19 Southpoint LnWalla Walla, WA 99362

Property Details for 19 Southpoint Ln

Year built

2007

Lot size

0.92 AC

Property size (Sq ft)

10,600 SF

Property type

Office properties

Property subtype

Office buildings

APN

360729420156

APU

360729420156

Description

This exceptional Class A medical office building, totaling 10,600 square feet, presents a unique investment opportunity in Walla Walla, WA. Located at 19 Southpoint Lane, 99362, this single-story, 2008-built facility boasts a desirable location within a thriving medical corridor, exhibiting zero percent submarket vacancy. The property features a modern design, including a glass cupola and atrium, and benefits from recent upgrades totaling approximately $83,000, encompassing parking lot improvements (2023) and exterior enhancements (2019). Ample parking is provided with 88 spaces on a 22,651 square foot lot. Currently leased to a credit-rated tenant (Walla Walla Clinic, partnered with Privia Health), the property is offered at $3,800,000 ($358/sq ft) on a NNN lease. The tenant's lease expires December 31, 2026, with no renewal options, presenting an ideal opportunity for an owner-user or investor seeking control in a market with no new medical office supply. The building's proximity to Providence Urgent Care and other medical providers ensures strong tenant demand in this robust healthcare market. Walla Walla's diverse economy, fueled by tourism, education, and healthcare, further strengthens the property's long-term value. The current tenant's intention to vacate is due to their consolidation to a nearby leased medical campus, where their ground lease has approximately 13 years remaining. The lack of a ground lease extension from the lessor (Providence Health) underscores the unique opportunity for ownership control in this high-demand location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,159,929

  6.5%

  $1,993,780

  7%

  $1,851,368

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,260,026

  Geo Method

  $2,260,026

• Alternative Use

  Use

  Valuation

  Residential

  $2,472,288

  Hospitality

  $2,264,602

  Educational

  $1,884,122

  Medical

  $1,948,920

  Retail

  $2,930,857

Location Insight

City

Walla Walla

County

Walla Walla

State

Washington

Latitude

46.0534

Longitude

-118.329

CBSA code

47460

CBSA name

WALLA WALLA, WA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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