq Commercial, LLC

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I’d like more information about 1232 164th St SW, Lynnwood, MLS# 708923

Office / Retail

Property Type

2,841

Bldg Sq Ft

2026

Year Built

Property Overview

• Only Raising Cane's listed for sale in Washington (as of August 2025); 900+ locations nationwide• 15-year absolute NNN corporate ground lease, 10% rental bumps every 5 years, four 5-year options at 10% increases• Q2 2026 delivery — brand-new construction with dual-lane drive-thru and 10.5 spaces per 1,000 SF• Lighted hard corner on 164th St SW (50,000+ VPD), 1,000 feet from the I-5 interchange (180,000+ VPD)• Adjacent to a Walmart with 2.3M annual visits; co-tenancy includes Fred Meyer, Starbucks, Panda Express, Five Guys• 380,000+ residents within 5 miles; $149,000 average household income• 2,000+ multifamily units delivered within 2 miles since 2021, plus a 20-unit townhome project approved on the adjacent parcel• Raising Cane's posts the 2nd-highest AUV of any QSR brand in the