Building Details

Tenancy Single

Listing Agency: The Rants Group Show Phone

Listed By: Zeke Rehn · License #23295 Show Phone

Source: Moodyscre

Added: Sep 2 Changed: Oct 13 Last Checked: Oct 20 at 9:03PM

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Investment Insights

Based on property information with market context.

This 21,652-square-foot medical office building is fully leased to Providence, a healthcare provider, and positioned immediately adjacent to Providence Centralia Hospital. The property is configured as a healthcare-oriented office asset with an existing institutional tenant and a newly executed lease renewal.

The lease is structured on an NNN basis, with certain maintenance responsibilities assigned to the tenant. Contractual rent increases of 3% begin in Year 4. The property also carries a 6.0% cap rate, providing a defined investment metric for evaluating the asset.

Key Highlights

• 21,652‑square‑foot medical office building
• Fully leased to Providence
• Immediately adjacent to Providence Centralia Hospital

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$348,073

Cap Rate

3.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,961,460 $7.0M

Cap Rate 7%

$4,972,471 $5.0M

Cap Rate 9%

$3,867,478 $3.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,652 SF

Gross rent

$595.0K $27.48/SF

− Vacancy

−$130.9K −$6.05/SF

EGI

$464.1K $21.43/SF

− OpEx

−$116.0K −$5.36/SF

NOI

$348.1K $16.08/SF

Area

Lewis County, WA

Vacancy

22.00%

Lease Rate

$27.48 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,961,460

Cap Rate 7%

$4,972,471

Cap Rate 9%

$3,867,478

Alternative Uses

Best Use

Office B

$4.97M

$4.35M – $5.80M (±1% cap)

NOI $348,073 @ 7.0% cap · market cap 3.57%

Second Best

Healthcare Medical

$2.40M

$2.10M – $2.80M (±1% cap)

NOI $167,883 @ 7.0% cap · market cap 1.72%

Theoretical Best

Office A

$6.60M

$5.78M – $7.70M (±1% cap)

NOI $462,279 @ 7.0% cap · market cap 4.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Restaurant Auto Repair Shop Real Estate Agency Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

409

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 98531, WA

26,669

Population

11,070

Households

2.4

Avg Household Size

38

Median Age

21%

College-Educated

88%

High-School Grad

129.2 sq mi

ZIP Area

206

Density / Sq Mi

$61,963

Median Household Income

$37,330

Median Earnings

$1,068

Median Rent

$285,700

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Fully leased medical office asset with Providence tenancy and an NNN lease structure.

Where is this medical office space located?

The property is located at 2007-2015 Cooks Hill Rd Centralia, WA.

What is the asking price?

The asking price for this property is $9,750,000.

What are key features of this property?

This property features: 21,652‑square‑foot medical office building; Fully leased to Providence; Immediately adjacent to Providence Centralia Hospital