Listed by SVN | The Martin Group Evansville
$3,135,000
DaVita / Wellness Newburgh, Indiana
Details
APN 87-12-26-102-003.000-019
Property Type Office
Sub Type Medical Office
Square Footage 12,500
Net Rentable (SqFt) 12,172
Units 2
Cap Rate 6.99%
Occupancy 100%
Tenancy Multi
Brand/Tenant DaVita
Lease Type NNN
Lease Term 10
Lease Expiration 11/30/2030
Remaining Term 4.4
Rent Bumps Yes
Pro-Forma Cap Rate 6.99%
Pro-Forma NOI $219,086
Price per SqFt $251
Broker Co-Op Yes
Class B
Year Built 1977
Year Renovated 2010, 2023
Acreage 3.180
Zoning RO
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 11/28/2020
Occupancy Date 04/01/2026
Ground Lease No
Ownership Owner
Solid Medical Tenant Investment in Purpose Built Building
Marketing description
SVN | The Martin Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a two-tenant, medical center investment property located in Newburgh, Indiana (Evansville MSA). The property is divided into two suites with DaVita Dialysis currently occupying approximately 9,672 SF of the 12,172 SF leasable area. The other space, Suite B, is occupied by a complimentary hearing wellness center. The WALT is 5.05 with both tenants possessing multiple five-year renewal options. The lease features annual 3% rental increases. Founded in 1994, DaVita Dialysis is one of the largest providers of kidney care in the U.S. and has been a leader in clinical quality and innovation for more than two decades.
Investment highlights
- 6.9% CAP Rate
- WALT 5.05 years
- DaVita tenancy since 2009, with term extended to 2030
- Strong dialysis demand within the region
- Only dialysis provider in Warrick and Spencer County
- DaVita Suite partially remodeled in 2022 / 2023.
- 100% occupancy
Listing Contacts
Listed by SVN | The Martin Group Evansville
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