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Eviva Weight Loss Surgery Center 19930 Ballinger Way NE 15,265 SF Office Building Shoreline, WA 98155 $8,416,780 CAD ($551.38 CAD/SF) 6.75% Cap Rate
Investment Highlights
- RECESSION-RESILIENT, HIGH-MARGIN MEDICAL TENANT
- SIGNIFICANT TENANT CAPITAL COMMITMENT
- COMPOUNDING YIELD VIA FIXED ESCALATIONS
- STRATEGIC “MEDTAIL” CORRIDOR LOCATION
- DIRECT PROXIMITY TO REGIONAL MEDICAL HUBS
- ROBUST DEMOGRAPHICS
Executive Summary
A premier opportunity to acquire a mission-critical surgical center in the high-barrier Shoreline submarket. The asset is fully occupied by Eviva, a dominant Pacific Northwest bariatric and aesthetic practice with a 20-year track record. The facility features a specialized build-out, including two Class C operating rooms and recovery suites, creating a “sticky” tenant with high relocation costs.
Secured by a 5-year absolute NNN sale-leaseback, the investment offers a truly passive income stream with zero landlord responsibilities. As a Certificate of Need (CON) facility, the property is protected by significant regulatory barriers, as Washington State strictly limits the development of new competing surgical centers.
Eviva has strategically evolved its business model to leverage the rise of GLP-1 medications, utilizing them as a high-volume patient acquisition engine for its high-margin surgical and cosmetic divisions. With 3% annual rent escalations, this investment provides a powerful inflation hedge and compounding yield in a specialized, recession-resilient healthcare niche.
Secured by a 5-year absolute NNN sale-leaseback, the investment offers a truly passive income stream with zero landlord responsibilities. As a Certificate of Need (CON) facility, the property is protected by significant regulatory barriers, as Washington State strictly limits the development of new competing surgical centers.
Eviva has strategically evolved its business model to leverage the rise of GLP-1 medications, utilizing them as a high-volume patient acquisition engine for its high-margin surgical and cosmetic divisions. With 3% annual rent escalations, this investment provides a powerful inflation hedge and compounding yield in a specialized, recession-resilient healthcare niche.
Property Facts
Sale Type
Investment NNN
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Medical
Building Size
15,265 SF
Building Class
B
Year Built
2003
Price
$8,416,780 CAD
Price Per SF
$551.38 CAD
Cap Rate
6.75%
NOI
$568,133 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
7,633 SF
Building FAR
0.38
Lot Size
0.92 AC
Zoning
NB - Neighborhood Business
Parking
57 Spaces (3.73 Spaces per 1,000 SF Leased)
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 263690-0187 | Improvements Assessment | $4,025,802 CAD |
| Land Assessment | $2,785,802 CAD | Total Assessment | $6,811,605 CAD |
Property Taxes
Parcel Number
263690-0187
Land Assessment
$2,785,802 CAD
Improvements Assessment
$4,025,802 CAD
Total Assessment
$6,811,605 CAD
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Eviva Weight Loss Surgery Center | 19930 Ballinger Way NE
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