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Forest Office Park

14645 Northeast Bel Red Road
Bellevue, WA 98007
Availability: Price:$2,800,000 Size:10,845 SF
Shipping: Marcus & Millichap is pleased to present Forest Office Park
Pricing: $0.00
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Description

Agents

BEN TASHAKORIAN | SENIOR MANAGING DIRECTOR


Senior Director: Institutional Property Advisors (IPA)
License: CA 01333884
Dir: (858) 373-3176
Fax: (858) 373-3110
btashakorian@ipausa.com

DAVID BENJAMIN | Associate


Member: National Healthcare Group
License: CA 01934605
Dir: (858) 373-3165
Cell: (303) 386-5291
david.benjamin@marcusmillichap.com

Description

Forest Office Park-E offers investors a unique opportunity to purchase a 100 percent leased, medical-dental office building in the premium submarket of Bellevue, Washington and within the rapidly growing Bel-Red Corridor. A high profile exposure along Bel-Red Road, Microsoft Corporate Campus, Overlake Shopping Center, and the new Overlake Station is within only one mile of the property. The two-story wood frame building boasts updated interior finishes, common area decks, abundant parking, and additional storage facilities for the tenant. Good freeway access via Highway 520 and is situated on a bus-line, the central business districts of Bellevue, Seattle, and downtown Redmond are also only minutes away. There is upside by way of two to three percent annual rent increases on all leases; current rents are approximately 95 percent of the prevailing market average, and 100 percent of the tenant leases roll-over by October 2017, providing an investor opportunity to capture even greater cash flow through lease renewals at then market rates. Asking rents within the immediate submarket have grown 9.25 percent since the fourth quarter of 2010 due to rapidly declining vacancies resulting from two percent annual job growth between 2010-2012 and limited new supply coming on-line.

Features

  • Multi-Tenant Medical-Dental Building that is 100 Percent Leased
  • Two Miles to Overlake Medical Hospital
  • High Growth Bel-Red Corridor Location
  • 700,000 Square Feet of Retail/Shopping within a One Mile Radius

Sales Price

$2,880,000

Net Rentable Area

10,845 SF

Cap Rate

6.23%

Year Built

1998

Details

  • 22932246
  • Office
  • Price:$2,800,000 Size:10,845 SF
  • New

Shipping Information

  • Item Requires Shipping
  • Marcus & Millichap is pleased to present Forest Office Park

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