Leased Medical Office
15214 Canyon Rd E Puyallup, WA 98375
15214 Canyon Rd E, Puyallup, WA, 98375
Contact for pricing
For Sale
Contact for pricing
Fully leased medical office pavilion anchored by Virginia Mason Franciscan Health with 97 on-site parking spaces.
Property Size20,614 SF
Lot Size1.53 Acres
Price / SF$481.78
Days on Market43
Property Features for 15214 Canyon Rd E
General Information
- Standard status
- Active
- Size
- 20,614 SF
- Lot size
- 1.53 Acres
- Property subtype
- Office
Building Details
- Year Built
- 2009
Listing agency
Kidder Mathews Tacoma
(253) 722-1433
Listed by
ryan kershaw · License #25001401
Source
Crexi
Added: Jun 9 Updated: Jul 20 at 6:16PM Checked: Jul 20 at 6:16PM
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 Kidder Mathews Tacoma
Investment Insights
Based on property information with market context.
Franciscan Medical Pavilion is a fully leased medical office asset anchored by Virginia Mason Franciscan Health, a subsidiary of CommonSpirit Health. The property has maintained continuous occupancy by the anchor tenant since the building’s delivery in 2009, supporting 100% occupancy at the time of listing. With 97 on-site parking stalls, the facility is set up to serve day-to-day healthcare operations for patients and staff.
The asset is located at 15214 Canyon Rd E in Puyallup, Washington, in a South Sound healthcare corridor.
This offering is presented as a purpose-built, in-place medical destination with stable, anchor-backed income from a credit-quality health system.
The asset is located at 15214 Canyon Rd E in Puyallup, Washington, in a South Sound healthcare corridor.
This offering is presented as a purpose-built, in-place medical destination with stable, anchor-backed income from a credit-quality health system.
Key Highlights
- Franciscan Medical Pavilion is fully leased with 100% occupancy, anchored by Virginia Mason Franciscan Health (subsidiary of CommonSpirit Health).
- Built in 2009 and delivered as a medical office pavilion with the anchor tenant in place since delivery (over 15 years of continuous occupancy).
- Located on a 1.53 AC parcel at 15214 Canyon Rd E in Puyallup, WA.
Local Financial Insights For Healthcare Medical
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 | $566.5k | $27.48 |
| − Vacancy | −$79.3k | −$3.85 |
| EGI | $487.2k | $23.63 |
| − OpEx | −$194.9k | −$9.45 |
| NOI | $292.3k | $14.18 |
20,614 SF · lease $27.48/SF/yr · vacancy 14.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$4.18M
$3.65M – $4.87M
NOI $292,300 @ 7.0% cap · market cap 2.94%
Second Best
Office B
$4.17M
$3.65M – $4.87M
NOI $291,981 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$5.57M
$4.87M – $6.50M
NOI $389,733 @ 7.0% cap · market cap 3.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Aaron D. Smith ...
Dental Office
Mallory Pursley, ARNP
Physician
Franciscan Medical Clinic ...
Pediatrician
Claire Harvey, MD
Pediatrician
Emily Turnbull
Physician
Similar For Sale Nearby
Similar Off Market Nearby
- Canyon Road Veterinary Hospital — 15114 Canyon Rd E, Puyallup, WA 98375
FAQs
What type of property is this?
Medical Office Space - Fully leased medical office pavilion anchored by Virginia Mason Franciscan Health with 97 on-site parking spaces.
Where is this medical office space located?
The property is located at 15214 Canyon Rd E Puyallup, WA.
What is the asking price?
The asking price for this property is $9,931,445.
What are key features of this property?
This property features: Franciscan Medical Pavilion is fully leased with 100% occupancy, anchored by Virginia Mason Franciscan Health (subsidiary of CommonSpirit Health).; Built in 2009 and delivered as a medical office pavilion with the anchor tenant in place since delivery (over 15 years of continuous occupancy).; Located on a 1.53 AC parcel at 15214 Canyon Rd E in Puyallup, WA.
