Net leased Office/ Medical Space For Sale with additional availability

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30727263
Property Subtypes: Medical, Net Leased, Office Building
Status: Pending/Contingent
Building Size (RSF): 8,500 SF
Sale Price: $1,150,000
Unit Price: $135.29 PSF
Property Use Type: Net Leased Investment (NNN)
Class of Space: Class B
Usable Size (USF): 8,500 SF
Sale Terms: Cash to Seller
Cap Rate: 5.85%
Last Updated: 5/10/2021

Overview / Comments

Excellent medical office investment property for sale in Soddy-Daisy, TN, a sub-market of Chattanooga. Memorial Hospital has occupied 5,500 sf of this building for many years and just started a new 5 year lease in March. There is considerable upside in this property with an additional 3,000 sf for lease. Current cap rate with vacancy is almost 6%, fully occupied will be 10%.

Proforma NOI: $115,980

Financials

Finance Data Year 2021
Potential Rental Income $115,980 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Memorial Health Partners

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033057 04305
Property Visibility: Good
Highway Access: Highway 27
Airports: Chattanooga
Area Description: Located in a rapidly growing Soddy Daisy, sub-market of Chattanooga
Total Number of Buildings: 1
Number of Stories: 1
Roof Type: Hip
Construction/Siding: Brick
Exterior Description: Well constructed brick office building with ample parking.
Parking Type: Surface
Total Parking Spaces: 51
Heat Source: Heat Pump
Interior Description: Medical office; open area with offices
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,184 15,421 35,386
Median Age: 41.02 39.44 40.88
Households: 484 5,976 13,629

Contact

Photograph of Listing Agent

Cullon Hooks

Janus Commercial, LLC Greater Chattanooga REALTORS® Member
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