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19451824

721 River Dr, Fort Bragg, CA 95437

SB
CA CA 02181418
Marcus & Millichap - Chicago Downtown
FR
IL 475.139806
Marcus & Millichap - Chicago Downtown
BR
IL 475.137849
Marcus & Millichap - Chicago Downtown
Listed by Marcus & Millichap - Chicago Downtown
$3,960,000
676 days on market
Updated 85 days ago

Medical Credit Tenant | Financing Available | 8.5% Cap

Details
Property Type Office
Sub Type Medical Office
Square Footage 12,147
Net Rentable (SqFt) 12,147
Cap Rate 8.5%
NOI $336,609
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 15.5
Lease Expiration 12/30/2031
Remaining Term 5.6
Rent Bumps Yes
Lease Options 4-5 year options
Price per SqFt $326
Class B
Year Built 2005
Year Renovated 2025
Buildings 1
Stories 1
Parking Spaces 64 spaces
Parking Per SqFt 5.27
Investment Type Stabilized
Lease Commencement 06/30/2016
Occupancy Date 06/30/2016
Ground Lease Yes
Ownership Ground Lease

Medical Office-A credit rated tenant-6 years NNN- Fort Bragg-CA

Marketing description

Marcus and Millichap is pleased to exclusively present The Adventist Health Mendocino Coast Medical

Office, located at 721 River Drive, Fort Bragg, California. The subject property consists of a

12,147-square-foot medical office building, which is situated on a 0.98-acre parcel, and was

constructed in 2005. Offers 64 parking spaces which include ADA, individual PG&Esmart meters, fire

sprinkler system, security control systems and fire alarm systems.

Adventist Health occupies 100 percent of the space, which is separated into suites A, B, and C.

Services offered at this location include: Minor Surgeries, Internal Medicine, Women's Health, and

Ophthalmology, among others. Tenants operate under a triple-net lease structure with a CPI (2%-5%)

increase every two years. Adventist Health has an S&P credit rating of A-. Landlord is responsible

for paying taxes, insurance, and management fee which are all reimbursed by tenant. Tenant is

responsible for all operating expenses, repairs and maintenance and pays directly. There are four,

five-year renewal options remaining.

Adventist Health in Fort Bragg, California, is part of the Adventist Health system, which is a

faith-based, nonprofit healthcare organization operating across the western United States.

Adventist Health in Fort Bragg specifically serves the local community in Mendocino County,

providing a variety of healthcare services.

Conveniently situated, the subject property neighbors The Adventist Health Mendocino Coast

Hospital, a twenty-five-bed critical access hospital nestled in Fort Bragg, renowned for its

extensive service to coastal community members. Originating from a grassroots movement to establish

a hospital district, Mendocino Coast District Hospital was inaugurated on June 26, 1971. Fast

forward to July 2020, Mendocino Coast District Hospital became part of the esteemed Adventist

Health network.

Investment highlights

The triple net (NNN) lease is a lease agreement structure where the tenant pays all of the operating expenses for the property. Therefore, they handle building insurance, property insurance, and real estate taxes on top of paying rent.

• Attractive strong credit backed lease from Adventist Health A- S&P rating with CPI increases every 2 years.

• There are approximately 7+ years of lease term remaining on the intial term.

• Current configuration includes ADA access, exam rooms, doctor offices, nurses stations, large waiting rooms/reception area, ADA restrooms, employee break. Amenities are specific to individual suites.

• Conveniently located, the subject property sits adjacent to The Adventist Health Mendocino Coast Hospital

Listing Contacts

SB
CA CA 02181418
Marcus & Millichap - Chicago Downtown
FR
IL 475.139806
Marcus & Millichap - Chicago Downtown
BR
IL 475.137849
Marcus & Millichap - Chicago Downtown
Listed by Marcus & Millichap - Chicago Downtown

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$
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$336,609.00
$28,050.75/mo

Valuation Metrics

0
DSCR
8.5%
Cap Rate
8.5%
ROI

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Additional Information

Name
Tony Solomon
License
CA 1238010
Title
Broker of Record
Name
Scott Barrow
License
CA 02181418
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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