Two-Story Medical Office
New
For Sale
$2,250,000
4114 Bridgeport Way W, University Place, WA 98466
Existing occupants and City of University Place TC zoning support continued clinical use.
Property Size6,830 SF
Lot Size0.40 Acres
Price / SF$329.43
Days on Market2
Property Features for 4114 Bridgeport Way W
General Information
Standard status
Active
Size
6,830 SF
Class
B
Lot size
0.40 Acres
Property subtype
Office
Zoning
TC
Additional Details
Asking Price
$2,250,000
Highway Access
Yes
Building Details
Building Size
6,830 SF
Year Built
1984
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(480) 282-3089
Listed By:
Grafton Milne, SIOR, CCIM
(480) 282-3089
Source:
Menlocre
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 6:56AM
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 Grafton Milne, SIOR, CCIM
Investment Insights
Based on property information with market context.
This medical office property contains approximately 6,830 square feet across two levels on a 0.40-acre lot. The first floor measures approximately 5,330 square feet, while the second floor provides approximately 1,500 square feet. Built in 1984, the building has a layout suited to medical office operations and currently includes two tenants. The medical practices occupy the property but are offered separately from the real estate.
The property is located at 4114 Bridgeport Way W in University Place, Washington, with access to SR 16 and I-5. TC zoning is established by the City of University Place. The existing occupancy, two-level configuration, and medical office format provide a defined commercial use profile for the real estate.
The property is located at 4114 Bridgeport Way W in University Place, Washington, with access to SR 16 and I-5. TC zoning is established by the City of University Place. The existing occupancy, two-level configuration, and medical office format provide a defined commercial use profile for the real estate.
Key Highlights
- Approximately 6,830 SF medical office building on a 0.40‑acre lot
- Two‑story layout with approximately 5,330 SF on the first floor and 1,500 SF upstairs
- Two tenants currently occupy the property
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
$96,847
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
4.30%
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%
$1,936,940
$1.9M
Cap Rate 7%
$1,383,529
$1.4M
Cap Rate 9%
$1,076,078
$1.1M
Market Conditions
NOI Build-Up for 6,830 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
$187.7K $27.48/SF
− Vacancy
−$26.3K −$3.85/SF
EGI
$161.4K $23.63/SF
− OpEx
−$64.6K −$9.45/SF
NOI
$96.8K $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%
$1,936,940
Cap Rate 7%
$1,383,529
Cap Rate 9%
$1,076,078
Alternative Uses
Best Use
Healthcare Medical
$1.38M
$1.21M – $1.61M
NOI $96,847 @ 7.0% cap · market cap 4.30%
Second Best
Office B
$1.38M
$1.21M – $1.61M
NOI $96,741 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,130 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,111
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
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 - Existing occupants and City of University Place TC zoning support continued clinical use.
Where is this medical office space located?
The property is located at 4114 Bridgeport Way W University Place, WA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Approximately 6,830 SF medical office building on a 0.40‑acre lot; Two‑story layout with approximately 5,330 SF on the first floor and 1,500 SF upstairs; Two tenants currently occupy the property
