22014 7th Ave S - Medical FOR SALE


Des Moines, WA 98198- Des Moines Beach
$4,500,000 USD
206-584-6195
22014 7th Ave S, Des Moines, WA for Sale
$4,500,000 USD
Medical - FOR SALE
1/16
null | 7.11% Cap Rate

22014 7th Ave S
Des Moines, WA 98198
Des Moines Beach


HIGHLIGHTS

  • EXTENDED 8+ YEAR ANCHOR LEASE
  • NEARLY $2M IN RECENT CAPITAL EXPENDITURES
  • STRONG SUBMARKET FUNDAMENTALS
  • SCHEDULED ANNUAL RENT ESCALATIONS
  • STRONG LOCAL DEMOGRAPHICS SUPPORT TENANT DEMAND
  • SUPPLY-CONSTRAINED SUBMARKET

OVERVIEW

Mission Pet Health Center presents a premier, stabilized veterinary investment opportunity anchored by Mission Pet Health (Saltwater Animal Hospital), which has over 8 years remaining on its NNN lease. The asset has been significantly upgraded with nearly $2M in recent capital improvements and has a full slate of recent lease extensions, leaving minimal near-term cost or vacancy risk for a new owner. The property is located within a high-density medical and professional submarket, boasting a sub-4% vacancy rate. Saltwater Animal Hospital serves a widespread client base in and outside of the local trade area, spanning from West Seattle through Federal Way. The remaining professional office component is fully occupied with recently extended and signed leases, and provides both immediate income stability and a strategic hedge against vacancy. This is driven by strong leasing velocity in high-demand, sub-1,000 SF suites. Mission Pet Health Center offers an investor an ideal blend of high in-place cash flow and clear upside through scheduled rent growth.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$492 USD /SF

CAP RATE

7.11%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Des Moines Square

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1982

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.77 AC

LAND SF

33,541 SF

ZONING

D-C

APN/PARCEL ID

200900-3690

ASK ABOUT THIS PROPERTY

RJ VaraNorthmarqMore Info
206-584-6195

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RJ VaraNorthmarqMore Info
206-584-6195

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