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DSHS 1651 S Pilgrim St 32,800 SF Office Building Moses Lake, WA 98837 $11,160,381 CAD ($340.26 CAD/SF) 7.69% Cap Rate
INVESTMENT HIGHLIGHTS
- Washington State Government Guarantee
- Recent 5-Year Lease w/ 17.5% Rent Increase Over Previous Lease
- 2025 Renovations
- Recession Proof / Essential Tenant
- 2015 Construction | Built to Suit
- Low Vacancy (2.3%) Market w/ Strong Rent Growth (12.5%)
EXECUTIVE SUMMARY
Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale the Department of Social & Health Services (DSHS) facility located in the rapidly growing Moses Lake, Washington, sub-market. This Property was a build-to-suit location for DSHS, situated on a spacious 3.26-acre lot with ample parking (roughly 185 parking stalls). The Seller recently completed renovations throughout the entire property including: parking lot, landscaping, HVAC maintenance, and lighting throughout the facility. DSHS recently renewed their lease for an additional five years, with a notable 17.5% rental increase over the previous term. The lease is guaranteed by the State of Washington, which has a Fitch rating of AA+. Moses Lake currently boasts a low 2.3% vacancy rate, with rental rates increasing 12.5% cumulatively over the last three years (source: CoStar). Ideally positioned off State Highway 17, a major Moses Lake arterial, the Property is approximately one mile from Interstate 90, the nation's largest and most trafficked Interstate.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
32,800 SF
Building Class
B
Year Built/Renovated
2015/2025
Price
$11,160,381 CAD
Price Per SF
$340.26 CAD
Cap Rate
7.69%
NOI
$858,233 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
32,800 SF
Building FAR
0.23
Lot Size
3.26 AC
AMENITIES
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Dept of Social And Health Services
- Public Administration
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Dept of Social And Health Services | Public Administration | - | - | - |
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PROPERTY TAXES
| Parcel Number | 110868400 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $7,918,799 CAD |
PROPERTY TAXES
Parcel Number
110868400
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$7,918,799 CAD
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DSHS | 1651 S Pilgrim St
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