Northmarq is pleased to present the Lake Hill Medical Dental Center, a value-add investment opportunity in one of Everett's high-barrier-to-entry submarkets.? The offering is 100% occupied, boasting durable NNN income across a diversified roster of seven medical, dental, and professional tenants.?
The 11,712 SF building recently benefited from ±$194K capital improvements including a new roof, HVAC, and structural upgrades, reducing near-term capex exposure for a buyer.?
In-place rents average $17.27/SF against a submarket average of $24.00/SF, representing significant embedded rent upside.? With several leases rolling in the near term, ownership is well positioned to capture meaningful rental increases as tenants renew to market rates.? All seven leases are structured on a NNN basis, insulating ownership from operating expense growth.?
Positioned with immediate access to Highway 99 and SR 525, the property offers strong visibility and convenience for tenants and their patients.? No competing office product has been delivered or is under construction in the submarket over the past 10 years, underscoring the site's high barrier to entry.?