Single-Tenant Office

State of Washington Leased Property

1600 West 1st Street, Newport, WA 99156

Listing Price: $1,875,000

Cap Rate
7.05%
Gross SF
8,952
Rentable SF
8,952
Price/Gross SF
$209.45
Lot Size
4.27 acres
Year Built
2005

Investment Overview

Marcus & Millichap is pleased to present a Two-Tenant State of Washington office building occupied by the Department of Social and Health Services (DSHS) and State of Washington funded Eastern Washington University Early Head Start (EHS). The office building is a 8,952-square foot structure with DSHS located on the first floor occupying the entire 7,752-square foot space and Early Head State occupying 1,200-square feet in the basement which has great ingress and egress accessibility from West 1st Street in Newport, Washington. The DSHS has just renewed their lease for 5 years with another 5-year option to extend at a higher rental rate. The Department of Social Health Services is tied together by a single mission: to transform lives. Each administration within the DSHS has a refined focus on this mission. Within the department there are the following administrations: Aging and Long-term Support Administration, Behavioral Health Administration, Departmental Disabilities Administration, Economic Services Administration, Financial Services Administration, Office of the Secretary. Eastern Washington University Early Head Start is a year-round home-based program where enrolled families receive weekly visits from a home visitor in the comfort of their home and it is free. The aim of Early Head State is to help parents make a difference in the lives of their children. Eastern Washington University has provided Early Head Start services to the Tri-Counties since 1998, based on the needs of each family, EHS partners with parents and other community agencies to provide and coordinate a wide range of services. Eastern Washington University Early Head Start is a $2 million per year federal grant and they have 25 Full-time Eastern Washington University staff members. Currently EHS serves a minimum of 116 low-income pregnant women, infants, and toddlers through a homebased, year-round program in the Tri-Counties area. This offering is ideal for an investor who is seeking a credit tenant investment property occupied by the State of Washington which has a credit rating of AAA (Moody’s). This offering has a current in-place capitalization rate of 7.05% with a pro-forma capitalization of 7.55% when the state exercises their 5-year option.

Investment Highlights

  • Two Tenant State of Washington Investment Property with AAA (Moody's) Credit Rating
  • Going-In Capitalization Rate of 7.05% with a Built-In Pro-Forma Capitalization Rate of 7.55%
  • Brand New Build-to-Suit for the Department of Social and Health Services in 2005
  • Brand New 5-Year Lease Signed September 2020 with the Department of Social and Health Services with a 5-Year Option
  • Property has Been Recently Upgraded with all New Carpet Tiles, Paint Touch-Up, Parking Lot Sealed and Re-Striped

Exclusively Listed By

Broker of Record

  • Joel Deis

    Vice President / Regional Manager

    License(s): WA: 90758

    Washington

Single-Tenant Office

State of Washington Leased Property

Listing Price: $1,875,000

Cap Rate
7.05%
Gross SF
8,952
Rentable SF
8,952
Price/Gross SF
$209.45
Lot Size
4.27 acres
Year Built
2005

Investment Highlights

  • Two Tenant State of Washington Investment Property with AAA (Moody's) Credit Rating
  • Going-In Capitalization Rate of 7.05% with a Built-In Pro-Forma Capitalization Rate of 7.55%
  • Brand New Build-to-Suit for the Department of Social and Health Services in 2005
  • Brand New 5-Year Lease Signed September 2020 with the Department of Social and Health Services with a 5-Year Option
  • Property has Been Recently Upgraded with all New Carpet Tiles, Paint Touch-Up, Parking Lot Sealed and Re-Striped

Investment Overview

Marcus & Millichap is pleased to present a Two-Tenant State of Washington office building occupied by the Department of Social and Health Services (DSHS) and State of Washington funded Eastern Washington University Early Head Start (EHS). The office building is a 8,952-square foot structure with DSHS located on the first floor occupying the entire 7,752-square foot space and Early Head State occupying 1,200-square feet in the basement which has great ingress and egress accessibility from West 1st Street in Newport, Washington. The DSHS has just renewed their lease for 5 years with another 5-year option to extend at a higher rental rate. The Department of Social Health Services is tied together by a single mission: to transform lives. Each administration within the DSHS has a refined focus on this mission. Within the department there are the following administrations: Aging and Long-term Support Administration, Behavioral Health Administration, Departmental Disabilities Administration, Economic Services Administration, Financial Services Administration, Office of the Secretary. Eastern Washington University Early Head Start is a year-round home-based program where enrolled families receive weekly visits from a home visitor in the comfort of their home and it is free. The aim of Early Head State is to help parents make a difference in the lives of their children. Eastern Washington University has provided Early Head Start services to the Tri-Counties since 1998, based on the needs of each family, EHS partners with parents and other community agencies to provide and coordinate a wide range of services. Eastern Washington University Early Head Start is a $2 million per year federal grant and they have 25 Full-time Eastern Washington University staff members. Currently EHS serves a minimum of 116 low-income pregnant women, infants, and toddlers through a homebased, year-round program in the Tri-Counties area. This offering is ideal for an investor who is seeking a credit tenant investment property occupied by the State of Washington which has a credit rating of AAA (Moody’s). This offering has a current in-place capitalization rate of 7.05% with a pro-forma capitalization of 7.55% when the state exercises their 5-year option.

Exclusively Listed By

Broker of Record

  • Joel Deis

    Vice President / Regional Manager

    License(s): WA: 90758

    Washington

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