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2 Tenant Medical Bldg | NNN Lses 3406 12th Ave NE 15,500 SF Office Building Olympia, WA 98506 $21,421,901 CAD ($1,382.06 CAD/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
$21,421,901 CAD
Price Per SF
$1,382.06 CAD
Cap Rate
5.20%
NOI
$1,113,933 CAD
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
AMENITIES
- Signage
1 1
PROPERTY TAXES
| Parcel Number | 11807440210 | Improvements Assessment | $2,221,577 CAD |
| Land Assessment | $727,736 CAD | Total Assessment | $2,949,313 CAD |
PROPERTY TAXES
Parcel Number
11807440210
Land Assessment
$727,736 CAD
Improvements Assessment
$2,221,577 CAD
Total Assessment
$2,949,313 CAD
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2 Tenant Medical Bldg | NNN Lses | 3406 12th Ave NE
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