Log In/Sign Up
Your email has been sent.
Washington State DSHS 1651 S Pilgrim St 32,800 SF Office Building Moses Lake, WA 98837 $7,680,000 ($234.15/SF) 8% Cap Rate
Investment Highlights
- Washington State Government Guarantee
- 2015 Construction | Built to Suit
- Low Vacancy (2.3%) Market with Strong Rent Growth (12.5%)
- Recent 5-Year Lease with 17.5% Rent Increase Over Previous Term
- Large 3.26 Acre Lot with Ample Parking
- Income Tax Free State
Executive Summary
Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale the Department of Social & Health Services (DSHS) facility located in the rapidly growing Moses Lake, Washington, sub-market. This Property was a build-to-suit location for DSHS, situated on a spacious 3.26-acre lot with ample parking (roughly 185 parking stalls). Prior to closing, the Seller will be completing renovations throughout the entire property including: parking lot, landscaping, HVAC maintenance, and lighting throughout the facility. DSHS recently renewed their lease for an additional five years, with a notable 17.5% rental increase over the previous term. The lease is guaranteed by the State of Washington, which has a Fitch rating of AA+. Moses Lake currently boasts a low 2.3% vacancy rate, with rental rates increasing 12.5% cumulatively over the last three years (source: CoStar). Ideally positioned off State Highway 17, a major Moses Lake arterial, the Property is approximately one mile from Interstate 90, the nation's largest and most trafficked Interstate.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$614,559
|
$18.74
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $614,559 |
| Annual Per SF | $18.74 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
32,800 SF
Building Class
B
Year Built/Renovated
2015/2025
Price
$7,680,000
Price Per SF
$234.15
Cap Rate
8%
NOI
$614,559
Tenancy
Single
Building Height
1 Story
Typical Floor Size
32,800 SF
Building FAR
0.23
Lot Size
3.26 AC
Zoning
C2 - General Commercial
Amenities
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Dept of Social And Health Services
- Public Administration
- 32,800 SF
- $23.50
- Modified Gross
- Jul 2030
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Dept of Social And Health Services | Public Administration | 32,800 SF | $23.50 | Modified Gross | Jul 2030 |
1 1
Property Taxes
| Parcel Number | 110868400 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $5,672,817 |
Property Taxes
Parcel Number
110868400
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$5,672,817
1 of 6
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Washington State DSHS | 1651 S Pilgrim St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.