Property Details

9633 Levin Rd NW

Silverdale, WA 98383

$5,895,000

Available

CBA# 714442 courtesy of CBA Listing firm: Marcus & Millichap, Inc.

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I’d like more information about 9633 Levin Rd NW, Silverdale, MLS# 714442

Office / Retail

Property Type

22,567

Bldg Sq Ft

Units

6.00%

Cap Rate

1994

Year Built

Property Overview

We have been selected to exclusively market for sale Creekside Professional Center, a NNN professional and medical center in Silverdale, Washington. The property is anchored by Microsoft, which occupies ~ 22% of the GLA and has maintained tenancy for 9+ years, providing exceptional credit strength to the rent roll. The other 78% of the GLA is leased by medical, dental, and financial services tenants — necessity-based uses less susceptible to e-commerce disruption. All 9 tenants operate on NNN leases with minimal landlord responsibilities. The property has been well maintained and recently received parking lot, HVAC, heat pump, and sprinkler upgrades. The property is located within the Silverdale retail trade area — the commercial hub of the Kitsap Peninsula generating $1.2B+ in annual consumer spending – and is just 0.8 miles from St. Michael Medical Center, the leading healthcare provider on the Kitsap Peninsula. The Silverdale office and healthcare submarket carries a vacancy rate of just 3.1% with 3.8% year-over-year rent growth and virtually no new supply delivered or under construction, creating a high barrier-to-entry environment. Within three miles, the population has grown over 13% in the past decade with average household incomes exceeding $120,000. Washington's lack of state income tax further enhances after-tax returns.