Office

Spanaway Court

18407 Pacific Ave S, Spanaway, WA 98387

Listing Price: $2,550,000

Cap Rate
7.51%
Gross SF
24,064
Rentable SF
24,064
Price/Gross SF
$105.97
Lot Size
1.39 acres
Year Built
1985

Investment Overview

Marcus & Millichap has been retained to exclusively offer for sale the fee simple interest in Spanaway Court (the "Property"), a multi-tenant office building located along Pacific Avenue S (SR-7) in Spanaway, Washington. Built in 1985, the Property is two stories and consists of twenty-four (24) suites, each of which are approximately 1,000 square feet and have been condominiumized to allow for future potential sell-off of individual condos. The wood frame and tile roof structure sits on a 1.39 acre parcel with metal fence surrounding and sixty-four (64) parking stalls.

Currently, the Property is 87.6% occupied with many of the tenants paying below market rent. The tenant base is diversified with uses ranging from therapy & wellness to investments & finance. The excellent accessibility and visibility of the Property provide local businesses the opportunity to grow and prosper while paying affordable rental rates. Pacific Avenue S is the primary north-south thoroughfare through the city of Spanaway and plays host to all major retail and amenities in the area. 35,000 vehicles travel Pacific Avenue S per day.

Joint Base Lewis-McChord is the primary economic driver for Spanaway, with nearly 210,000 military personnel, families and retirees in the surrounding area. The nearby industrial area of Frederickson plays host to major corporations such as, Boeing, Whirlpool, Ikea, and James Hardie. At a total of about 116,000 square feet, office supply in the Spanaway submarket is limited. This offering provides an incoming investor the opportunity to acquire about 20% of the total office supply in this submarket. By doing so, an investor will enjoy an attractive cash flow compared to market alternatives, as well as capturing upside in raising below market rents and filling vacancy.

Investment Highlights

  • Value-Add Multi-Tenant Office Asset With Below Market Rents
  • Excellent Location On Major State Highway With 35,000 Vehicles Per Day
  • Office Constrained Submarket With Low Vacancy
  • Well Maintained Two-Story Building With Tile Roof

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Listing Price: $2,550,000

Cap Rate
7.51%
Gross SF
24,064
Rentable SF
24,064
Price/Gross SF
$105.97
Lot Size
1.39 acres
Year Built
1985

Investment Highlights

  • Value-Add Multi-Tenant Office Asset With Below Market Rents
  • Excellent Location On Major State Highway With 35,000 Vehicles Per Day
  • Office Constrained Submarket With Low Vacancy
  • Well Maintained Two-Story Building With Tile Roof

Investment Overview

Marcus & Millichap has been retained to exclusively offer for sale the fee simple interest in Spanaway Court (the "Property"), a multi-tenant office building located along Pacific Avenue S (SR-7) in Spanaway, Washington. Built in 1985, the Property is two stories and consists of twenty-four (24) suites, each of which are approximately 1,000 square feet and have been condominiumized to allow for future potential sell-off of individual condos. The wood frame and tile roof structure sits on a 1.39 acre parcel with metal fence surrounding and sixty-four (64) parking stalls.

Currently, the Property is 87.6% occupied with many of the tenants paying below market rent. The tenant base is diversified with uses ranging from therapy & wellness to investments & finance. The excellent accessibility and visibility of the Property provide local businesses the opportunity to grow and prosper while paying affordable rental rates. Pacific Avenue S is the primary north-south thoroughfare through the city of Spanaway and plays host to all major retail and amenities in the area. 35,000 vehicles travel Pacific Avenue S per day.

Joint Base Lewis-McChord is the primary economic driver for Spanaway, with nearly 210,000 military personnel, families and retirees in the surrounding area. The nearby industrial area of Frederickson plays host to major corporations such as, Boeing, Whirlpool, Ikea, and James Hardie. At a total of about 116,000 square feet, office supply in the Spanaway submarket is limited. This offering provides an incoming investor the opportunity to acquire about 20% of the total office supply in this submarket. By doing so, an investor will enjoy an attractive cash flow compared to market alternatives, as well as capturing upside in raising below market rents and filling vacancy.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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