Whitehorse Medical Center Investment
875 Wesley St Arlington, WA 98223
875 Wesley St, Arlington, WA, 98223
$6,000,000
For Sale
$6,000,000
Multi-tenant medical office condo near Skagit Regional Health campus.
Property Size15,271 SF
Price / SF$392.90
Days on Market673
Property Features for 875 Wesley St
General Information
- Standard status
- Active
- Size
- 15,271 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1991
Listing Agency
AYERS COMMERCIAL GROUP
Listed by
JEFF AYERS
Source
Corcoran
Added: Sep 13, 2024 Checked: Jul 17 at 2:31 am
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
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.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $417.8k | $27.36 |
| − Vacancy | −$55.2k | −$3.61 |
| EGI | $362.7k | $23.75 |
| − OpEx | −$90.7k | −$5.94 |
| NOI | $272.0k | $17.81 |
15,271 SF · lease $27.36/SF/yr · vacancy 13.20% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Medical Office Space
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FAQs
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.
