Property details
Single Tenant NNN Medical With Increases, Northeast Region
Property Description
Single Tenant NNN Medical With Increases
Short window opportunity.
Confidential, off-market and given to us for a short period to see to our 30+ year direct principal buyers.
After that, this asset may, and probably will, hit the open market.
$6MM single tenant, NNN+, medical building.
Leased to a major tenant with a public credit rating.
This tenant has been at this location for 25 yrs and they have invested significant $$ into this asset.
The tenant is currently in their final option period on the lease.
Term goes through July 31st, 2028, but they have the option to terminate any time after October 1st, 2025 with 180 days notice.
The monthly rent is now $34,619.82, there are annual escalations of 3% on August 1st throughout the remaining term.
On top of that the owners collect a 3% management fee calculated on the base rent, as per the lease.
This is a NNN Lease with the tenant responsible for all costs including taxes and insurance.
There is no chance of taking out the cancellation option or and/or extending the lease. The tenant has been at this location since 2000, and the building was constructed specifically for their needs. According to the tenant, it is one of their top three performing locations worldwide so it's unlikely they will be vacating or exercising the termination option. And by keeping the 1 yr term in the contract, they are able to lower their long term liabilities number on their balance sheet which is critical for large multinational companies.
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Highlights
- Status:
- Available
- Price:
- $6,000,000
- Cap Rate:
- 6.92%
- Rent Increases:
- Annual 3.00% increases
Property Information
- Property Type:
- Net Lease
- Industry Type:
- Medical - Healthcare
- Units/Spaces:
- 1
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Single Tenant NNN Medical With Increases
- Lease Type:
- NNN
- Lease Expiration:
- 07/31/2028
- Lease Remaining:
- 3.7 years
- Landlord Responsibilities:
- NNN
- Options:
- Inquire
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.