Net Leased (NNN) Single Tenant Medical Office Building For Sale

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30754855
Property Subtypes: Medical, Net Leased, Office Building
Status: Pending/Contingent
Building Size (RSF): 5,794 SF
Gross Land Area: 1.30 Acres
Sale Price: $1,250,000
Unit Price: $215.74 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Harrison Medical Center
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.87%
Average Occupancy Rate: 100
Last Updated: 8/27/2021

Overview / Comments

Net Leased (NNN) Single Tenant Medical Office Building Investment Property For Sale. Tenant is Memorial Healthcare System, Inc. Established 25 year high volume Medical Practice. Only Medical Practice on Hwy. 58 between Chattanooga TN and Decatur TN. Lease is NNN with Tenant paying all Operating Expenses (Utilities, Real Estate Taxes, Building Insurance and Common Area Maintenance Expenses). Tenant, at its expense, is responsible for all Interior and Exterior maintenance and repairs. Current Annual Base Rent is $98,378.00 ($16.98/SF NNN). Current Lease expiration Date is June 30th 2023.

Property Tours MUST be scheduled in advance due to ongoing Medical Practice. Call Listing Agent (Russ Elliott) to schedule appointments to tour the property. Listing information is provided by owner and public sources and is deemed reliable but not guaranteed. Listing agent has not measured the building / land and does not guarantee the accuracy of the number of square feet or acreage.

Attachments & Media

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $6,500 (Annual)
Tax Value Land $125,400
Tax Value Improvements $519,900
Assessed Value - Total($) $261,200 (Annual)
Net Operating Income $98,378 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Memorial Healthcare System Inc.
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 5,794 SF
Current Rent $98,378 PSF (Annual)
Lease Expiration 6/2023
Escalations Annual Rent Increases to $100,345.79 as of July 1st 2022.
Options Two (2) One (1) Year renewal periods at a price to be determined.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 033112 00403P000
Zoning: C-2
Property Visibility: Fair
Highway Access: State Route Highway 58
Airports: Chattanooga Airport
Site Description: Approx. 1.3 acres located on Cul-de-sac, Harrison Park Drive next to Harrison TN Post Office.
Area Description: Located just off State Route Hwy. 58 in Harrison TN just past the Post Office.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1996
Construction/Siding: Stucco
Parking Ratio: 6 (per 1000 SF)
Parking Type: Surface
Parking Description: 35 Parking Spaces
Total Parking Spaces: 35
Sprinklers: None
Air Conditioning: Engineered System
Internet Access: Gigabit
Interior Description: Medical Office Space set up for Four (4) Medical Providers. Each provider has 3 exam rooms (total of 12 exam rooms). Building has X-Ray Room and Procedure Room. See attached Floor Plan for Layout.
Zoning Description: C-2
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,866 22,290 59,985
Median Age: 40.47 39.97 41.43
Households: 1,489 8,428 23,926

Contact

Photograph of Listing Agent

Russell P Elliott

Pointe Commercial Real Estate Greater Chattanooga REALTORS® Member
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