11505 Burnham Dr
Gig Harbor, WA 98332
3 Story Office Complex · Office Property For Sale

Beautiful 3 story office complex and first floor built in 2008, with floors 2 and 3 left as contractor grade concrete construction until a complete buildout and occupancy in June of 2018. The approach to the second and third floor was completely well thought out and preplanned. We went out and asked the business community by preleasing, what the market was looking for and discovered that smaller offices were in high demand so that approach was used in the design and buildout. It turned out stunning and well received by all tenants and clients that enter the building. The result was a completely 100% fully occupied building, again prebuild out, with an average $5 per square foot increase in the original asking lease rate. The location is visible from Hwy 16 on the west side and easily accessible to the freeway. It is in a newer growth area that has just been rezoned C1 commercial down Burnham Drive to the North so continued growth in the area is expected. On the east side of Hwy 16, 2 minutes or 0.7 miles from this building are all the amenities from Starbucks, Target, Home Depot and Office depot. At $3,400,000.00 we project a cap rate to be 5.34 for 2019, 5.71 for 2020 and 5.8 for 2021. Gross: $276,173 Operating Expenses: $71,024 Net Income: $205, 149 CAP Rate: 5.86 Last 2 years P&L & Balance Sheets 14,066 SF 10 Tenants 0.66 Acres 41 Parking Stalls Call us and schedule a tour, please do NOT disturb tenants. Title is open with Rainier Title - Gig Harbor. File #763943RT - Parcel# 0122258008