2150 Freeman RdFife, WA 98371

Property Details for 2150 Freeman Rd

Year built

2012

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.85 AC

Property size (Sq ft)

14,504 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

420082099

APU

420082099

Description

Exceptional investment opportunity: a 14,504-square-foot Class B medical office building in Puyallup, WA (Pierce County, zip code 98371), situated on a 0.84-acre lot (APN 0420082099). This fee-simple property boasts a strong 6.71% cap rate and a substantial net operating income (NOI) of $596,695. Currently 100% occupied by a single corporate-guaranteed tenant under a triple-net (NNN) lease expiring November 29, 2029, offering a remaining lease term of five years. The building, constructed in 2012, features high-quality masonry and a roof warranty extending to April 9, 2027. The property functions as a 32-bed behavioral health facility, benefiting from established relationships with nearby hospitals. A nearly $1,000,000 expansion, funded by a state grant, has enhanced the facility's capabilities. The asking price is $8,895,000, representing a price per square foot well below replacement cost. The tenant is open to facilitating a smooth operational transition for a new owner, minimizing downtime. This prime location offers easy access to multiple hospitals within a 15-minute drive in Tacoma, Puyallup, Federal Way, and Auburn, ensuring a robust referral network. This presents a compelling opportunity for owner-users seeking established operations and significant cash flow.

• CAP approach

  CAP return

  Valuation

  6%

  $3,924,818

  6.5%

  $3,622,909

  7%

  $3,364,130

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,889,450

  Geo Method

  $2,793,180

• Alternative Use

  Use

  Valuation

  Residential

  $4,492,407

  Hospitality

  $4,115,021

  Educational

  $3,423,649

  Medical

  $3,541,394

  Retail

  $5,325,676

Location Insight

City

Fife

County

Pierce

State

Washington

Latitude

47.2378

Longitude

-122.327

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at support@pro-teqsurfacing.com and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@pro-teqsurfacing.com.