Description

Sonic Drive-In is a retail sale-leaseback at 10312 Evergreen Way in Everett, WA 98204. Built in 2022, the drive-thru restaurant occupies a signalized hard corner at Evergreen Way and Olivia Park Road, with traffic of 37,000 AADT.

The 1,200 SF building sits on 0.63 acres, giving investors a defined restaurant asset rather than a broader retail center. The sale-leaseback carries a 20-year Absolute Net lease with 10% rent increases every 5 years and rent commencing at close of escrow. The tenant is responsible for property taxes, insurance, utilities, maintenance, and the roof and structure. Those terms place day-to-day property obligations with the operator while establishing a scheduled rental progression for the buyer.

The corner location puts Sonic alongside an established group of retailers that includes Costco, Target, Walmart, Grocery Outlet, Trader Joe’s, and Hobby Lobby. Its drive-thru format and signalized intersection position the restaurant for customers traveling Evergreen Way. Downtown Everett is 6 miles away, and downtown Seattle is 23.5 miles away, placing the property within the broader Seattle metropolitan area without making the investment story depend on a single nearby destination.

The asking price is $2,727,000, with $150,000 in NOI and a 5.50% cap rate. The lease is signed by a Sonic franchisee operating 175+ locations across 14 states, giving buyers an operator profile to weigh alongside the lease obligations and scheduled increases. For investors seeking a single-tenant restaurant sale-leaseback, the combination of a recent build, drive-thru, and defined lease structure makes this offering worth a closer look. Review the Offering Materials for the transaction details.