990 NW Circle Blvd
Corvallis, OR 97330
Office Property For Sale

Marcus & Millichap is pleased to present for sale the Good Samaritan Hospital and Urology Clinic ("subject property"). This 10,266 square foot building was constructed on a 0.86 acre parcel in 2006 using steel frame to accommodate surgery center requirements. The Center includes a reception area and waiting room, six exam rooms, an employee break room, counseling office, laboratory, restrooms, and second floor offices. The subject property is located approximately two miles northwest of downtown Corvallis and one and a half miles south of the Good Samaritan Regional Medical Center, at a location considered one of the most desirable retail/office locations in Corvallis with a growing medical and professional office presence, strong traffic counts and a  high-quality mix of neighboring businesses half-block off a signalized intersection. A reciprocal parking agreement in perpetuity provides parking for 89 vehicles for a 4.33 per  1,000  square  feet  parking  ratio.  Corvallis  is  the  location  of Oregon  State  University,  a  large Hewlett-Packard research  campus,  and Good  Samaritan  Regional  Medical  Center. The lease to Good Samaritan Hospital commenced in May 2008 and the tenant has renewed twice since the original seven-year term with the most recent renewal occurring in 2017. The commitment of the tenant is shown in its $1 million spent on the Urology Clinic's specialty build-out and a recent renovation and remodel at their own expense. Good Samaritan is a non-profit network of hospitals, clinics and health services caring for more than 290,000 residents in the mid-Willamette Valley and Central Oregon Coast, has a projected annual revenue of $500 million, and is one of the regions major employers with 5,500 employees including this location in its network of 5 hospitals and 80 primary care and specialty clinics providing more than $118 million in community benefit support for the region and serving more than 70,000 people on employer group insurance plans. The Subject Property is positioned for sale to an investor at an in-place 7.45% capitalization rate for acquisition of a single-tenant medical office building, leased to the largest healthcare provider in the region.