Franciscan Medical Pavilion
Office | 6.25% CAP | 20,614 SqFt
Marketing description
Franciscan Medical Pavilion is a fully leased medical office asset located at 15214 Canyon Rd E in Puyallup, WA, positioned within one of the South Sound's most active healthcare corridors.
Situated on a 1.53 AC parcel with 97 on-site parking stalls (4.41 per 1,000 SF parking ratio), the property offers investors stable, in-place income backed by a creditworthy anchor tenant and strong underlying fundamentals in a high-demand medical submarket.
The building is anchored by Virginia Mason Franciscan Health (subsidiary of CommonSpirit Health), one of the region's most established and well-recognized healthcare systems. VMFH has been a cornerstone of this building since its delivery in 2009 — representing over 15 years of continuous occupancy — reinforcing the property's identity as a purpose-built medical destination and providing immediate, long-term income security from a credit-quality tenant.
With 100% occupancy, a 6.25% cap rate on an asking price of $9,931,445, and an anchor tenant deeply embedded in the Puyallup market, Franciscan Medical Pavilion presents a compelling acquisition opportunity for investors seeking durable cash flow and low-risk medical office exposure in a proven South Puget Sound submarket.
Investment highlights
- This 100%-leased medical office property offers investors a reliable income stream supported by long-term healthcare tenancy and strong market fundamentals. VMFH has been a cornerstone of the building's occupancy, providing institutional-grade stability and a well-recognized healthcare brand. The fully leased rent roll delivers predictable, in-place cash flow with minimal near-term rollover risk, making this an immediately accretive acquisition.
- The property offers an attractive 6.25% cap rate, delivering strong in-place cash flow from day one. Long-term healthcare tenancy anchored by VMFH provides income stability, while the asset's position in a high-demand medical submarket supports continued performance throughout the hold period. The Puyallup healthcare submarket recorded just 2.20% vacancy in Q1 2026 with 8.50% annual rent growth, reflecting the depth of demand and scarcity of available product that underpins this investment's long-term value.
- Located in the Puyallup submarket, one of the South Puget Sound's most active and undersupplied medical office corridors, the property benefits from strong tenant demand and limited competing supply. Suburban healthcare assets in this area continue to outperform broader market trends, supported by population growth, healthcare-driven demand, and minimal new construction, reinforcing Franciscan Medical Pavilion's positioning as a resilient long-term investment.
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