875 Wesley StArlington, WA 98223

  • Other commercial real estate
  • 17,382 SF
For Sale
$6,000,000 View listing

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
875 Wesley St, Arlington, Washington

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$30,307
$613,100
$3,314,200
$3,927,300
-
$613,100
$3,314,200
$3,927,300

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