Preston Hwy Medical Office Investment - 3 Tenant Building

Office for Sale
Catylist Listing ID: 30347793
Property Subtypes: Medical, Net Leased, Office Building
Building Size (RSF): 12,801 SF
Gross Building Area: 13,057 SF
Gross Land Area: 2.53 Acres
Sale Price: $1,879,000
Unit Price: $146.79 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Okolona Medical Building
Class of Space: Class B
Usable Size (USF): 12,801 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/1/2019

Overview / Comments

A rare opportunity to own a medical buidling with income ($210,000.00 per year income mix of NNN and gross leases).

Two very long term tenants with well established practices.

Perfect for a 1031 exchange transaction.

This building was originally built as a small hospital by Humana in 1992 and subsequently updated in 2000 as a medical practice office building. The building is currently split into 3 suites with one side occupied by a very large pediatric practice. The other side is occupied by one of the owners who would be willing to sign a new Lease with the new owners of the building. There is a third suite that measures 547 SF for a total of 3 practices in the building. The two practices occupying the building are the original Tenants from 2000.

The building has great visibility off of Preston Hwy and has two separate ingress/egress routes. It is very solidly built and has a partial dry basement for storage as well as a backup generator that serves the entire building.

Financials

Finance Data Year 2019
Potential Rental Income $216,500 (Annual)
Gross Operating Income $210,000 (Annual)
Net Operating Income $210,000 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Pediatric Practice
Industry Type Health Care and Social Assistance
Is Renting? Yes
Year Founded 2000
SF of Space Occupied 5,971 SF
Current Rent $138,000 PSF (Annual)
Escalations CPI annual
Options None
Tenant Notes This a very large pediatric practice and has been in the building since 2000.
Tenant Business Name General Practitioner
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 5,000 SF
Current Rent $72,000 PSF (Annual)
Tenant Notes This tenant would execute a new Lease with the new owners of the building. They would be willing to sign a minimum of a 3-5 yr. Lease agreement. This practice has been in the building since 2000.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Taxing Authority: Jefferson County
Tax ID/APN: 074900120000
Zoning: C-1 - Commercial District
Property Located Between: Fern Valley Rd. and Ulrich Ave.
Property Visibility: Excellent
Highway Access: Yes, I-65 from Fern Valley Rd.
Airports: Close proximity to the Louisville International Airport.
Site Description: *Great visibility from Preston Hwy. *Building sits on 2.53 acres. *2 ingress/egress points that serve the property. *Available excess land to the SW of the building to add additional square footage or a small separate building
Area Description: This is a busy retail area as well as very close to Ford Assembly & UPS Hub. The area is under served in terms of medical uses.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 11,458 SF
Year Built: 1992
Year Renovated: 2000
Roof Type: Flat
Construction/Siding: Stucco
Exterior Description: Building has stucco siding with steel interior frame. A large pole sign on Preston Hwy serves up to three tenants. Has nice landscaping in place as well as a large parking field on 3 sides of the property.
Parking Type: Surface
Parking Description: *Large parking field in front, side and rear *Portico on north side of building for patient drop off and pick up.
Total Parking Spaces: 76
Freight Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Air Curtain
Interior Description: Building is set up for two separate medical practices with shared entrance. One is finished for a very large pediatric practice and the other side is finished for an internal medicine practitioner. Building has a total of 9 restrooms and 18 exam rooms between the two practices.
Zoning Description: Commercial C-1
Lot Frontage: 210
Lot Depth: 435
Water Service: Municipal
Sewer Type: Municipal, Storm
Easements: Utilities
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,855 69,847 272,463
Median Age: 35.29 36.24 37.06
Households: 4,378 28,554 112,560

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