2150 Freeman E Rd Fife, WA 98424-3776

Property Details for 2150 Freeman E Rd

Year built

2012

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.85 lot acres

Property size

14,504 SF

Property type

Medical offices

Property subtype

Medical centers

APN

420082099

APU

420082099

Description

Exceptional investment opportunity: a 14,504-square-foot Class B medical office building in Puyallup, WA (Pierce County, zip code 98371), situated on a 0.84-acre lot (APN 0420082099). This fee-simple property boasts a strong 6.71% cap rate and a substantial net operating income (NOI) of $596,695. Currently 100% occupied by a single corporate-guaranteed tenant under a triple-net (NNN) lease expiring November 29, 2029, offering a remaining lease term of five years. The building, constructed in 2012, features high-quality masonry and a roof warranty extending to April 9, 2027. The property functions as a 32-bed behavioral health facility, benefiting from established relationships with nearby hospitals. A nearly $1,000,000 expansion, funded by a state grant, has enhanced the facility's capabilities. The asking price is $8,895,000, representing a price per square foot well below replacement cost. The tenant is open to facilitating a smooth operational transition for a new owner, minimizing downtime. This prime location offers easy access to multiple hospitals within a 15-minute drive in Tacoma, Puyallup, Federal Way, and Auburn, ensuring a robust referral network. This presents a compelling opportunity for owner-users seeking established operations and significant cash flow.

Location Insight

City

Fife

County

Pierce

State

Washington

Longitude

-122.327

Latitude

47.2378

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments