3406 12th Ave NE - Medical FOR SALE


Olympia, WA 98506
$15,354,000 USD
480-221-4221
3406 12th Ave NE, Olympia, WA for Sale
$15,354,000 USD
Medical - FOR SALE
1/8
null | 5.2% Cap Rate

3406 12th Ave NE
Olympia, WA 98506


HIGHLIGHTS

  • Approximately 11 Years Remaining | No State Income Tax |Corporate Guaranteed | Annual Rental Increases | 100% Occupied
  • NNN Leases | Fee Simple | Limited Landlord Responsibilities
  • Within Close Proximity to Multiple Apartments | Saint Martin’s University (1,300 Students | 300-Acres)
  • Arterial Thoroughfare | Interstate 5 (146,000 VPD) | Providence St. Peter Hospital (390 Staffed Beds)
  • Dense Retail Corridor | South Sound Center (656,000 SF)
  • Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes

OVERVIEW

SRS National Net Lease Group in collaboration with Sherry Capital Advisors LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-tenant, NNN leased, 100% occupied retail investment located in Olympia, Washington (Seattle-Tacoma MSA). The property totals 15,500 SF and is divided into two suites with the Fresenius clinic occupying 11,170 SF and the Fresenius office space utilizing the remaining 4,330 SF. Both tenants have approximately 11 years remaining in their initial terms, with 3 (5-year) options to extend, demonstrating their commitment to the site. The leases feature 1.7% annual increases throughout the initial terms and an increase equal to the lesser of FMV or 10% at the beginning of each option period, steadily growing NOI and hedging against inflation. Both tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor in an income tax free state.

FOR SALE DETAILS

PRICE

$15,354,000 USD

PRICE/SF

$991 USD /SF

CAP RATE

5.2%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

2 Tenant Medical Bldg | NNN Lses

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2018

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.03 AC

LAND SF

88,427 SF

ZONING

MS

APN/PARCEL ID

11807440210

ASK ABOUT THIS PROPERTY

Patrick LutherSRS National Net LeaseMore Info
480-221-4221

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Patrick LutherSRS National Net LeaseMore Info
480-221-4221

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