2505 80th St Tacoma, WA 98409-8400

Property Details for 2505 80th St

Year built

1999

Construction

WOOD FRAME

Lot size

1.57 lot acres

Property size

27,199 SF

Zone code

PDB

Property type

Medical offices

Property subtype

Medical centers

APN

320304102

APU

320304102

Description

This exceptional investment opportunity presents a 27,199 square foot Class A medical office building in Tacoma, WA. The property, built in 1999 and situated on a 1.57-acre lot, is fully occupied under a 10-year triple-net (NNN) lease with NVA Summit Veterinary Referral Center, a subsidiary of National Veterinary Associates Inc., the largest private owner of freestanding veterinary hospitals in the United States. The lease includes annual rent bumps of 3.5%, providing a hedge against inflation and minimizing landlord responsibilities. The tenant boasts a strong corporate guarantee and has invested significantly in the state-of-the-art medical buildout. The property features 71 parking spaces and benefits from a prime location near I-5, ensuring excellent accessibility. With a current NOI of $979,644, a 6.76% cap rate, and a pro-forma cap rate of 7.74%, this offering presents a compelling investment opportunity in a high-growth market. The property is zoned M1 and includes a single, two-story building. The asking price is $14,500,000, translating to a price per square foot of $533.11. This mission-critical facility provides specialized veterinary services, catering to a large regional client base. The long-term lease, strong tenant, and favorable market conditions make this a highly attractive investment.

Location Insight

City

Tacoma

County

Pierce

State

Washington

Longitude

-122.471

Latitude

47.1851

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments