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Single Tenant Medical Office

Long Term Abs NNN Lease | 2% Annual Rent Increases

Listing Contacts

Active

Asking Price: $1,200,000
Listing Broker NameBailey Martin
Address 

517 3rd Ave, Chesapeake, OH 45619

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Date Added
Nov 26, 2024
Days on Market
109 days
Time Since Last Update
11 days

Details

Property TypeOffice
SubtypeMedical Office
Investment TypeNet Lease
Lease TypeAbsolute NNN
Tenant CreditFranchisee, Corporate Guarantee, No Credit Rating
TenancySingle
Brand/TenantWalgreens, CVS Pharmacy, DaVita, Fresenius Kidney Care, RRS Ohio
Lease Term12 years
Lease Commencement02/01/2021
Lease Expiration01/31/2033
Remaining Term7.9 years
Square Footage8,400
Price/Sq Ft$142.86
Cap Rate9.83%
Occupancy100%
Occupancy Date02/01/2021
NOI$117,981
Units1
Year Built2001
Buildings1
Rent Bumps2% Annually
Broker Co-OpYes
Lease Options1 x 5 Yr
Ground LeaseNo
OwnershipFee Simple

Marketing Description

Transwestern is pleased to present 517 Third Ave in Chesapeake, OH, a single tenant medical office building.​ The tenant, RRS Ohio Drug & Alcohol, is on an absolute NNN lease and signed a 12-year term at the subject property in 2021.​ The RRS facility is located just off OH-527 which sees more than 14,900 Vehicles per Day.​ OH-527 runs directly through downtown Huntington, WV to the south, and Chesapeake, OH to the North.​ The subject property is strategically located just 3 miles from Cabell Huntington Hospital which ranked as a top 100 Hospital in 2023.​ The Hospital is a 303-bed teaching hospital for Marshall University Schools of Medicine, Pharmacy and Nursing.​ They are home to the Hoops Family Children's Hospital and the Edwards Comprehensive Cancer Center, and serve patients throughout West Virginia, Eastern Kentucky, and Southern Ohio.​

Investment Highlights

NNN lease with minimal landlord responsibilities and 2% annual rent increases

Tenant operates six locations across Lawrence County

Only three miles from Cabell Hunting Hospital (Ranked top 100 hospital in 2023) and multiple other medical institutions

Strategically located off Hwy-527 with 14,800+ VPD

RRS Ohio strategically signed a 12-year lease in 2021 to serve as a larger replacement location for its then existing outpatient clinic in South Point, OH.

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$117,981.00
$9,831.75/mo

Valuation Metrics

0
DSCR
9.83%
Cap Rate
9.83%
ROI
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Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts


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Broker Name
Bailey Martin
Broker License
2022001018
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