Providence Health - NNN - Investment Sale
8,068 SF | Office Building | Spokane, WA 99216 | $1,766,000 ($219/SF) | 6.25% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,766,000
- Property Type
-
Office
- Square Feet
- 8,068 SF
- Price / Square Foot
- $219
Listing Contacts
Colby Haugness
Verified Profile
- Property Info
Property Overview
Property and Lease
The property is Building #1 of a six unit office park located across the street from the Vercler Medical Center.
The Tenant - Providence Helath is a A2 Credit tenant and has 4.5+ years of lease term on the base term along with 1-5 yr option a FMV rents. Annually the lease is set to raise 2.5% and the rate is at $13.68 which is below market rent. Landlord has just contributed TI monies to the tenant which is being spent on various improvements to the building and upgrades. call to discuss with list agent.
Site Operations
The location in the Vercler Medical Center is the Providence Valley Young Peoples Clinic, a full service pediatric office that has served children and their parents in the greater Spokane Valley area for more than 36 years. Providence Valley Young Peoples Clinic treats children from birth to 18 years of age. The clinic’s medical group is comprised of seven board certified pediatricians and three accredited nurse practitioners
Tenant Background
Providence Health & Services is a not-for-profit Catholic health care system operating multiple hospitals and medical clinics across seven states, with headquarters in Renton, Washington. The health system includes 51 hospitals, more than 800 non-acute facilities, and numerous assisted living facilities in the western half of the United States (Alaska, Washington, Oregon, California, Montana, New Mexico, and Texas). Providence Health & Services was founded by the Sisters of Providence in 1859 and merged with St. Joseph Health in 2016.
The property is Building #1 of a six unit office park located across the street from the Vercler Medical Center.
The Tenant - Providence Helath is a A2 Credit tenant and has 4.5+ years of lease term on the base term along with 1-5 yr option a FMV rents. Annually the lease is set to raise 2.5% and the rate is at $13.68 which is below market rent. Landlord has just contributed TI monies to the tenant which is being spent on various improvements to the building and upgrades. call to discuss with list agent.
Site Operations
The location in the Vercler Medical Center is the Providence Valley Young Peoples Clinic, a full service pediatric office that has served children and their parents in the greater Spokane Valley area for more than 36 years. Providence Valley Young Peoples Clinic treats children from birth to 18 years of age. The clinic’s medical group is comprised of seven board certified pediatricians and three accredited nurse practitioners
Tenant Background
Providence Health & Services is a not-for-profit Catholic health care system operating multiple hospitals and medical clinics across seven states, with headquarters in Renton, Washington. The health system includes 51 hospitals, more than 800 non-acute facilities, and numerous assisted living facilities in the western half of the United States (Alaska, Washington, Oregon, California, Montana, New Mexico, and Texas). Providence Health & Services was founded by the Sisters of Providence in 1859 and merged with St. Joseph Health in 2016.
Property Details
- Class
- B
- Year Built
- 1991
- Stories
- 2
- Property Subtype
- Medical
- Lot Size (sq. ft)
- 5,227 SF
Highlights
- 2.5% ANNUAL INCREASES
- A2 CREDIT TENANT WITH HISTORY AT SITE
- LEASE RATE BELOW MARKET
- 1 RENEWAL OPTION AT FMV
- STRONG LOCATION ACROSS FROM A MAJOR HOSPITAL
- BLOCKS FROM TWO MAJOR I-90 INTERCHANGES
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