Single-Tenant Medical Office Investment Property

Office for Sale
Catylist Listing ID: 30675303
Property Subtypes: Medical
Building Size (RSF): 18,260 SF
Gross Land Area: 2.23 Acres
Sale Price: $3,100,000
Unit Price: $169.77 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Cancer & Blood Specialists of Louisville
Class of Space: Class B
Usable Size (USF): 18,260 SF
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 100
Last Updated: 3/16/2021

Overview / Comments

This medical office property is 100% leased to a single-tenant, Cancer & Blood Specialists of Louisville, providing wonderful, easy cash flow to an investor. The building was originally constructed for use as a nursing home in 1963 and upon acquisition by the seller in 2006, the property was gutted and completely renovated for use as a highly modernized medical office building providing cancer treatment. The building contains 18,260 square feet of gross building area. The lease agreement expires June 31, 2022 with three, 3-year renewal options. The tenant is AON (American Oncology Network), the fastest growing network of community oncology practices. The lease is on NN terms with the landlord maintaining exterior/ capital expenditures only. The site comprises of 2.23 acres and includes 92 parking spaces as well as a canopy structure.

The building includes a large waiting room, receptionist area, 12 exam rooms, lab space, CT scan area, conference room, doctor's offices, business office area, nurses' s stations, chemotherapy area with mixing room for medicine, multiple restrooms, and adequate supplies and storage rooms. The building offers very wide hallways which meet hospital standards, wet sprinkler system in office space and is located within 100-yards of the non-compete area with the UofL Health - Mary and Elizabeth Hospital.

Financials

Finance Data Year 2020
Potential Rental Income $325,560 (Annual)
Gross Operating Income $325,560 (Annual)
Net Operating Income $311,293 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 067F01540000
Zoning: OR-3 - Office/Residential District
Property Located Between: Bluegrass Avenue and Hazelwood Avenue
Property Visibility: Excellent
Highway Access: 0.7 miles to I-264
Site Description: Triangular, adequate parking onsite
Area Description: Medical District - Within 0.25 miles of UofL Health - Mary and Elizabeth Hospital
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1963
Year Renovated: 2006
Construction/Siding: Brick
Parking Type: Surface
Total Parking Spaces: 92
Sprinklers: Wet
Zoning Description: OR-3; Office-Residential District
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,588 112,258 263,963
Median Age: 35.74 36.34 36.69
Households: 8,033 46,046 111,444

Contact

Photograph of Listing Agent

Amanda Helfrich

Homepage Realty KCREA Member
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