420 McPhee Rd SW
Olympia, WA 98502
MultiCare + AON Oncology · Bureau Propriété À vendre

Marcus & Millichap's Brown Retail Group has been selected exclusively to market for sale MultiCare + AON, a fully leased medical office building located in west Olympia, WA, just minutes from the region's two largest hospitals— MultiCare Capital Medical Center and Providence St. Peter. The property is 100% occupied by MultiCare and American Oncology Network (AON), offering stable cash flow with strong credit tenancy and long-term medical demand drivers. MultiCare recently expanded with a new 3-year lease for Suite 201, increasing its occupancy to nearly 48% of GLA, while AON executed a new 5-year lease extension, further strengthening the tenancy profile. All leases include 2.0%–3.0% annual rent increases, providing consistent income growth and inflation protection. Priced at a 7.30% cap rate, the asset delivers compelling yield supported by highly durable tenancy—Vista Oncology (now AON) has occupied since 2013 and Capital Medical Center (now MultiCare) since 2018. Built in 2013 with high-quality construction and minimal anticipated capital expenditures, the property serves a dense, affluent population base of approximately 90,000 residents within five miles with average household incomes nearing $100,000. Located in Washington, an income tax–free state, the asset offers additional investor advantages with recession-resistant healthcare tenancy and staggered lease expirations supporting predictable long-term revenue.