Medical Office 7.5% Cap Rate

Office for Sale
Catylist Listing ID: 30007061
Property Subtypes: Medical, Net Leased
Condo? Yes
Building Size (RSF): 2,480 SF
Sale Price: $455,000
Property Use Type: Net Leased Investment (NNN)
Building Name: Wilson Medical Park
Class of Space: Class A
Usable Size (USF): 2,480 SF
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Last Updated: 11/27/2017

Overview / Comments

Looking for an absolute NNN investment? This is it. Seller will execute a new 5 year absolute NNN lease, with ZERO Landlord obligations prior to closing.

Offered at a 7.5% cap unleveraged.

Possible owner financing at agreed upon terms.

Medical office condo unit in Wilson, NC located in close proximity to the hospital and the medical district. Other tenants in the building include Wilson Digestive, Nephrology and Hypertension, Labcorp and Wilson Internal Medicine.

Suite 500 is also being marketed for sale or lease to an owner/user.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $2,100 (Annual)
Net Operating Income $34,125 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Current Rent $14 PSF (Annual)
Escalations 3% annual
Options N/A
Tenant Notes Seller will master lease the property with a new 5 year NNN lease to be executed prior to closing. Year 1 NOI will be $34,125 with 3% annual escalators.

Additional Details

Nearest MSA: Wilson
County: Wilson
Taxing Authority: Wilson County
Tax ID/APN: 3711-17-5139
Is Condo?: Yes
Zoning: OFFICE
Property Located Between: Forest Hills Road and Tarboro Street
Property Visibility: Fair
Highway Access: Property is easily accessible from Forest Hills Road and Tarboro Street. This provides access from US Hwy 301 and NC Hwy 42 in the city of Wilson.
Airports: PGV RDU
Site Description: Site is generally flat and improved with curb and gutter and asphalt parking lot and is handicap accessible
Area Description: Property is located in an area that has a mixture of commercial and residential uses in close proximity to the Wilson Medical Center, a 294 bed hospital.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 2004
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Attractive brick veneer building with asphalt shingled roof constructed in 2004. Has a 2nd story mezzanine, however the office suites are located on the ground floor.
Parking Type: Surface
Parking Description: Abundant and free surface parking
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Attractive medical office upfit.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Condo

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,645 32,242 50,081
Median Age: 42.57 39.52 37.98
Households: 2,795 13,090 20,045
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