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Office

East Gilman Office Campus

195 NE Gilman Blvd, Issaquah, WA 98027

Listing Price: $15,250,000

Cap Rate
4.67%
Gross SF
23,857
Rentable SF
23,857
Price/Gross SF
$639.23
Lot Size
1.30 acres
Year Built
1997

Investment Overview

This pristine Eastside office investment offering encompasses three, two-story office buildings totaling 23,857 SF situated on over 1.61 acres of the beautifully landscaped and well parked East Gilman Office Campus. The property is leased to an array of long-term tenants that span varying medical and professional industries. The in-place tenants provide a prospective investor with predictable future income due to a weighted average lease term of nearly 5-years that all feature annual rental increases. The Issaquah sub-market has experienced in excess of 5.5% annual rental growth over the past decade. The current ownership has completed a significant capital improvement plan allowing for very passive ownership. This outstanding investment property provides the savvy investor an opportunity to own a strategic asset located in one of Puget Sound’s strongest and most affluent markets with immediate proximity to Costco’s burgeoning World HQ, Amazon, Microsoft, Meta, T-mobile, and REI to name a few.

Investment Highlights

  • Extremely Low Vacancy Submarket The Issaquah office submarket is one of the tightest submarkets in the country with a direct vacancy rate of only 2.0% and sublease availability of 0.4%.
  • Potential Lot Subdivision The current ownership has spent in excess of $100K on feasibility and legal costs to subdivide the singular parcel into three individual parcels for each building.
  • Annual Rental Increases All in-place leases feature rental increases of at least 3% annually as a hedge against inflation.
  • Uncapped CPI Increases The largest tenant that accounts for over 37% of the income stream has uncapped annual CPI increases that are projected to exceed 8.5% upon the lease anniversary.
  • Strong Medical Tenancy Over 55% of the rentable building area is occupied by medical tenants that have undergone significant tenant improvements. This includes a recent $150K lobby remodel in building 185.
  • Substantial Capital Expenditures The current ownership has executed a fully encompassing capital improvement plan: New TPO roofing and HVAC units for buildings 175 and 185, cement tile roof cleaning, full exterior repaint, driveway seal coat and re-stripe.
  • Major Employers The property is located near the rapidly expanding Costco headquarters, and satellite offices for Amazon, Meta, Google, REI, and Microsoft. The headquarters of Amazon and Microsoft are in immediately adjacent submarkets.
  • I-90, which leads to Bellevue and Seattle. Excellent Demographics Issaquah and Sammamish boast the highest average household income in the state of Washington with exceeds $175K annually among the dense population of 125k residents within a 5-mile radius of the property.

Exclusively Listed By

Financing By

Office

East Gilman Office Campus

Listing Price: $15,250,000

Cap Rate
4.67%
Gross SF
23,857
Rentable SF
23,857
Price/Gross SF
$639.23
Lot Size
1.30 acres
Year Built
1997

Investment Highlights

  • Extremely Low Vacancy Submarket The Issaquah office submarket is one of the tightest submarkets in the country with a direct vacancy rate of only 2.0% and sublease availability of 0.4%.
  • Potential Lot Subdivision The current ownership has spent in excess of $100K on feasibility and legal costs to subdivide the singular parcel into three individual parcels for each building.
  • Annual Rental Increases All in-place leases feature rental increases of at least 3% annually as a hedge against inflation.
  • Uncapped CPI Increases The largest tenant that accounts for over 37% of the income stream has uncapped annual CPI increases that are projected to exceed 8.5% upon the lease anniversary.
  • Strong Medical Tenancy Over 55% of the rentable building area is occupied by medical tenants that have undergone significant tenant improvements. This includes a recent $150K lobby remodel in building 185.
  • Substantial Capital Expenditures The current ownership has executed a fully encompassing capital improvement plan: New TPO roofing and HVAC units for buildings 175 and 185, cement tile roof cleaning, full exterior repaint, driveway seal coat and re-stripe.
  • Major Employers The property is located near the rapidly expanding Costco headquarters, and satellite offices for Amazon, Meta, Google, REI, and Microsoft. The headquarters of Amazon and Microsoft are in immediately adjacent submarkets.
  • I-90, which leads to Bellevue and Seattle. Excellent Demographics Issaquah and Sammamish boast the highest average household income in the state of Washington with exceeds $175K annually among the dense population of 125k residents within a 5-mile radius of the property.

Investment Overview

This pristine Eastside office investment offering encompasses three, two-story office buildings totaling 23,857 SF situated on over 1.61 acres of the beautifully landscaped and well parked East Gilman Office Campus. The property is leased to an array of long-term tenants that span varying medical and professional industries. The in-place tenants provide a prospective investor with predictable future income due to a weighted average lease term of nearly 5-years that all feature annual rental increases. The Issaquah sub-market has experienced in excess of 5.5% annual rental growth over the past decade. The current ownership has completed a significant capital improvement plan allowing for very passive ownership. This outstanding investment property provides the savvy investor an opportunity to own a strategic asset located in one of Puget Sound’s strongest and most affluent markets with immediate proximity to Costco’s burgeoning World HQ, Amazon, Microsoft, Meta, T-mobile, and REI to name a few.

Exclusively Listed By

Financing By

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