420 McPhee Rd SW - Medical FOR SALE


Olympia, WA 98502- West Olympia
$3,150,000 USD
253-334-3761
420 McPhee Rd SW, Olympia, WA for Sale
$3,150,000 USD
Medical - FOR SALE
1/6
null | 7.3% Cap Rate

420 McPhee Rd SW
Olympia, WA 98502
West Olympia


HIGHLIGHTS

  • New MultiCare Expansion & New 5-Year AON Lease
  • 100% Occupied Medical Building | Staggered Lease Expirations
  • Annual Rent Increases | High-Yield Investment
  • Strategic Location Near Major Medical Campuses | Essential Tenants
  • High Quality Construction
  • Strong Historical Occupancy | Solid Medical Guarantees

OVERVIEW

Marcus & Millichap's Brown Retail Group has been selected exclusively to market for sale MultiCare + AON, a fully leased medical office building located in west Olympia, WA, just minutes from the region's two largest hospitals— MultiCare Capital Medical Center and Providence St. Peter. The property is 100% occupied by MultiCare and American Oncology Network (AON), offering stable cash flow with strong credit tenancy and long-term medical demand drivers. MultiCare recently expanded with a new 3-year lease for Suite 201, increasing its occupancy to nearly 48% of GLA, while AON executed a new 5-year lease extension, further strengthening the tenancy profile. All leases include 2.0%–3.0% annual rent increases, providing consistent income growth and inflation protection. Priced at a 7.30% cap rate, the asset delivers compelling yield supported by highly durable tenancy—Vista Oncology (now AON) has occupied since 2013 and Capital Medical Center (now MultiCare) since 2018. Built in 2013 with high-quality construction and minimal anticipated capital expenditures, the property serves a dense, affluent population base of approximately 90,000 residents within five miles with average household incomes nearing $100,000. Located in Washington, an income tax–free state, the asset offers additional investor advantages with recession-resistant healthcare tenancy and staggered lease expirations supporting predictable long-term revenue.

FOR SALE DETAILS

PRICE

$3,150,000 USD

PRICE/SF

$330 USD /SF

CAP RATE

7.3%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

MultiCare + AON Oncology

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

2013

SPRINKLERS

-

PARKING SPACES

54

LAND DETAILS

LAND ACRES

0.86 AC

LAND SF

37,442 SF

ZONING

MS

APN/PARCEL ID

12817410500

ASK ABOUT THIS PROPERTY

Dylan WolfMarcus & MillichapMore Info
253-334-3761

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Dylan WolfMarcus & MillichapMore Info
253-334-3761

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