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Proliance Medical Building 1500 Continental Pl 19,904 SF Office Building Mount Vernon, WA 98273 $7,180,000 ($360.73/SF) 8.20% Cap Rate
INVESTMENT HIGHLIGHTS
- Rare Medical-Surgical Facility
- Prominent Corner Location
- Quality Construction
- In-Place Income Through 2027
- Ample Parking
- Designated Opportunity Zone
EXECUTIVE SUMMARY
BROWN RETAIL GROUP is excited to present the exclusive opportunity to acquire 1500 Continental Place, a 19,904 SF medical office building located in the heart of Mount Vernon, Washington. The property was built in 2001 with durable masonry construction, and has two operating rooms. The site spans 1.66 acres with 82 surface parking stalls, delivering an above-market 4.12/1,000 SF parking ratio—an operational advantage for patient-oriented practices. Demographic trends in the surrounding area provide strong support for continued medical demand. The 5-mile population is projected to grow to over 62,600 by 2029, with nearly one in five residents aged 60 or older. Positioned just 1.6 miles (5 minutes) from Skagit Valley Hospital, the property is strategically located within the region’s core healthcare corridor, enhancing both referral opportunities and long-term tenant viability.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
19,904 SF
Building Class
C
Year Built
2001
Price
$7,180,000
Price Per SF
$360.73
Cap Rate
8.20%
NOI
$588,731
Tenancy
Single
Building Height
1 Story
Typical Floor Size
19,904 SF
Building FAR
0.28
Lot Size
1.66 AC
Opportunity Zone
Yes
Zoning
C-2 - General Commercial District
Parking
82 Spaces (4.12 Spaces per 1,000 SF Leased)
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Proliance Surgeons, Inc.
- Health Care and Social Assistance
- -
- -
- Triple Net
- Sep 2026
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Proliance Surgeons, Inc. | Health Care and Social Assistance | - | - | Triple Net | Sep 2026 |
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PROPERTY TAXES
| Parcel Number | P114427 | Improvements Assessment | $5,604,100 |
| Land Assessment | $896,300 | Total Assessment | $276,900 |
PROPERTY TAXES
Parcel Number
P114427
Land Assessment
$896,300
Improvements Assessment
$5,604,100
Total Assessment
$276,900
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Proliance Medical Building | 1500 Continental Pl
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