9633 Levin Rd - Medical FOR SALE


Silverdale, WA 98383- Central Silverdale
$5,895,000 USD
425-233-9522
9633 Levin Rd, Silverdale, WA for Sale
$5,895,000 USD
Medical - FOR SALE
1/4
null | 6.65% Cap Rate

9633 Levin Rd
Silverdale, WA 98383
Central Silverdale


HIGHLIGHTS

  • Anchored by Microsoft Corporation (NASDAQ: MSFT)
  • NNN Professional Center w/ Minimal Landlord Responsibilities
  • Healthcare and Financial Services-Oriented Tenancy
  • Recent Renovations + Well-Maintained Property
  • Dominant Silverdale Retail Trade Area | $1.2B+ Annual Consumer Spending
  • Adjacent to St. Michael’s Medical Center | $645M Expansion | High Barrier-to-Entry Submarket with 3.1% Vacancy Rate

OVERVIEW

The Brown Group of Marcus & Millichap has been selected to exclusively market for sale Creekside Professional Center, a NNN professional and medical center in Silverdale, Washington. The property is anchored by Microsoft, which occupies ~ 22% of the GLA and has maintained tenancy for 9+ years, providing exceptional credit strength to the rent roll. The other 78% of the GLA is leased by medical, dental, and financial services tenants — necessity-based uses less susceptible to e-commerce disruption. All 9 tenants operate on NNN leases with minimal landlord responsibilities. The property has been well maintained and recently received parking lot, HVAC, heat pump, and sprinkler upgrades. The property is located within the Silverdale retail trade area — the commercial hub of the Kitsap Peninsula generating $1.2B+ in annual consumer spending – and is just 0.8 miles from St. Michael Medical Center, the leading healthcare provider on the Kitsap Peninsula. The Silverdale office and healthcare submarket carries a vacancy rate of just 3.1% with 3.8% year-over-year rent growth and virtually no new supply delivered or under construction, creating a high barrier-to-entry environment. Within three miles, the population has grown over 13% in the past decade with average household incomes exceeding $120,000. Washington's lack of state income tax further enhances after-tax returns.

FOR SALE DETAILS

PRICE

$5,895,000 USD

PRICE/SF

$261 USD /SF

CAP RATE

6.65%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Creekside Professional Center

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Loft/Creative Space, Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1994

SPRINKLERS

-

PARKING SPACES

78

LAND DETAILS

LAND ACRES

1.21 AC

LAND SF

52,708 SF

ZONING

RC

APN/PARCEL ID

162501-3-096-2007

ASK ABOUT THIS PROPERTY

Trevor LaneMarcus & MillichapMore Info
425-233-9522

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Trevor LaneMarcus & MillichapMore Info
425-233-9522

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