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Multi-Tenant Office Building 7820-7822 27th St W 4,000 sq ft 25% Let Office Property University Place, WA 98466 £819,291 (£204.82/sq ft) 5.91% Net Initial Yield

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INVESTMENT HIGHLIGHTS

  • Potential to convert upper unit into two office spaces

EXECUTIVE SUMMARY

Owner is semi-retiring, take advantage of this premier commercial triplex/potential fourplex in University Place Business District. This well maintained mixed-use property updated in 2007 is strategically located on a high-visibility street, has additional parking in the back, and access to public transit making it ideal for professional use or investment.
Ground level features two 1,000 sq ft offices. One is leased by an established neurologist who works only on Tuesdays and is interested in sharing this office with another medical or professional tenant. Doctor is open to letting tenant modify the space to meet the lessee’s specific needs. Lease is negotiable due to shared office space. The other unit is a former dental office, is available for immediate use with the option to acquire dental equipment and furniture.
The 2,000 sq ft vacant upper floor unit includes a reception area, kitchen and lunchroom, conference room, and a full bathroom. Five spacious offices offer versatility for office suites, coworking spaces, or professional services.
The property delivers flexibility, excellent visibility, and immediate income potential. Contact us today to schedule a tour and explore its possibilities! Potential to convert upstairs into two office spaces.
Buyer to verify all info to their satisfaction. Possible SBA 504 or 7A financing. Dental equipment list available upon request.
University Place 27th St District Business Plan available here: cityofup.com/DocumentCenter/View/4450/27th-Street-Business-District-Draft-Plan?bidId=

FINANCIAL SUMMARY (PRO FORMA - 2025)

ANNUAL ANNUAL PER sq ft
Gross Rental Income £55,116 £13.78
Other Income - -
Vacancy Loss £2,756 £0.69
Effective Gross Income £52,360 £13.09
Taxes - -
Operating Expenses - -
Total Expenses £3,927 £0.98
Net Operating Income £48,434 £12.11

FINANCIAL SUMMARY (PRO FORMA - 2025)

Gross Rental Income
Annual £55,116
Annual Per sq ft £13.78
Other Income
Annual -
Annual Per sq ft -
Vacancy Loss
Annual £2,756
Annual Per sq ft £0.69
Effective Gross Income
Annual £52,360
Annual Per sq ft £13.09
Taxes
Annual -
Annual Per sq ft -
Operating Expenses
Annual -
Annual Per sq ft -
Total Expenses
Annual £3,927
Annual Per sq ft £0.98
Net Operating Income
Annual £48,434
Annual Per sq ft £12.11

PROPERTY FACTS

Sale Type
Investment or Owner Occupier
Property Type
Office
Property Subtype
Medical
Property Size
4,000 sq ft
Costar Property Class
C
Year Built/Renovated
1963/2007
Price
£819,291
Price per sq ft
£204.82
Yield
5.91%
NOI
£48,420
Occupancy Rate
25%
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
2,000 sq ft
Floor To Floor Height
10 ft
Plot ratio
0.44
Total Plot Size
0.21 ac
Use Class
MU
Parking
12 Spaces (3 Spaces per 1,000 sq ft Leased)

AMENITIES

  • Signage
  • Reception

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • sq ft OCCUPIED
  • RENT/sq ft
  • LEASE END
  • Mt Rainier Neurology
  • Health Care and Social Assistance
  • -
  • -
  • -
TENANT INDUSTRY sq ft OCCUPIED RENT/sq ft LEASE END
Mt Rainier Neurology Health Care and Social Assistance - - -

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • USE
  • CONDITION
  • AVAILABLE
  • 1st Fl-Ste A
  • 1,000 sq ft
  • Office / Medical
  • Full Fit-Out
  • Now

Premier 1,000 SF ground floor unit in a commercial triplex in University Place Business District. This well-maintained mixed-use property updated in 2007 is strategically located on a high-visibility street with additional parking in back, ideal for professional office space. Unit is a former dental office with option to purchase dental business or acquire dental equipment and furniture. Featuring a reception area, private office, and three dental treatment rooms that may be converted to a large open layout offering versatility for multiple uses. The property delivers flexibility and excellent visibility. Tenant to verify info to their satisfaction. Owner is semi-retired. Building for sale for $1,100,000. Upper 2,000 SF unit C and neighboring 1,000 SF unit B also listed for lease.

  • 1st Fl-Ste B
  • 100-1,000 sq ft
  • Office / Medical
  • Full Fit-Out
  • 30 Days

FLEX-space available, tenant is semi-retiring working one day per week and is amenable to share his office with another medical or professional business. One to three offices available with a reception area offering versatility for multiple uses. Doctor is open to letting tenant modify the space to meet the lessee’s specific needs. Lease is negotiable due to shared office space. Premier ground floor unit in a commercial triplex in University Place Business District. This well-maintained mixed-use property updated in 2007 is strategically located on a high-visibility street with additional parking in back. The property delivers flexibility and excellent visibility. Tenant to verify info to their satisfaction. Owner is semi-retired. Building for sale for $1,100,000. Upper 400-2,000 SF unit C (1-5 offices) and neighboring 1,000 SF unit A/dental office also listed for lease.

