2150 Freeman RdFife, WA 98371

  • Medical offices
  • 14,504 SF
For Sale
$8,895,000 View listing

Property Details for 2150 Freeman Rd

Year built
2012
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
0.85 AC
Property size (Sq ft)
14,504 SF
Property type
Medical offices
Property subtype
Medical centers
APN
420082099
APU
420082099

Description

Exceptional investment opportunity: a 14,504-square-foot Class B medical office building in Puyallup, WA (Pierce County, zip code 98371), situated on a 0.84-acre lot (APN 0420082099). This fee-simple property boasts a strong 6.71% cap rate and a substantial net operating income (NOI) of $596,695. Currently 100% occupied by a single corporate-guaranteed tenant under a triple-net (NNN) lease expiring November 29, 2029, offering a remaining lease term of five years. The building, constructed in 2012, features high-quality masonry and a roof warranty extending to April 9, 2027. The property functions as a 32-bed behavioral health facility, benefiting from established relationships with nearby hospitals. A nearly $1,000,000 expansion, funded by a state grant, has enhanced the facility's capabilities. The asking price is $8,895,000, representing a price per square foot well below replacement cost. The tenant is open to facilitating a smooth operational transition for a new owner, minimizing downtime. This prime location offers easy access to multiple hospitals within a 15-minute drive in Tacoma, Puyallup, Federal Way, and Auburn, ensuring a robust referral network. This presents a compelling opportunity for owner-users seeking established operations and significant cash flow.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $4,448,130
    6.5%
    $4,105,960
    7%
    $3,812,680
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,889,450
    Geo Method
    $2,793,180
  • Alternative Use

    Use
    Valuation
    Industrial / Distribution
    $7,823,120
    Retail / Commercial
    $4,062,670
    Mixed-Use / Specialty
    $4,088,380
    Hospitality / Lodging
    $3,051,850
    Institutional / Educational
    $4,264,640
    Residential Income
    $4,989,620
    Multifamily
    $5,761,430
    Automotive / Energy
    $3,655,400
    Parking / Income-Based Land
    $1,221,720
    Restaurant / Food Service
    $2,212,190
    Healthcare / Senior Housing
    $4,151,340

Location Insight

City
Fife
County
Pierce
State
Washington
Latitude
47.2378
Longitude
-122.327
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
2024
$32,946
$659,300
$2,807,000
$3,466,300
-
$659,300
$2,807,000
$3,466,300

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