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Creekside Professional Bldg 16504 9th Ave SE 19,397 SF 100% Leased Office Building Mill Creek, WA 98012 $7,390,000 ($380.99/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Turnkey Asset with Low Maintenance
- Passive NNN Investment
- Ample Parking
- 100% Occupied with Long-Term Stability
- High-Demand Submarket with Tight Vacancy
- Excellent Demographics
EXECUTIVE SUMMARY
Northmarq is pleased to present the Creekside Professional Building, a turnkey, low-risk investment in one of Snohomish County's most desirable submarkets. The offering is 100% occupied, boasting durable income and NNN leases requiring minimal management responsibility.
The 19,397 SF building was constructed in 2001 and is home to five tenants offering a mix of medical and professional services to the surrounding community.
Positioned between I-5 and Bothell-Everett Highway, the property offers excellent connectivity and convenient access for more than 365,000 residents within a five-mile radius. Creekside features 80 dedicated parking stalls, enhancing tenant functionality while generating additional income for ownership.
All five leases are structured on a NNN basis with annual rent escalations, delivering a strong hedge against inflation with minimal expense exposure. As of the offering date, the property features a weighted average lease term of 5.06 years, with 80% of tenants holding extension options.
The 19,397 SF building was constructed in 2001 and is home to five tenants offering a mix of medical and professional services to the surrounding community.
Positioned between I-5 and Bothell-Everett Highway, the property offers excellent connectivity and convenient access for more than 365,000 residents within a five-mile radius. Creekside features 80 dedicated parking stalls, enhancing tenant functionality while generating additional income for ownership.
All five leases are structured on a NNN basis with annual rent escalations, delivering a strong hedge against inflation with minimal expense exposure. As of the offering date, the property features a weighted average lease term of 5.06 years, with 80% of tenants holding extension options.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
19,397 SF
Building Class
B
Year Built
2001
Price
$7,390,000
Price Per SF
$380.99
Cap Rate
6.50%
NOI
$480,330
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
9,699 SF
Building FAR
0.20
Lot Size
2.27 AC
Zoning
Community Business (CB)
Parking
80 Spaces (4.12 Spaces per 1,000 SF Leased)
AMENITIES
- Conferencing Facility
- Signage
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $5,374,900 | |
| Land Assessment | $1,753,500 | Total Assessment | $7,128,400 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,753,500
Improvements Assessment
$5,374,900
Total Assessment
$7,128,400
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Creekside Professional Bldg | 16504 9th Ave SE
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