Professional Medical Office
For Sale
$5,600,000
9633 Levin Rd NW, Silverdale, WA 98383
NNN professional and medical center anchored by Microsoft, with additional space leased to medical, dental, and financial services.
Property Size22,567 SF
Price / SF$248.15
Days on Market94
Property Features for 9633 Levin Rd NW
General Information
Standard status
Active
Size
22,567 SF
Property subtype
Office Medical
Occupancy
100%
Additional Details
Sprinkler System
Yes
Amenities
Anchored by Microsoft Corporation (NASDAQ: MSFT)
NNN Professional Center w/ Minimal Landlord Responsibilities
Healthcare and Financial Services-Oriented Tenancy
Recent Renovations + Well-Maintained Property
Dominant Silverdale Retail Trade Area | $1.2B+ Annual Consumer Spending
Adjacent to St. Michael's Medical Center | $645M Expansion
High Barrier-to-Entry Submarket with 3.1% Vacancy Rate
Affluent Demographics with Strong Population Growth
Building Details
Building Size
22,567 SF
Year Built
1994
Tenancy
Multi
Listing Agency:
Seattle Office
Listed By:
Clay Brown · License #License(s): WA: 123258, ID: SP56979
(206) 826-5787
Source:
Marcusmillichap
Added: Jul 27
Changed: Oct 26
Last Checked: Oct 28 at 5:29AM
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 Seattle Office
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Investment Insights
Based on property information with market context.
Creekside Professional Center is a NNN professional and medical office property anchored by Microsoft, which occupies approximately 22% of the GLA and has maintained tenancy for 9+ years. The remaining 78% of the space is leased to medical, dental, and financial services tenants.
The property has been well maintained and has recently received upgrades including the parking lot, HVAC, heat pumps, and sprinklers. Creekside is located within the Silverdale retail trade area and is 0.8 miles from St. Michael Medical Center.
All nine tenants operate on NNN leases with minimal landlord responsibilities, and the tenant mix is described in the offering as necessity-based uses. The Silverdale office and healthcare submarket is cited with a 3.1% vacancy rate and 3.8% year-over-year rent growth, with virtually no new supply delivered or under construction.
The property has been well maintained and has recently received upgrades including the parking lot, HVAC, heat pumps, and sprinklers. Creekside is located within the Silverdale retail trade area and is 0.8 miles from St. Michael Medical Center.
All nine tenants operate on NNN leases with minimal landlord responsibilities, and the tenant mix is described in the offering as necessity-based uses. The Silverdale office and healthcare submarket is cited with a 3.1% vacancy rate and 3.8% year-over-year rent growth, with virtually no new supply delivered or under construction.
Key Highlights
- NNN professional and medical center in Silverdale, WA anchored by Microsoft (~22% of GLA).
- Microsoft tenancy has been in place for 9+ years, adding stability to the rent roll.
- Remaining ~78% of GLA is leased to medical, dental, and financial services tenants under NNN leases.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$401,881
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,037,620
$8.0M
Cap Rate 7%
$5,741,157
$5.7M
Cap Rate 9%
$4,465,344
$4.5M
Market Conditions
NOI Build-Up for 22,567 SF
Gross rent
$739.3K $32.76/SF
− Vacancy
−$69.5K −$3.08/SF
EGI
$669.8K $29.68/SF
− OpEx
−$267.9K −$11.87/SF
NOI
$401.9K $17.81/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$32.76 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,037,620
Cap Rate 7%
$5,741,157
Cap Rate 9%
$4,465,344
Alternative Uses
Best Use
Healthcare Medical
$5.74M
$5.02M – $6.70M
NOI $401,881 @ 7.0% cap · market cap 7.18%
Second Best
Office B
$4.60M
$4.02M – $5.36M
NOI $321,715 @ 7.0% cap · market cap 5.74%
Theoretical Best
Specialty Retail
$7.52M
$6.58M – $8.78M
NOI $526,748 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,163
Businesses Nearby
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Business Placement
Demographics for 98383, WA
21,565
Population
9,660
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
96%
High-School Grad
17.4 sq mi
ZIP Area
1,239
Density / Sq Mi
$106,902
Median Household Income
$55,005
Median Earnings
$2,076
Median Rent
$565,100
Median Home Value
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - NNN professional and medical center anchored by Microsoft, with additional space leased to medical, dental, and financial services.
Where is this office building located?
The property is located at 9633 Levin Rd NW Silverdale, WA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: NNN professional and medical center in Silverdale, WA anchored by Microsoft (~22% of GLA).; Microsoft tenancy has been in place for 9+ years, adding stability to the rent roll.; Remaining ~78% of GLA is leased to medical, dental, and financial services tenants under NNN leases.
