Surgical Center with Operating
19930 Ballinger Way NE Shoreline, WA 98155
19930 Ballinger Way NE, Shoreline, WA, 98155
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For Sale
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Fully occupied surgical center with two Class C operating rooms and recovery suites, secured by a 5-year NNN leaseback.
Property Size15,265 SF
Price / SF$399.93
Days on Market100
Property Features for 19930 Ballinger Way NE
General Information
- Standard status
- Active
- Size
- 15,265 SF
- Property subtype
- Office
Building Details
- Year Built
- 2003
Listing agency
Northmarq - Seattle
Listed by
RJ Vara · License #135292
Source
Crexi
Added: Apr 13 Updated: Jul 21 at 6:21AM Checked: Jul 21 at 6:21AM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
This fully occupied surgical center is specialized for operating and post-procedure care, with two Class C operating rooms and recovery suites. The offering is presented as a 5-year absolute NNN sale-leaseback, with annual rent escalations of 3%.
The property operates as a Certificate of Need (CON) facility in Washington State, where the state limits the development of new competing surgical centers. The current tenant, Eviva, is described in the materials as a bariatric and aesthetic practice with a 20-year track record.
According to the provided remarks, the tenant has evolved its business model to leverage GLP-1 medications for high-volume patient acquisition within its surgical and cosmetic divisions.
The property operates as a Certificate of Need (CON) facility in Washington State, where the state limits the development of new competing surgical centers. The current tenant, Eviva, is described in the materials as a bariatric and aesthetic practice with a 20-year track record.
According to the provided remarks, the tenant has evolved its business model to leverage GLP-1 medications for high-volume patient acquisition within its surgical and cosmetic divisions.
Key Highlights
- Year built 2003 fully occupied surgical center by Eviva under a 5‑year absolute NNN sale‑leaseback
- Specialized facility build‑out with two Class C operating rooms and recovery suites
- 3% annual rent escalations under the lease
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 | $420.4k | $27.54 |
| − Vacancy | −$83.2k | −$5.45 |
| EGI | $337.2k | $22.09 |
| − OpEx | −$134.9k | −$8.83 |
| NOI | $202.3k | $13.25 |
15,265 SF · lease $27.54/SF/yr · vacancy 19.80% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$2.89M
$2.53M – $3.37M
NOI $202,296 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.11M
$5.35M – $7.13M
NOI $427,982 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical centers
Similar For Sale Nearby
FAQs
What type of property is this?
Medical center - Fully occupied surgical center with two Class C operating rooms and recovery suites, secured by a 5-year NNN leaseback.
Where is this medical center located?
The property is located at 19930 Ballinger Way NE Shoreline, WA.
What is the asking price?
The asking price for this property is $6,105,000.
What are key features of this property?
This property features: Year built 2003 fully occupied surgical center by Eviva under a 5‑year absolute NNN sale‑leaseback; Specialized facility build‑out with two Class C operating rooms and recovery suites; 3% annual rent escalations under the lease
