Whitehorse Medical Center Investment
For Sale
$6,000,000
Pending
875 Wesley St, Arlington, WA 98223
Multi-tenant medical office condo near Skagit Regional Health campus.
Property Size15,271 SF
Days on Market764
Property Features for 875 Wesley St
General Information
Standard status
Pending
Size
15,271 SF
Property subtype
Commercial
Building Details
Year Built
1991
Listing Agency:
AYERS COMMERCIAL GROUP
Listed By:
JEFF AYERS · License #105705
(206) 600-9294
Source:
Corcoran
Added: Sep 13, 2024
Changed: Oct 14
Last Checked: Oct 14 at 11:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of AYERS COMMERCIAL GROUP
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Investment Insights
Based on property information with market context.
The Whitehorse Medical Center in Arlington, WA, presents an opportunity for purchase. Located adjacent to the Skagit Regional Health campus and Cascade Valley Hospital, this multi-tenant medical office condo is anchored by Skagit Regional Health and Western Washington Medical Group. The property, with a total size of 15271 square feet, is suitable for a value-add investment or an owner-occupied medical group seeking to establish a presence in Arlington. The property features a rent roll with rental rates on occupied spaces averaging $29.36 per square foot, NNN. The pricing is based on the current 87% occupancy. Only 5,152 square feet are leased on a long-term lease.
Key Highlights
- Anchored by Skagit Regional Health and Western Washington Medical Group.
- Located adjacent to the Skagit Regional Health campus and Cascade Valley Hospital.
- Value‑add investment opportunity with upside through leasing vacant units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$271,997
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,439,940
$5.4M
Cap Rate 7%
$3,885,671
$3.9M
Cap Rate 9%
$3,022,189
$3.0M
Market Conditions
NOI Build-Up for 15,271 SF
Gross rent
$417.8K $27.36/SF
− Vacancy
−$55.2K −$3.61/SF
EGI
$362.7K $23.75/SF
− OpEx
−$90.7K −$5.94/SF
NOI
$272.0K $17.81/SF
Area
Snohomish County, WA
Vacancy
13.20%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,439,940
Cap Rate 7%
$3,885,671
Cap Rate 9%
$3,022,189
Alternative Uses
Best Use
Office B
$3.89M
$3.40M – $4.53M
NOI $271,997 @ 7.0% cap · market cap 4.53%
Second Best
Healthcare Medical
$3.19M
$2.79M – $3.73M
NOI $223,588 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$4.26M
$3.73M – $4.97M
NOI $298,117 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant medical office condo near Skagit Regional Health campus.
Where is this medical office space located?
The property is located at 875 Wesley St Arlington, WA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Anchored by Skagit Regional Health and Western Washington Medical Group.; Located adjacent to the Skagit Regional Health campus and Cascade Valley Hospital.; Value‑add investment opportunity with upside through leasing vacant units.
