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Schmidt Medical Center 1025 153rd St SE 21,433 SF 100% Leased Office Building Mill Creek, WA 98012 $14,341,392 CAD ($669.13 CAD/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- The property is anchored by Optum Care who has been a tenant since 2005 and recently exercised their renewal option.
- Schmidt Medical Center is in a tight submarket with a vacancy rate under 3% for medical office buildings.
- Mill Creek is an affluent Seattle suburb with a population of 354,000 within 5 miles and an average household income within 1 mile of $160,000.
- Optum Inc. is an American Healthcare subsidiary of UnitedHealth Group with a 2024 revenue of$253B+.
- All NNN leases with annual CPI or 3% rental increases.
- The subject property is well located directly across from Mill Creek Town Center and a short drive from the Swedish Mill Creek Campus.
EXECUTIVE SUMMARY
Northmarq is pleased to exclusively offer the opportunity to acquire the fee simple interest in the Schmidt Medical Center, a multi-tenant medical outpatient building located in Mill Creek, WA (Seattle MSA). The Property is currently 95% occupied (100% leased) and contains a synergistic tenant mix of eye care, dental care, and primary care practices. All leases are subject to a NNN structure with annual rent escalations, providing a hedge against inflation. The Schmidt Medical Center currently has a weighted average lease term (“WALT”) of 4.6 years.
The Subject Property is anchored by Optum Care who has been a tenant since 2005. Optum is an American Healthcare provider with 2,200 primary and specialty care offices across 16 states. Optum is a direct subsidiary of UnitedHealth Group Inc (NYSE: UNH) who is credit rated AA- by Standard & Poor’s Rating Service. UnitedHealth Group reported a 2024 revenue of $400.3 billion while Optum reported a 2024 revenue of $253 billion, an 11.7% year-over-year increase.
The Subject Property is anchored by Optum Care who has been a tenant since 2005. Optum is an American Healthcare provider with 2,200 primary and specialty care offices across 16 states. Optum is a direct subsidiary of UnitedHealth Group Inc (NYSE: UNH) who is credit rated AA- by Standard & Poor’s Rating Service. UnitedHealth Group reported a 2024 revenue of $400.3 billion while Optum reported a 2024 revenue of $253 billion, an 11.7% year-over-year increase.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Medical
Building Size
21,433 SF
Building Class
B
Year Built
2000
Price
$14,341,392 CAD
Price Per SF
$669.13 CAD
Cap Rate
6.25%
NOI
$896,337 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
10,716 SF
Building FAR
0.18
Lot Size
2.70 AC
Zoning
MDR
Parking
114 Spaces (5.32 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Signage
1 1
Walk Score®
Very Walkable (73)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 270506-002-024-00 | Improvements Assessment | $5,827,018 CAD |
| Land Assessment | $3,140,075 CAD | Total Assessment | $8,967,094 CAD |
PROPERTY TAXES
Parcel Number
270506-002-024-00
Land Assessment
$3,140,075 CAD
Improvements Assessment
$5,827,018 CAD
Total Assessment
$8,967,094 CAD
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Schmidt Medical Center | 1025 153rd St SE
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