INVESTMENT HIGHLIGHTS
WASHINGTON STATE GOVERNMENT GUARANTEE
The Lease is Guaranteed by the State of Washington, which has a Fitch rating of AA+.
RECESSION PROOF / ESSENTIAL TENANT
The Department of Social and Health Services is a critical department within the Washington State government. Demand for its services typically increases during economic downturns, offering investors a stable and reliable tenant through all economic conditions.
RECENT 5-YEAR LEASE WITH 17.5% RENT INCREASE OVER PREVIOUS LEASE
DSHS signed a brand new 5-year lease in August 2024 (lease length the government prefers to sign). The rent in the new lease increased 17.5% over the rent in its previous lease at this site. DSHS’s renewal option is at fair market rent, ensuring the Property’s rent continues to hedge against inflation and rising costs.
2015 CONSTRUCTION | BUILD TO SUIT
The Property was a build-to-suit for DSHS in 2015. DSHS has continuously operated at this location since the property was built, with their new 5-year lease extension showing a long-term commitment to the location, which is tailored to their needs.
2025 RENOVATIONS
The Seller will complete renovations to the Property before closing. These renovations include sealing and striping the parking lot; upgrading the mail room; performing HVAC maintenance; installing new parking lot bollards; improving landscaping; replacing carpet in the vestibules; updating lighting throughout the facility; and cleaning exterior windows, carpets, vinyl flooring, exterior and interior doors, and window blinds.
LARGE 3.26 ACRE LOT WITH AMPLE PARKING
The Property features 3.26 acres of land and approximately 185 parking stalls, providing more than sufficient space and parking for DSHS or a future tenant to operate efficiently.
LOW VACANCY (2.3%) MARKET WITH STRONG RENT GROWTH (12.5%)
Moses Lake currently boasts a 2.3% vacancy rate and rents have increased a cumulative 12.5% over the last 3 years, per CoStar.
HIGH POPULATION GROWTH SUB-MARKET
Within a 5-mile radius, the population has grown by approximately 15% since 2015.
INCOME TAX FREE STATE
Washington State is income tax-free state.
Listing Agents:
CLAYTON J. BROWN
Trevor Lane
425.233.9522
trevor.lane@marcusmillichap.com
