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Property profile & analytics
FOR LEASE
Medical Office Space
11511 Canterwood Blvd NW, Gig Harbor, WA 98332
Entity Owned
16-yr Hold
~
Est. High Equity
Property ID
US90-0623916
For Lease
$15,760,000
11511 Canterwood Blvd NW, Gig Harbor, WA 98332
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Property summary
AI-generated overview
This exceptional medical office building, the Milgard Medical Pavilion, offers 4,002 square feet of vacant space in Gig Harbor, Washington. Located at 11511 Canterwood Blvd, 98332, this multi-tenant property in Pierce County boasts convenient access off Highway 16 and the Burnham/Borgen exit. The building offers suites ranging from a minimum of 1,895 square feet to a maximum contiguous space of 2,107 square feet, providing flexibility for various medical practices. The property is situated on the St. Anthony's Hospital Campus, offering significant synergy and convenience for healthcare providers. Tenants and their patients benefit from a range of on-site amenities, including ample parking, a pharmacy, a cafe, and a gift shop, creating a seamless and patient-centered healthcare experience. The building's prime location and comprehensive amenities make it an ideal opportunity for medical professionals seeking a thriving practice environment in a desirable community. The entire 4,002 square feet is currently available.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2007
Construction
STEEL FRAME
Total area
92,797 SF
Lot
0.69 ac (30,177 SF)
Zoning code
PCD-BP
APN
3001140030
UPID
US90-0623916
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Mammography Clinic at St. Anthony Hospital Women'S Health Clinic Mammography Service
-
Salems Wrecker Service Auto Repair Shop
-
Frank Senecal, MD Physician
-
Northwest Medical Specialties Medical Clinic Hospital
-
Jane Thompson Russell Cancer Care Center Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$20.25M
Comparable Approach
Comparable
$11.16M
Blend (final)
Blend
$15.76M
Owner & transaction history
Gig Harbor Physicians LLC · 16 yrs held
Gig Harbor Physicians LLC
since 2009
2 recorded transactions
Zoning & alternative use
PCD-BP · Gig Harbor, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Gig Harbor submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Gig Harbor submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$21,930,000
6.5%
$20,245,000
7%
$18,800,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$25,475,000
Current use
Blend value · Realmo final
$15.76M
Range $14.18M – $17.34M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$170 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$194,809
Tax year 2024
Assessed value
$29,071,800
Assessed 2024
Previous assessed
$29,071,800
+0.0% YoY
Effective rate
0.67%
On assessed value
Assessed land
$198,800
Assessed improvement
$28,873,000
Land market value
$198,800
Improvement market value
$28,873,000
Total market value
$29,071,800
Applied tax rate
75.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2007
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Stories
4
Total area
92,797 SF
Lot
0.69 ac (30,177 SF)
Zoning code
PCD-BP
APN
3001140030
UPID
US90-0623916
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
PCD-BP · Gig Harbor, WA
Zoning PCD-BP · permitted uses
PCD-BP · Gig Harbor, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Gig Harbor. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$25.5M
MEDICAL BUILDING Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2007
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
4
Lot
0.69 ac
Current owner
From public records · entity-resolved
Gig Harbor Physicians LLC
Entity
Mailing address
4500 DORR ST, TOLEDO, OH 43615-4040
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 17, 2009
—
Gig Harbor Physicians LLC
—
Deed Of Trust
related
$22,600,000 · Wells Fargo Bank
—
—
Gig Harbor Physicians LLC
—
Deed Of Trust
related
$20,800,000 · Wells Fargo Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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