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Creekside Professional Bldg 16504 9th Ave SE 19,397 SF 100% Leased Office Building Mill Creek, WA 98012 $10,107,303 CAD ($521.08 CAD/SF) 6.50% Cap Rate
Investment Highlights
- Turnkey Asset with Low Maintenance
- Passive NNN Investment
- Ample Parking
- 100% Occupied with Long-Term Stability
- High-Demand Submarket with Tight Vacancy
- Excellent Demographics
Executive Summary
Northmarq is pleased to present the Creekside Professional Building, a turnkey, low-risk investment in one of Snohomish County's most desirable submarkets. The offering is 100% occupied, boasting durable income and NNN leases requiring minimal management responsibility.
The 19,397 SF building was constructed in 2001 and is home to five tenants offering a mix of medical and professional services to the surrounding community.
Positioned between I-5 and Bothell-Everett Highway, the property offers excellent connectivity and convenient access for more than 365,000 residents within a five-mile radius. Creekside features 80 dedicated parking stalls, enhancing tenant functionality while generating additional income for ownership.
All five leases are structured on a NNN basis with annual rent escalations, delivering a strong hedge against inflation with minimal expense exposure. As of the offering date, the property features a weighted average lease term of 5.06 years, with 80% of tenants holding extension options.
The 19,397 SF building was constructed in 2001 and is home to five tenants offering a mix of medical and professional services to the surrounding community.
Positioned between I-5 and Bothell-Everett Highway, the property offers excellent connectivity and convenient access for more than 365,000 residents within a five-mile radius. Creekside features 80 dedicated parking stalls, enhancing tenant functionality while generating additional income for ownership.
All five leases are structured on a NNN basis with annual rent escalations, delivering a strong hedge against inflation with minimal expense exposure. As of the offering date, the property features a weighted average lease term of 5.06 years, with 80% of tenants holding extension options.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
19,397 SF
Building Class
B
Year Built
2001
Price
$10,107,303 CAD
Price Per SF
$521.08 CAD
Cap Rate
6.50%
NOI
$656,947 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
9,699 SF
Building FAR
0.20
Lot Size
2.27 AC
Zoning
Community Business (CB)
Parking
80 Spaces (4.12 Spaces per 1,000 SF Leased)
Amenities
- Conferencing Facility
- Signage
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 005096-001-002-02 | Improvements Assessment | $7,449,999 CAD |
| Land Assessment | $2,346,016 CAD | Total Assessment | $9,796,014 CAD |
Property Taxes
Parcel Number
005096-001-002-02
Land Assessment
$2,346,016 CAD
Improvements Assessment
$7,449,999 CAD
Total Assessment
$9,796,014 CAD
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Creekside Professional Bldg | 16504 9th Ave SE
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