Listed by Marcus & Millichap - Seattle
$1,800,000
Affordable Dentures & Implants - NNN Lease - 2012 Build
Details
APN 884709151014
Property Type Retail, Office
Sub Type Medical Office
Square Footage 3,940
Cap Rate 8.00%
Occupancy 100%
Tenancy Single
Brand/Tenant Affordable Care Inc
Lease Type NNN
Lease Term 17
Lease Expiration 06/29/2030
Remaining Term 4.1
Rent Bumps Yes
Lease Options Two 5-year renewal options
Price per SqFt $457
Year Built 2012
Stories 1
Acreage 1.040
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 06/14/2013
2012 Build to Suit - Passive NNN Lease
Marketing description
Marcus and Millichap is proud to offer for sale fee simple ownership in the Affordable Dentures & Implants property located along Sunnybrook Court in Sioux City, Iowa. Affordable Dentures & Implants operate over 400 locations across 42 states and are a leading provider in tooth replacement services. The site was a build to suit for Affordable Dentures in 2012 and they’ve continuously operated since, most recently executing a lease extension through June 30th, 2030. The lease structure includes minimal landlord responsibilities and offers 5% rental increases every 5 years. The property is located conveniently one block off Highway 75 (23,446 VPD) in close proximity to Lowe's, Target, Hobby Lobby, Fleet Farm, Ulta Beauty and Sherwin Williams. Household incomes exceed $100,000 within one mile of the subject property.
Sioux City, lowa is the fourth most populated city in the state and the county seat of Woodbury County. Sioux City serves as the regional hub for business, employment, retail, medical care, education and tourism. Top employers include Tyson Foods, Seaboard Triumph Foods UnityPoint Health and the National Guard's 185th Air Refueling Wing.
Investment highlights
- Passive Ownership Extremely Passive NNN Lease With Landlord Responsibility Limited to Roof Maintenance Only (Metal Roof), Parking Lot Repairs (Only if Due to Settling) and Structure
- Continued Commitment 12+ Years Continued Occupancy, Recent Early Lease Extension Executed by Tenant
- Corporate Guarantee Affordable Dentures & Implants Operate 400+ Locations Across 42 States
- Location 2012 Built to Suit on 1.04 Acre Parcel With Ample Parking - Located Just Off Hwy 75 (23,446 VPD)
- Rapidly Growing Industry Tooth Replacement Services Annual Growth Rate Projected at 7.16% Over Next 8 Years Due to Aging Population, Technology Advancements and Heightened Awareness
- Growing Population Base Within 5 Miles of Subject Property, Population is Anticipated to Increase by 5.86% Over Next 5 Years, Greater OKC Population is Anticipated to Grow by 3.5% Over Next 5 Years Outpacing the National Rate
Listing Contacts
Listed by Marcus & Millichap - Seattle
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