Hospital-Adjacent Medical Office
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For Sale
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2007-2015 Cooks Hill Rd, Centralia, WA 98531
Fully leased medical office asset with Providence tenancy and an NNN lease structure.
Property Size21,652 SF
Price / SF$450.30
Days on Market5
Property Features for 2007-2015 Cooks Hill Rd
General Information
Standard status
Active
Size
21,652 SF
Property subtype
OFFICE
Occupancy
100%
Net Operating Income
$587,000
Financials
Asking Price
$9,750,000
Cap Rate
6%
Building Details
Tenancy
Single
Listing Agency:
The Rants Group
(360) 943-8060
Listed By:
Zeke Rehn · License #23295
(360) 915-5678
Source:
Moodyscre
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 5 at 2:51PM
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 The Rants Group
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.
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 = 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
$348,073
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
3.57%
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%
$6,961,460
$7.0M
Cap Rate 7%
$4,972,471
$5.0M
Cap Rate 9%
$3,867,478
$3.9M
Market Conditions
NOI Build-Up for 21,652 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
$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 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%
$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
NOI $348,073 @ 7.0% cap · market cap 3.57%
Second Best
Healthcare Medical
$2.40M
$2.10M – $2.80M
NOI $167,883 @ 7.0% cap · market cap 1.72%
Theoretical Best
Office A
$6.60M
$5.78M – $7.70M
NOI $462,279 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
