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Office Medical

Silver Bay Professional Building

9692 Levin Rd NW, Silverdale, WA 98383

Listing Price: $3,300,000

Cap Rate
6.83%
Rentable SF
10,320
Occupancy
100.0%
Year Built
1996
Lot Size
0.76 acres

Investment Overview

Marcus & Millichap is pleased to offer for sale the Silverbay Professional Building, as special build medical facility in Silverdale, Washington. Built in 1996, the 12,138 square foot building sits on a 33,106 square foot lot and is 100% leased to five specialty dental practices. Silverbay Professional Building is located at 9692 Levin Road NW, less than a mile from the brand-new state of the art St Michael Medical Center, the county’s largest hospital. The specialized suites and proximity to the St Michael Medical Center has made the property the ideal home to the area’s top dental professionals. Since the opening of St Michael in 2020 the increased demand for specialized medical office space has resulted in a rise of rents. The Silverbay Professional Building now represents a unique opportunity for an investor to directly benefit from this demand. Silverdale, Washington is centrally located on the Kitsap Peninsula 33 miles west of Seattle. Silverdale is located in Kitsap County and is connected to the eastern shore of Puget Sound by Washington State Ferries routes. Kitsap County is rated second highest in population density in the state of Washington, second only to King County which includes the cities of Seattle, Bellevue, Renton, Redmond, Auburn and Kent among other cities. The United States Navy continues to be the largest employer in Kitsap county with Naval Base Kitsap being the third largest Navy base in the U.S. Silverdale is situated along Highway 3 and located on the west side of the Puget Sound between the Olympic and Cascade Mountain Ranges. Silverdale has 21,858 residents and continues to grow steadily with the influx of new businesses and retail locations. Kitsap’s idyllic setting and close proximity to the metro Seattle area makes tourism one of Kitsap’s top economic drivers. Easily accessible from Downtown Seattle via a 30-60 minute ferry, Kitsap offers limitless recreational and hospitality opportunities framed by 250 miles of salt water shoreline and 850 square miles of mature green canopy under the Olympic Mt. Range & National Park.

Investment Highlights

  • Triple-Net Lease Structure Allows for Limited Landlord Responsibility
  • Special Built Medical Suites Attract Premium Rents in a Submarket with High Demand
  • Located 0.7 Miles from the New St Michael Medical Center which Opened in 2020

Exclusively Listed By

Office Medical

Silver Bay Professional Building

Listing Price: $3,300,000

Cap Rate
6.83%
Rentable SF
10,320
Occupancy
100.0%
Year Built
1996
Lot Size
0.76 acres

Investment Highlights

  • Triple-Net Lease Structure Allows for Limited Landlord Responsibility
  • Special Built Medical Suites Attract Premium Rents in a Submarket with High Demand
  • Located 0.7 Miles from the New St Michael Medical Center which Opened in 2020

Investment Overview

Marcus & Millichap is pleased to offer for sale the Silverbay Professional Building, as special build medical facility in Silverdale, Washington. Built in 1996, the 12,138 square foot building sits on a 33,106 square foot lot and is 100% leased to five specialty dental practices. Silverbay Professional Building is located at 9692 Levin Road NW, less than a mile from the brand-new state of the art St Michael Medical Center, the county’s largest hospital. The specialized suites and proximity to the St Michael Medical Center has made the property the ideal home to the area’s top dental professionals. Since the opening of St Michael in 2020 the increased demand for specialized medical office space has resulted in a rise of rents. The Silverbay Professional Building now represents a unique opportunity for an investor to directly benefit from this demand. Silverdale, Washington is centrally located on the Kitsap Peninsula 33 miles west of Seattle. Silverdale is located in Kitsap County and is connected to the eastern shore of Puget Sound by Washington State Ferries routes. Kitsap County is rated second highest in population density in the state of Washington, second only to King County which includes the cities of Seattle, Bellevue, Renton, Redmond, Auburn and Kent among other cities. The United States Navy continues to be the largest employer in Kitsap county with Naval Base Kitsap being the third largest Navy base in the U.S. Silverdale is situated along Highway 3 and located on the west side of the Puget Sound between the Olympic and Cascade Mountain Ranges. Silverdale has 21,858 residents and continues to grow steadily with the influx of new businesses and retail locations. Kitsap’s idyllic setting and close proximity to the metro Seattle area makes tourism one of Kitsap’s top economic drivers. Easily accessible from Downtown Seattle via a 30-60 minute ferry, Kitsap offers limitless recreational and hospitality opportunities framed by 250 miles of salt water shoreline and 850 square miles of mature green canopy under the Olympic Mt. Range & National Park.

Exclusively Listed By

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