Listed by Franklin Street Tampa
$12,950,000
Rasmussen Exclusive Nursing Campus | #1 Ranked in Florida
Details
Property Type Retail, Office
Sub Type Medical Office
Square Footage 41,204
Cap Rate 6.97%
NOI $902,595
Occupancy 100%
Tenancy Single
Brand/Tenant Rasmussen
Lease Type NN+
Lease Term 10
Rent Bumps Yes
Broker Co-Op Yes
Class A
Year Built 2008
Year Renovated 2024
Buildings 1
Stories 1
Acreage 4.840
Investment Type Institutional
Tenant Credit Credit Rated
Occupancy Date 04/01/2016
Ground Lease No
Sale Condition 1031 exchange
Rasmussen (NASDAQ: APEI) | Ranked #1 in Florida | Exclusive Nursing Campus w/ Medical Buildout
Marketing description
Franklin Street is pleased to offer to qualified investors a Medical Office property in Florida. The Property totals 41,204 SF and sits on 4.84 AC. Originally built in 1975, extensive renovations were completed in 2008 including plumbing and electrical. Most recently, the Property's Expansion Space was completed in February of 2024, adding an additional 12,531 SF, which included a reconstruction of the primary building (28,673 SF).
The property is located in Ocala, Florida and serves as a central location for those traveling to and from Gainesville as well as northern portions of Tampa's MSA. Rasmussen University has 10 years remaining on a NN+ (Limited Landlord Responsibilities) lease offering 2.5% Annual Rental Escalations.
Rasmussen University is a regionally accredited university offering high-demand and flexible educational programs. Undergraduate and graduate programs are offered online and in person at 22 campuses across the country. In 2021 American Public Education Inc. (Nasdaq: APEI) completed their acquisition of Rasmussen University ("Rasmussen").
Location Description
Located near SW 10th Street/SR 200 with easy access to Route 301, I-75, and SR 464 in Ocala, Florida.
Investment highlights
- Medical Facility Fit with Plumbing and Electrical Operating Exclusively as a Nursing Campus
- New 10-Year Amended and Restated Lease
- Strong NOI Growth with 2.5% Annual Increases
- NN+ Lease (Minimal Landlord Responsibilities)
- Top Three Performing Location Within the Rasmussen System
- Largest National Nursing & Health Sciences Educator with Campuses Nationwide
- Proximity to Main Hospital Systems including UF Health, AdventHealth, HCA West Marion, and HCA Florida Ocala
- UF Health- Recently Completed, a 150,000 SF Neighborhood Hospital
- HCA West- Currently Undergoing $142 Million On-Site Expansion
- Average Household Income of $97,090 within 5 miles
- Proximity to America's #1 Master-Planned Community, The Villages, a 55+ Community
- Florida has No State Income Tax
Listing Contacts
Listed by Franklin Street Tampa
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$902,595.00
$75,216.25/mo
Valuation Metrics
0
DSCR
6.97%
Cap Rate
6.97%
ROI
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