Listed by Marcus & Millichap - Seattle
$7,680,000
Washington State Department of Social and Health Services
Details
Property Type Office
Sub Type Creative Office, Executive Office
Square Footage 32,800
Net Rentable (SqFt) 32,800
Units 1
Cap Rate 8%
NOI $614,559
Occupancy 100%
Tenancy Single
Brand/Tenant Washington State
Lease Type Modified
Lease Term 14.8
Lease Expiration 07/31/2030
Remaining Term 4.1
Rent Bumps Yes
Lease Options One (1) 5-Year Option at FMR
Price per SqFt $234
Broker Co-Op Yes
Year Built 2015
Year Renovated 2025
Buildings 1
Stories 1
Acreage 3.260
Zoning C2 - General Commercial / Retail
Parking Spaces 185 spaces
Parking Per SqFt 5.64
Investment Type Core+
Tenant Credit Credit Rated
Lease Commencement 10/01/2015
Occupancy Date 08/01/2015
Ground Lease No
Ownership Fee Simple
Office | 8.00% CAP | 32,800 SqFt
Investment highlights
Washington State Government Guarantee
Recession Proof | Essential Tenant
Recent 5-Year Lease with 17.5% Rent Increase Over Previous Term
2015 Construction | Built to Suit
2025 Renovations
Large 3.26 Acre Lot with Ample Parking
Low Vacancy (2.3%) Market with Strong Rent Growth (12.5%)
High Population Growth Sub-Market
Income Tax Free State
Listing Contacts
Listed by Marcus & Millichap - Seattle
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$614,559.00
$51,213.25/mo
Valuation Metrics
0
DSCR
8%
Cap Rate
8%
ROI
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