875 Wesley StArlington, WA 98223
- Other commercial real estate
- 17,382 SF
Property Details for 875 Wesley St
- Year built
- 1991
- Construction
- WOOD
- Lot size
- 1.67 AC
- Property size (Sq ft)
- 17,382 SF
- Zone code
- 14
- Property type
- Other commercial real estate
- APN
- 812700000100
- APU
- 812700000100
Description
This exceptional 5,152 square foot medical office condo in Arlington, WA, presents a compelling investment or owner-occupancy opportunity. Strategically located adjacent to the Skagit Regional Health campus and Cascade Valley Hospital, the property benefits from its prime location within the Whitehorse Medical Center. Currently boasting 87% occupancy, the building offers a strong, stable cash flow with significant upside potential. The existing tenants include prominent medical groups such as Skagit Regional Health and Western Washington Medical Group, ensuring a high-quality tenant base. Occupied spaces command an average rental rate of $29.36 per square foot, triple net (NNN). This translates to a robust rental income stream, making it an attractive proposition for value-add investors seeking a stable, high-performing asset. The property's current occupancy rate, while strong, leaves room for future growth and increased profitability. Furthermore, the availability of 5,152 square feet currently leased on a long-term basis provides a unique opportunity for a medical group to acquire a high-quality building at a price significantly below replacement cost, allowing for owner-occupancy as existing leases expire. The building's location, tenant quality, and current financial performance combine to create a compelling investment opportunity with substantial long-term growth potential. The asking price is $6,000,000.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $5,366,564
- Hospitality
- $4,915,744
- Educational
- $4,089,841
- Medical
- $4,230,497
- Retail
- $6,361,975
Location Insight
- City
- Arlington
- County
- Snohomish
- State
- Washington
- Latitude
- 48.1875
- Longitude
- -122.117
- CBSA code
- 42660
- CBSA name
- SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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