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Shopping Community

Whidbey Island Medical & Professional

107 South Main St, Coupeville, WA 98239

Listing Price: $6,050,000

Cap Rate
6.62%
Gross SF
30,272
Rentable SF
30,272
Price/Gross SF
$199.85
Lot Size
3.17 acres
Year Built
2000

Investment Overview

Whidbey Island Medical & Professional consists of seven buildings constructed in phases from 2001 – 2005, which total 30,272 square foot and are situated on over 3 acres of land. The property is currently 86.10% occupied by a stable and diverse mix of medical, professional, financial, retail and service-office users. 42.5% of the total GLA has occupied the property for 15 years or more and 64.3% for over 6 years. Furthermore, 65.2% of the GLA has renewed their lease within the last 18 months, showing a strong commitment to the site. This includes renewals by anchor tenants People’s Bank, Island Prosthetics, and Coupeville Dental. Coupeville Dental along with Penn Cove Vet Clinic are also in the midst of expanding their current facilities, further demonstrating the stability of the income stream. The property experienced strong rent payment throughout the pandemic with 95.5% of the GLA paying full and on-time rent. The 0.50% represents a 130-SF tenant, who has been paying on-time rent for the last several months. The owner has self-managed and leased the property since its construction in 2001, and although the buildings have retained a fairly high occupancy level, vacancy rates and lease rates could improve with the involvement of a professional leasing and management team. Designed and built by the current owner, the property was constructed with several energy-efficient features including hydronic in-floor radiant heat; high-efficiency Buderus boilers; low-e double-pane windows; and Structurally Insulated Panels (SIPs) over timber-frame, which limits thermal bridging, while also providing flexibility and ease in interior layouts and remodels.

Investment Highlights

  • Newer Construction Medical-Professional Building: Built in phases from 2001 – 2005, the property is made up of 7 buildings occupied by a diverse mix of medical, professional, retail and service office
  • Long-Standing Tenant Base: 42.5% of total GLA has occupied the property for 15+ years, and 64.3% has occupied for 6+ years. Penn Cove Vet Clinic and Coupeville Clinic undergoing expansive renovations.
  • 14 tenants, totaling 65.2% of the GLA, have renewed their leases within the last 18 months, showing their commitment. Including anchor tenants, People's Bank, Island Prosthetic & Coupeville Dental
  • 99.5% Rent Payment Through Pandemic: With the exception of one tenant, accounting for 0.50% of the GLA, all tenants paid full and on-time rent throughout the pandemic.
  • Small Suite Format / Ease of Lease-Up: Suites range from 120 – 2,632 sf and average 875 sf. Small suites attract and accommodate a broader tenant pool, and typically lease at a higher rate.
  • Signalized Intersection / Highway Exposure & Access: Situated at the signalized intersection of Main Street and Highway 20, the property benefits from its exposure and connectivity to the primary north/south arterial through Whidbey Island.
  • Upside in Current Vacancy: The property benefits from a 13.90% vacancy factor, providing traditional upside to investors upon lease-up of these suites.
  • Efficient & Energy-Saving Building & Systems: Many of the buildings were designed and built with Structurally Insulated Panels (SIPs), limiting thermal bridging, as well as in-?oor radiant heat. The property also utilizes a boiler system, adding to the property's efficiency and creating further utility cost savings.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Shopping Community

Whidbey Island Medical & Professional

Listing Price: $6,050,000

Cap Rate
6.62%
Gross SF
30,272
Rentable SF
30,272
Price/Gross SF
$199.85
Lot Size
3.17 acres
Year Built
2000

Investment Highlights

  • Newer Construction Medical-Professional Building: Built in phases from 2001 – 2005, the property is made up of 7 buildings occupied by a diverse mix of medical, professional, retail and service office
  • Long-Standing Tenant Base: 42.5% of total GLA has occupied the property for 15+ years, and 64.3% has occupied for 6+ years. Penn Cove Vet Clinic and Coupeville Clinic undergoing expansive renovations.
  • 14 tenants, totaling 65.2% of the GLA, have renewed their leases within the last 18 months, showing their commitment. Including anchor tenants, People's Bank, Island Prosthetic & Coupeville Dental
  • 99.5% Rent Payment Through Pandemic: With the exception of one tenant, accounting for 0.50% of the GLA, all tenants paid full and on-time rent throughout the pandemic.
  • Small Suite Format / Ease of Lease-Up: Suites range from 120 – 2,632 sf and average 875 sf. Small suites attract and accommodate a broader tenant pool, and typically lease at a higher rate.
  • Signalized Intersection / Highway Exposure & Access: Situated at the signalized intersection of Main Street and Highway 20, the property benefits from its exposure and connectivity to the primary north/south arterial through Whidbey Island.
  • Upside in Current Vacancy: The property benefits from a 13.90% vacancy factor, providing traditional upside to investors upon lease-up of these suites.
  • Efficient & Energy-Saving Building & Systems: Many of the buildings were designed and built with Structurally Insulated Panels (SIPs), limiting thermal bridging, as well as in-?oor radiant heat. The property also utilizes a boiler system, adding to the property's efficiency and creating further utility cost savings.

Investment Overview

Whidbey Island Medical & Professional consists of seven buildings constructed in phases from 2001 – 2005, which total 30,272 square foot and are situated on over 3 acres of land. The property is currently 86.10% occupied by a stable and diverse mix of medical, professional, financial, retail and service-office users. 42.5% of the total GLA has occupied the property for 15 years or more and 64.3% for over 6 years. Furthermore, 65.2% of the GLA has renewed their lease within the last 18 months, showing a strong commitment to the site. This includes renewals by anchor tenants People’s Bank, Island Prosthetics, and Coupeville Dental. Coupeville Dental along with Penn Cove Vet Clinic are also in the midst of expanding their current facilities, further demonstrating the stability of the income stream. The property experienced strong rent payment throughout the pandemic with 95.5% of the GLA paying full and on-time rent. The 0.50% represents a 130-SF tenant, who has been paying on-time rent for the last several months. The owner has self-managed and leased the property since its construction in 2001, and although the buildings have retained a fairly high occupancy level, vacancy rates and lease rates could improve with the involvement of a professional leasing and management team. Designed and built by the current owner, the property was constructed with several energy-efficient features including hydronic in-floor radiant heat; high-efficiency Buderus boilers; low-e double-pane windows; and Structurally Insulated Panels (SIPs) over timber-frame, which limits thermal bridging, while also providing flexibility and ease in interior layouts and remodels.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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