2 Tenant Medical Bldg | NNN Lses | 3406 12th Ave NE
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2 Tenant Medical Bldg | NNN Lses 3406 12th Ave NE
15,500 SF Office Building Olympia, WA 98506 $15,354,000 ($991/SF) 5.20% Cap Rate
Investment Highlights
- Approximately 11 Years Remaining | No State Income Tax |Corporate Guaranteed | Annual Rental Increases | 100% Occupied
- Within Close Proximity to Multiple Apartments | Saint Martin’s University (1,300 Students | 300-Acres)
- Dense Retail Corridor | South Sound Center (656,000 SF)
- NNN Leases | Fee Simple | Limited Landlord Responsibilities
- Arterial Thoroughfare | Interstate 5 (146,000 VPD) | Providence St. Peter Hospital (390 Staffed Beds)
- Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes
Executive Summary
SRS National Net Lease Group in collaboration with Sherry Capital Advisors LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-tenant, NNN leased, 100% occupied retail investment located in Olympia, Washington (Seattle-Tacoma MSA). The property totals 15,500 SF and is divided into two suites with the Fresenius clinic occupying 11,170 SF and the Fresenius office space utilizing the remaining 4,330 SF. Both tenants have approximately 11 years remaining in their initial terms, with 3 (5-year) options to extend, demonstrating their commitment to the site. The leases feature 1.7% annual increases throughout the initial terms and an increase equal to the lesser of FMV or 10% at the beginning of each option period, steadily growing NOI and hedging against inflation. Both tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor in an income tax free state.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Building Size
15,500 SF
Building Class
B
Year Built
2018
Price
$15,354,000
Price Per SF
$991
Cap Rate
5.20%
NOI
$798,404
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,500 SF
Building FAR
0.18
Lot Size
2.03 AC
Zoning
MS - Medical Service District
Parking
4.13 Spaces per 1,000 SF Leased
Amenities
- Signage
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $5,931,500 | |
| Land Assessment | $1,533,600 | Total Assessment | $7,465,100 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,533,600
Improvements Assessment
$5,931,500
Total Assessment
$7,465,100
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2 Tenant Medical Bldg | NNN Lses | 3406 12th Ave NE
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