DaVita, Inc. | 1501 O St SW
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DaVita, Inc. 1501 O St SW
11,511 SF Office Building Auburn, WA 98001 $7,729,095 ($671/SF) 5.85% Cap Rate
Investment Highlights
- Dense Retail Corridor
- Income Tax-Free State
- High-Income Area in Seattle MSA
- Strong Guarantee & Leading Operator
- Long-Term, Passive Lease with 10% Rent Increases Every 5 Years
- Certificate of Need State
Executive Summary
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the building of a single-tenant medical office facility located in Auburn, Washington (the "Property").
The Property consists of 1.25 acres and a one-story, 11,511-square-foot medical office building that was built-to-suit in 2023 to the exact specifications of the Tenant. Additionally, the current Owner has ±6.01 acres of excess land adjacent to the South of the Property. (Contact Broker for further details.) The Property is located along 15th Street Southwest immediately South of the Outlet Collection Seattle near the intersection of Valley Freeway (91k VPD) and WA-18 (104k VPD). There are approximately 221,000 in population in a five-mile radius with an average household income in excess of $116,000 annually.
The Tenant recently completed a comprehensive build-to-suit to the exact standards of its brand-new prototype that is at the top end of the kidney care industry from a patient quality and energy-efficiency design standard. This location is a relocation of a highly successful operation in this market that outgrew its previous capacity. The initial term of the lease is for fifteen (15) years and will feature three (3), five (5) year renewal options. The lease is the Tenant’s standard form it uses across the majority of its 2,675 locations, a highly passive net lease that is landlord friendly, offering minimal expense exposure given the new construction. The lease also provides for rental increases in the amount of ten percent (10%) every five (5) years.
In Assoication With: Kevin Adatto - WA Lic. #21038208
The Property consists of 1.25 acres and a one-story, 11,511-square-foot medical office building that was built-to-suit in 2023 to the exact specifications of the Tenant. Additionally, the current Owner has ±6.01 acres of excess land adjacent to the South of the Property. (Contact Broker for further details.) The Property is located along 15th Street Southwest immediately South of the Outlet Collection Seattle near the intersection of Valley Freeway (91k VPD) and WA-18 (104k VPD). There are approximately 221,000 in population in a five-mile radius with an average household income in excess of $116,000 annually.
The Tenant recently completed a comprehensive build-to-suit to the exact standards of its brand-new prototype that is at the top end of the kidney care industry from a patient quality and energy-efficiency design standard. This location is a relocation of a highly successful operation in this market that outgrew its previous capacity. The initial term of the lease is for fifteen (15) years and will feature three (3), five (5) year renewal options. The lease is the Tenant’s standard form it uses across the majority of its 2,675 locations, a highly passive net lease that is landlord friendly, offering minimal expense exposure given the new construction. The lease also provides for rental increases in the amount of ten percent (10%) every five (5) years.
In Assoication With: Kevin Adatto - WA Lic. #21038208
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
11,511 SF
Building Class
B
Year Built
2023
Price
$7,729,095
Price Per SF
$671
Cap Rate
5.85%
NOI
$452,152
Tenancy
Single
Building Height
1 Story
Typical Floor Size
11,511 SF
Building FAR
0.21
Lot Size
1.25 AC
Parking
43 Spaces (3.74 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Air Conditioning
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PROPERTY TAXES
| Parcel Number | 030150-0090 | Improvements Assessment | $0 |
| Land Assessment | $746,200 | Total Assessment | $746,200 |
PROPERTY TAXES
Parcel Number
030150-0090
Land Assessment
$746,200
Improvements Assessment
$0
Total Assessment
$746,200
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DaVita, Inc. | 1501 O St SW
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