Leased Medical Office Building with Excess Land
NN Leased Medical Office | 14,456SF
Marketing description
THIS OFFERING is for the opportunity to purchase a commercial property consisting of a double net leased medical office building, a cell tower lease and excess commercial development land.
The primary lease is to RPM Rehab, Inc, a 9-location physical therapy clinic, who’s been in the building since approximately 2014 and entered into a new 5-year lease in January of 2025 for approximately 82% of the total building with RPM being responsible for 100% of the common area maintenance charges attributable to the property, including taxes and insurance, but excluding the maintenance of the excess land area. RPM occupies approximately 11,846SF of the total building area.
The remaining vacant areas of the building consist of an office area and a garage/storage area, plus an unfinished second story apartment combining to total approximately 2,610SF, while there is also excess land fronting S 24th Ave estimated to consist of approximately 30,000SF that is prime for development.
Investment highlights
- Offered price based upon an 8 cap of the NOI from the PT clinic and cell tower leases, $71/SF to the vacant building area and $10/SF to the excess land.
- RPM Rehab is a regional physical therapy operator founded in 2004 with 4 locations in Washington state and 5 locations in California.
- RPM has been in the building since approximately 2014 and entered into a new 5-year lease earlier this year.
- RPM is responsible for 100% of the common area maintenance costs, including taxes and insurance, despite occupying approximately 82% of the building.
- Landlord is responsible for structural repairs, plus maintenance and repairs to exterior walls, roof, windows, doors and HVAC.
- Cell tower lease has been in place since April of 2004.
- Excess land area is estimated to consist of approximately 30,000SF. Seller will entertain selling the land separately at $10/SF.
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