Medical Office Property with Three
940 Central Ave N, Kent, WA 98032
For Sale
$2,300,000
Fully occupied dental facility with specialized buildouts, onsite parking, and Central Avenue frontage near downtown Kent.
Property Size6,386 SF
Lot Size0.73 Acres
Price / SF$360.16
Days on Market46
Property Features for 940 Central Ave N
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Site & Location
Highway Access
Road Access
Public Transit
Additional Details
Cap Rate
Office Units
Building Details
Buildings
Tenancy
Listing Agency:
NAI Puget Sound Properties
Listed By:
Kyle Sterling · License #WA 126435
(425) 586-5608
Source:
Nai-psp
Added: Sep 22
Changed: Nov 5
Last Checked: Nov 6 at 7:58AM
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 NAI Puget Sound Properties
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Investment Insights
Based on property information with market context.
This medical office property is arranged as three suites serving two established dental practices. Specialized dental improvements support the current configuration, while onsite parking accommodates daily operations. The property encompasses approximately 0.73 acres and is 100% occupied. A new 15-year lease has been signed with an existing tenant and includes 2% annual rent increases; the offering reflects a 7.11% in-place capitalization rate.
The building fronts Central Avenue in Kent, with access near downtown Kent, Kent Station, and SR 167. Its location provides a practical setting for medical office operations with established occupancy and existing dental-oriented improvements.
The building fronts Central Avenue in Kent, with access near downtown Kent, Kent Station, and SR 167. Its location provides a practical setting for medical office operations with established occupancy and existing dental-oriented improvements.
Key Highlights
- Three‑suite medical office property occupied by two established dental practices
- 100% occupied with a new 15‑year lease signed with an existing tenant
- 7.11% in‑place capitalization rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,299
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,505,980
$2.5M
Cap Rate 7%
$1,789,986
$1.8M
Cap Rate 9%
$1,392,211
$1.4M
Market Conditions
NOI Build-Up for 6,386 SF
Gross rent
$197.7K $30.96/SF
− Vacancy
−$30.6K −$4.80/SF
EGI
$167.1K $26.16/SF
− OpEx
−$41.8K −$6.54/SF
NOI
$125.3K $19.62/SF
Area
Kent, WA
Vacancy
15.50%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,505,980
Cap Rate 7%
$1,789,986
Cap Rate 9%
$1,392,211
Alternative Uses
Best Use
Office B
$1.79M
$1.57M – $2.09M
NOI $125,299 @ 7.0% cap · market cap 5.45%
Second Best
Healthcare Medical
$1.32M
$1.15M – $1.54M
NOI $92,292 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,520 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,080
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98032, WA
38,744
Population
15,639
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
84%
High-School Grad
17.0 sq mi
ZIP Area
2,279
Density / Sq Mi
$77,413
Median Household Income
$46,105
Median Earnings
$1,782
Median Rent
$473,000
Median Home Value
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Market
Average Price Trend$/SF for Medical Office Space in King County, WA
Properties on Market for Medical Office Space in King County
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Dr. Sandy Larson — McMonigle Veterinary Hospital, PLLC, 1014 Central Ave N, Kent, WA 98032
- McMonigle Veterinary Hospital — 1014 Central Ave N, Kent, WA 98032
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully occupied dental facility with specialized buildouts, onsite parking, and Central Avenue frontage near downtown Kent.
Where is this medical office space located?
The property is located at 940 Central Ave N Kent, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Three‑suite medical office property occupied by two established dental practices; 100% occupied with a new 15‑year lease signed with an existing tenant; 7.11% in‑place capitalization rate
