Medical Office
For Sale
Contact for pricing
9101 Bridgeport Way SW, Lakewood, WA 98499
Four-building medical office campus with ample lighted parking and multiple tenant spaces on a walk-through site.
Property Size14,400 SF
Lot Size1.50 Acres
Price / SF$274.31
Days on Market1085
Property Features for 9101 Bridgeport Way SW
General Information
Standard status
Active
Size
14,400 SF
Lot size
1.50 Acres
Property subtype
OFFICE
Additional Details
Road Access
Yes
Building Details
Buildings
4
Tenancy
Multi
Listing Agency:
Timothy Johnson Commercial Properties, LLC
(253) 589-9999
Listed By:
Timothy Johnson
(253) 209-9999
Source:
Moodyscre
Added: Sep 26, 2023
Changed: Sep 10
Last Checked: Sep 13 at 9:52AM
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 Timothy Johnson Commercial Properties, LLC
Investment Insights
Based on property information with market context.
Gerling Professional Center is a well-maintained, stately medical office campus in a park-like setting on the corner of Bridgeport Way and Gerlings Drive in Lakewood, WA. The property sits on approximately an acre and a half of land and includes four buildings totaling approximately 14,400 SF.
Building A is 2,800 SF on the main floor. Building B is 4,300 SF. Building C is 2,200 SF. Building D is 2,800 SF on the main floor with a full daylight lower level delivered in shell condition. Of the four buildings, three are fully tenanted and one building is for lease. Ample, lighted parking lots are located at either end of the complex, with a walkway through the property.
The large lot supports development potential for an additional building at the back of the campus.
Building A is 2,800 SF on the main floor. Building B is 4,300 SF. Building C is 2,200 SF. Building D is 2,800 SF on the main floor with a full daylight lower level delivered in shell condition. Of the four buildings, three are fully tenanted and one building is for lease. Ample, lighted parking lots are located at either end of the complex, with a walkway through the property.
The large lot supports development potential for an additional building at the back of the campus.
Key Highlights
- Four‑building medical office campus totaling approximately 14,400 SF
- Approximately one and a half acre site in a park‑like setting
- Building D includes a full daylight lower level in shell condition
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
$204,187
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
5.17%
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%
$4,083,740
$4.1M
Cap Rate 7%
$2,916,957
$2.9M
Cap Rate 9%
$2,268,744
$2.3M
Market Conditions
NOI Build-Up for 14,400 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
$395.7K $27.48/SF
− Vacancy
−$55.4K −$3.85/SF
EGI
$340.3K $23.63/SF
− OpEx
−$136.1K −$9.45/SF
NOI
$204.2K $14.18/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$27.48 /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%
$4,083,740
Cap Rate 7%
$2,916,957
Cap Rate 9%
$2,268,744
Alternative Uses
Best Use
Healthcare Medical
$2.92M
$2.55M – $3.40M
NOI $204,187 @ 7.0% cap · market cap 5.17%
Second Best
Office B
$2.91M
$2.55M – $3.40M
NOI $203,964 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$3.89M
$3.40M – $4.54M
NOI $272,250 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
976
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
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 - Four-building medical office campus with ample lighted parking and multiple tenant spaces on a walk-through site.
Where is this medical office space located?
The property is located at 9101 Bridgeport Way SW Lakewood, WA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Four‑building medical office campus totaling approximately 14,400 SF; Approximately one and a half acre site in a park‑like setting; Building D includes a full daylight lower level in shell condition
