Professional Medical Office
For Sale
$5,895,000
9633 Levin Rd NW, Silverdale, WA 98383
NNN professional and medical center anchored by Microsoft, with additional space leased to medical, dental, and financial services.
Property Size22,567 SF
Price / SF$261.22
Days on Market49
Property Features for 9633 Levin Rd NW
General Information
Standard status
Active
Size
22,567 SF
Property subtype
Office Medical
Occupancy
100%
Additional Details
Sprinkler System
Yes
Amenities
Anchored by Microsoft Corporation (NASDAQ: MSFT)
NNN Professional Center w/ Minimal Landlord Responsibilities
Healthcare and Financial Services-Oriented Tenancy
Recent Renovations + Well-Maintained Property
Dominant Silverdale Retail Trade Area | $1.2B+ Annual Consumer Spending
Adjacent to St. Michael's Medical Center | $645M Expansion
High Barrier-to-Entry Submarket with 3.1% Vacancy Rate
Affluent Demographics with Strong Population Growth
Building Details
Building Size
22,567 SF
Year Built
1994
Tenancy
Multi
Listed By:
Clay Brown · License #License(s): WA: 123258, ID: SP56979
(206) 826-5787
Source:
Marcusmillichap
Added: Jul 27
Changed: Sep 4
Last Checked: Sep 12 at 3:34AM
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 Clay Brown
Investment Insights
Based on property information with market context.
Creekside Professional Center is a NNN professional and medical office property anchored by Microsoft, which occupies approximately 22% of the GLA and has maintained tenancy for 9+ years. The remaining 78% of the space is leased to medical, dental, and financial services tenants.
The property has been well maintained and has recently received upgrades including the parking lot, HVAC, heat pumps, and sprinklers. Creekside is located within the Silverdale retail trade area and is 0.8 miles from St. Michael Medical Center.
All nine tenants operate on NNN leases with minimal landlord responsibilities, and the tenant mix is described in the offering as necessity-based uses. The Silverdale office and healthcare submarket is cited with a 3.1% vacancy rate and 3.8% year-over-year rent growth, with virtually no new supply delivered or under construction.
The property has been well maintained and has recently received upgrades including the parking lot, HVAC, heat pumps, and sprinklers. Creekside is located within the Silverdale retail trade area and is 0.8 miles from St. Michael Medical Center.
All nine tenants operate on NNN leases with minimal landlord responsibilities, and the tenant mix is described in the offering as necessity-based uses. The Silverdale office and healthcare submarket is cited with a 3.1% vacancy rate and 3.8% year-over-year rent growth, with virtually no new supply delivered or under construction.
Key Highlights
- NNN professional and medical center in Silverdale, WA anchored by Microsoft (~22% of GLA).
- Microsoft tenancy has been in place for 9+ years, adding stability to the rent roll.
- Remaining ~78% of GLA is leased to medical, dental, and financial services tenants under NNN leases.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$401,881
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,037,620
$8.0M
Cap Rate 7%
$5,741,157
$5.7M
Cap Rate 9%
$4,465,344
$4.5M
Market Conditions
NOI Build-Up for 22,567 SF
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.
Gross rent
$739.3K $32.76/SF
− Vacancy
−$69.5K −$3.08/SF
EGI
$669.8K $29.68/SF
− OpEx
−$267.9K −$11.87/SF
NOI
$401.9K $17.81/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$32.76 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,037,620
Cap Rate 7%
$5,741,157
Cap Rate 9%
$4,465,344
Alternative Uses
Best Use
Healthcare Medical
$5.74M
$5.02M – $6.70M
NOI $401,881 @ 7.0% cap · market cap 6.82%
Second Best
Office B
$4.60M
$4.02M – $5.36M
NOI $321,715 @ 7.0% cap · market cap 5.46%
Theoretical Best
Specialty Retail
$7.52M
$6.58M – $8.78M
NOI $526,748 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 98383, WA
21,565
Population
9,660
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
96%
High-School Grad
17.4 sq mi
ZIP Area
1,239
Density / Sq Mi
$106,902
Median Household Income
$55,005
Median Earnings
$2,076
Median Rent
$565,100
Median Home Value
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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?
Office building - NNN professional and medical center anchored by Microsoft, with additional space leased to medical, dental, and financial services.
Where is this office building located?
The property is located at 9633 Levin Rd NW Silverdale, WA.
What is the asking price?
The asking price for this property is $5,895,000.
What are key features of this property?
This property features: NNN professional and medical center in Silverdale, WA anchored by Microsoft (~22% of GLA).; Microsoft tenancy has been in place for 9+ years, adding stability to the rent roll.; Remaining ~78% of GLA is leased to medical, dental, and financial services tenants under NNN leases.
