NNN Leased Medical Office Investment Opportunity - 8% Cap w/ Upside

Office for Sale
Catylist Listing ID: 30283877
Property Subtypes: High-Tech, Medical, Net Leased, Office Building
Building Size (RSF): 19,454 SF
Gross Building Area: See Agent
Gross Land Area: 2.78 SF
Sale Price: $1,875,000
Unit Price: $96.38 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class A
Usable Size (USF): 18,614 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 100
Last Updated: 12/7/2018

Overview / Comments

Excellent medical office investment offering with upside available at an 8% cap rate to qualified investors. Opportunity to acquire two adjacent 100% NNN leased medical office properties on an individual or combined basis. Located on a high traffic signalized corner in high growth Jeffersonville, IN, within the Louisville KY MSA, these assets are situated ideally for continued appreciation and revenue growth. Leased below market for $8.06/PSF until June 2020, this opportunity presents upside through revenue growth and lease extension. The occupant's contents include a significant amount of medical equipment that would be costly to relocate legally and logistically. Further, the occupant's operation is performing tremendously well in this high traffic location which provides leverage and options. The tenant provides addiction rehabilitation, IV therapy, and various other medical services.

1802 E 10th Street consists of two parcels. Parcel #1 is 1.287 acres in size and features one building totaling 13,109 SF constructed in 1985 (Former Walgreens). There is also an 840 SF three sided shed on this parcel. Parcel #2 is .8028 acres in size and is used for overflow parking.

1804 E 10th Street consists of two parcels. Parcel #1 is .6530 acres and features one building totaling 5,505 SF constructed in 1985. Parcel #2 is .0340 acres and is used for overflow parking.

Buildings are divisible if desired and can be purchased separately.

Offered significantly below appraised value, this opportunity presents a passive investment opportunity with tremendous upside.

Financials

Finance Data Year 2018
Net Operating Income $150,020 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name North Clark Medical Group
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 18,614 SF
Current Rent $8 PSF (Annual)
Escalations None
Options None

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Clark
Tax ID/APN: 10-19-01-000-613.000-010
Zoning: C-2
Property Located Between: E 10th and E 8th Street
Property Visibility: Excellent
Highway Access: I-65 & I-265
Airports: Louisville International Airport
Total Number of Buildings: 3
Number of Stories: 1
Year Built: 1985
Year Renovated: 2017
Construction/Siding: Concrete
Parking Description: Several parking surface lots in front of structures, to the sides and the rear.
Total Parking Spaces: 100
Sprinklers: To Suit
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable
Zoning Description: C-2 General Commercial
In Flood Plain?: Yes
Lot Frontage: 369
Lot Depth: 482
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,238 63,976 211,028
Median Age: 38.25 38.67 38.14
Households: 5,181 27,776 91,763
The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.