1651 S Pilgrim St - Office FOR SALE


Moses Lake, WA 98837
$8,500,000 USD
206-826-5787
1651 S Pilgrim St, Moses Lake, WA for Sale
$8,500,000 USD
Office - FOR SALE
1/4
null | 7.25% Cap Rate

1651 S Pilgrim St
Moses Lake, WA 98837


HIGHLIGHTS

  • Washington State Government Guarantee
  • Recession Proof / Essential Tenant
  • Recent 5-Year Lease with 17.5% Rent Increase Over Previous Lease
  • 2015 Construction | Built to Suit
  • 2025 Renovations
  • Large 3.26 Acre Lot with Ample Parking

OVERVIEW

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale the Department of Social & Health Services (DSHS) facility located in the rapidly growing Moses Lake, Washington, sub-market. This Property was a build-to-suit location for DSHS, situated on a spacious 3.26-acre lot with ample parking (roughly 185 parking stalls). Prior to closing, the Seller will be completing renovations throughout the entire property including: parking lot, landscaping, HVAC maintenance, and lighting throughout the facility. DSHS recently renewed their lease for an additional five years, with a notable 17.5% rental increase over the previous term. The lease is guaranteed by the State of Washington, which has a Fitch rating of AA+. Moses Lake currently boasts a low 2.3% vacancy rate, with rental rates increasing 12.5% cumulatively over the last three years (source: CoStar). Ideally positioned off State Highway 17, a major Moses Lake arterial, the Property is approximately one mile from Interstate 90, the nation's largest and most trafficked Interstate.

FOR SALE DETAILS

PRICE

$8,500,000 USD

PRICE/SF

$259 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

WA State Dept. of Social and Health Services

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

-

YEAR BUILT

2015

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.26 AC

LAND SF

142,006 SF

ZONING

-

APN/PARCEL ID

110868400

ASK ABOUT THIS PROPERTY

Clayton BrownMarcus & MillichapMore Info
206-826-5787

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Clayton BrownMarcus & MillichapMore Info
206-826-5787

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.