Office
Plaza 173
3402 173rd Pl NE, Arlington, WA 98223
Listing Price: $1,950,000
Investment Overview
The Vara Group is excited to present the exclusive sale offering of Arlington Plaza 173, a well-maintained medical and professional office building located just off I-5 in Arlington, WA. The property houses six suites totaling 9,662 SF and is currently 81% occupied by three tenants. The rent roll offers staggered lease expirations through 2030 for three tenants, and features a new 10-year NNN lease with a dental professional.
The Property is home to a mix of healthcare and service-oriented tenants. The Smokey Point submarket has experienced consistent rent growth over the past five years, and is quickly becoming a target for industry and tenant movement in the Puget Sound region. The Property is located just between the Smokey Point Transit Center and 172nd Street, and is less than half a mile from I-5.
Plaza 173
Investment Highlights
- Stable Tenant base with Upside: The property is currently 81% occupied, and features a recently executed 10-year NNN lease with a Dentist.
- Near-Term Value-Add Opportunity: Two vacant suites offer immediate upside, while staggered expirations create a predictable path to capture a 22% market premium from current rental rates.
- Passive NNN Leases: All in-place leases are NNN with annual increases, providing a hedge against inflation and limiting landlord expense exposure.
- Growth-Oriented Submarket: Positioned near 572 new multifamily units (228 completed, 342 under construction) and the future Air Arlington North Industrial Park, expected to bring a substantial number of jobs to the region.
- Essential Service Tenant Base: Occupancy includes a mix of healthcare and professional service providers, catering to in-person, frequent use from the surrounding community.
- Well-Located: The Property is located less than 0.5mi from I-5, and is positioned between the Smokey Point Transit Center and 172nd Street.
Exclusively Listed By
Financing By
Listing Price: $1,950,000
Investment Highlights
- Stable Tenant base with Upside: The property is currently 81% occupied, and features a recently executed 10-year NNN lease with a Dentist.
- Near-Term Value-Add Opportunity: Two vacant suites offer immediate upside, while staggered expirations create a predictable path to capture a 22% market premium from current rental rates.
- Passive NNN Leases: All in-place leases are NNN with annual increases, providing a hedge against inflation and limiting landlord expense exposure.
- Growth-Oriented Submarket: Positioned near 572 new multifamily units (228 completed, 342 under construction) and the future Air Arlington North Industrial Park, expected to bring a substantial number of jobs to the region.
- Essential Service Tenant Base: Occupancy includes a mix of healthcare and professional service providers, catering to in-person, frequent use from the surrounding community.
- Well-Located: The Property is located less than 0.5mi from I-5, and is positioned between the Smokey Point Transit Center and 172nd Street.
Investment Overview
The Vara Group is excited to present the exclusive sale offering of Arlington Plaza 173, a well-maintained medical and professional office building located just off I-5 in Arlington, WA. The property houses six suites totaling 9,662 SF and is currently 81% occupied by three tenants. The rent roll offers staggered lease expirations through 2030 for three tenants, and features a new 10-year NNN lease with a dental professional. The Property is home to a mix of healthcare and service-oriented tenants. The Smokey Point submarket has experienced consistent rent growth over the past five years, and is quickly becoming a target for industry and tenant movement in the Puget Sound region. The Property is located just between the Smokey Point Transit Center and 172nd Street, and is less than half a mile from I-5.
Exclusively Listed By
Financing By
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