  • 2nd Fl-Ste C
  • 400-2,000 sq ft
  • Office
  • Full Fit-Out
  • Now

FLEX-space available 400-2000 sq ft offering one to five spacious offices, a vaulted-ceiling conference room, full kitchen, reception area, and abundant natural light. This elevated upper-level professional space is in the heart of University Place’s Business District located in a high-traffic area. The owner is open to a flexible shared arrangement for compatible professionals requiring less space. Lease terms are negotiable based on the space and number of offices leased. Well-maintained mixed-use property updated in 2007 is strategically located with additional parking in back. The property delivers flexibility and excellent visibility. Tenant to verify info to their satisfaction. Owner is semi-retired. Building for sale for $1,100,000. Lower 1,000 SF unit A and neighboring 1,000 SF unit B (1-3 offices) also listed for lease.

Space Size Space Use Condition Available
1st Fl-Ste A 1,000 sq ft Office / Medical Full Fit-Out Now
1st Fl-Ste B 100-1,000 sq ft Office / Medical Full Fit-Out 30 Days
2nd Fl-Ste C 400-2,000 sq ft Office Full Fit-Out Now

1st Fl-Ste A

Size
1,000 sq ft
Space Use
Office / Medical
Condition
Full Fit-Out
Available
Now

1st Fl-Ste B

Size
100-1,000 sq ft
Space Use
Office / Medical
Condition
Full Fit-Out
Available
30 Days

2nd Fl-Ste C

Size
400-2,000 sq ft
Space Use
Office
Condition
Full Fit-Out
Available
Now

1st Fl-Ste A

Size 1,000 sq ft
Space Use Office / Medical
Condition Full Fit-Out
Available Now

Premier 1,000 SF ground floor unit in a commercial triplex in University Place Business District. This well-maintained mixed-use property updated in 2007 is strategically located on a high-visibility street with additional parking in back, ideal for professional office space. Unit is a former dental office with option to purchase dental business or acquire dental equipment and furniture. Featuring a reception area, private office, and three dental treatment rooms that may be converted to a large open layout offering versatility for multiple uses. The property delivers flexibility and excellent visibility. Tenant to verify info to their satisfaction. Owner is semi-retired. Building for sale for $1,100,000. Upper 2,000 SF unit C and neighboring 1,000 SF unit B also listed for lease.

1st Fl-Ste B

Size 100-1,000 sq ft
Space Use Office / Medical
Condition Full Fit-Out
Available 30 Days

FLEX-space available, tenant is semi-retiring working one day per week and is amenable to share his office with another medical or professional business. One to three offices available with a reception area offering versatility for multiple uses. Doctor is open to letting tenant modify the space to meet the lessee’s specific needs. Lease is negotiable due to shared office space. Premier ground floor unit in a commercial triplex in University Place Business District. This well-maintained mixed-use property updated in 2007 is strategically located on a high-visibility street with additional parking in back. The property delivers flexibility and excellent visibility. Tenant to verify info to their satisfaction. Owner is semi-retired. Building for sale for $1,100,000. Upper 400-2,000 SF unit C (1-5 offices) and neighboring 1,000 SF unit A/dental office also listed for lease.

2nd Fl-Ste C

Size 400-2,000 sq ft
Space Use Office
Condition Full Fit-Out
Available Now

FLEX-space available 400-2000 sq ft offering one to five spacious offices, a vaulted-ceiling conference room, full kitchen, reception area, and abundant natural light. This elevated upper-level professional space is in the heart of University Place’s Business District located in a high-traffic area. The owner is open to a flexible shared arrangement for compatible professionals requiring less space. Lease terms are negotiable based on the space and number of offices leased. Well-maintained mixed-use property updated in 2007 is strategically located with additional parking in back. The property delivers flexibility and excellent visibility. Tenant to verify info to their satisfaction. Owner is semi-retired. Building for sale for $1,100,000. Lower 1,000 SF unit A and neighboring 1,000 SF unit B (1-3 offices) also listed for lease.

Bike Score®
Good for cycling (74)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures how walkable a location is.
Transit Score® measures access to public transport.
Bike Score® measures how accessible a location is by bike
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures how walkable
a location is. Transit Score®
measures access to public transport. Bike Score®
measures how accessible a location is by bike®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
448000-0280
Land Assessment
£197,598
Improvements Assessment
£262,173
Total Assessment
£459,771
  • Listing ID: 37992928

  • Date on Market: 16/01/2025

  • Last Updated:

  • Address: 7820-7822 27th St W, University Place, WA 98466

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