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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



INVESTMENT HIGHLIGHTS
- Potential to convert upper unit into two office spaces
EXECUTIVE SUMMARY
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
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
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.
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.
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.
PROPERTY TAXES
| Parcel Number | 448000-0280 | Improvements Assessment | £262,173 |
| Land Assessment | £197,598 | Total Assessment | £459,771 |
PROPERTY TAXES
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Multi-Tenant Office Building | 7820-7822 27th St W
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