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Des Moines Square 22014 7th Ave S 9,149 SF 100% Leased Office Building Des Moines, WA 98198 $4,500,000 ($491.86/SF) 7.11% Cap Rate
Investment Highlights
- EXTENDED 8+ YEAR ANCHOR LEASE
- STRONG SUBMARKET FUNDAMENTALS
- STRONG LOCAL DEMOGRAPHICS SUPPORT TENANT DEMAND
- NEARLY $2M IN RECENT CAPITAL EXPENDITURES
- SCHEDULED ANNUAL RENT ESCALATIONS
- SUPPLY-CONSTRAINED SUBMARKET
Executive Summary
Mission Pet Health Center presents a premier, stabilized veterinary investment opportunity anchored by Mission Pet Health (Saltwater Animal Hospital), which has over 8 years remaining on its NNN lease. The asset has been significantly upgraded with nearly $2M in recent capital improvements and has a full slate of recent lease extensions, leaving minimal near-term cost or vacancy risk for a new owner.
The property is located within a high-density medical and professional submarket, boasting a sub-4% vacancy rate. Saltwater Animal Hospital serves a widespread client base in and outside of the local trade area, spanning from West Seattle through Federal Way. The remaining professional office component is fully occupied with recently extended and signed leases, and provides both immediate income stability and a strategic hedge against vacancy. This is driven by strong leasing velocity in high-demand, sub-1,000 SF suites. Mission Pet Health Center offers an investor an ideal blend of high in-place cash flow and clear upside through scheduled rent growth.
The property is located within a high-density medical and professional submarket, boasting a sub-4% vacancy rate. Saltwater Animal Hospital serves a widespread client base in and outside of the local trade area, spanning from West Seattle through Federal Way. The remaining professional office component is fully occupied with recently extended and signed leases, and provides both immediate income stability and a strategic hedge against vacancy. This is driven by strong leasing velocity in high-demand, sub-1,000 SF suites. Mission Pet Health Center offers an investor an ideal blend of high in-place cash flow and clear upside through scheduled rent growth.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
9,149 SF
Building Class
B
Year Built
1982
Price
$4,500,000
Price Per SF
$491.86
Cap Rate
7.11%
NOI
$320,104
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
3,760 SF
Building FAR
0.27
Lot Size
0.77 AC
Zoning
D-C - Downtown commercial
Amenities
- Bus Line
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Dawson Accounting N Consulting
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
- Des Moines Dental Associates
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
- Marine View Physical Therapy
- Health Care and Social Assistance
- -
- -
- -
- -
- Naturopathic Medicine
- Health Care and Social Assistance
- -
- -
- -
- -
- Puget Sound Shipbuilders Association
- Services
- -
- -
- -
- -
- Radio Station
- Information
- -
- $15.75
- Modified Gross
- Sep 2018
- Reiki With Carol Longacre, Llc
- Health Care and Social Assistance
- -
- -
- -
- -
- Sound Investment Services
- -
- -
- -
- -
- -
- Sweet Escape Day Spa
- Services
- -
- -
- -
- -
- Waterland Wellness Massage
- Services
- -
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Dawson Accounting N Consulting | Professional, Scientific, and Technical Services | - | - | - | - | |
| Des Moines Dental Associates | Professional, Scientific, and Technical Services | - | - | - | - | |
| Marine View Physical Therapy | Health Care and Social Assistance | - | - | - | - | |
| Naturopathic Medicine | Health Care and Social Assistance | - | - | - | - | |
| Puget Sound Shipbuilders Association | Services | - | - | - | - | |
| Radio Station | Information | - | $15.75 | Modified Gross | Sep 2018 | |
| Reiki With Carol Longacre, Llc | Health Care and Social Assistance | - | - | - | - | |
| Sound Investment Services | - | - | - | - | - | |
| Sweet Escape Day Spa | Services | - | - | - | - | |
| Waterland Wellness Massage | Services | - | - | - | - |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 200900-3690 | Improvements Assessment | $1,037,100 |
| Land Assessment | $483,000 | Total Assessment | $1,520,100 |
Property Taxes
Parcel Number
200900-3690
Land Assessment
$483,000
Improvements Assessment
$1,037,100
Total Assessment
$1,520,100
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Des Moines Square | 22014 7th Ave S
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