Listed by Marcus & Millichap - Orlando
$3,200,000
MidWest Vision Partners 10 Year Lease Extension
Details
Property Type Office
Sub Type Medical Office
Square Footage 13,020
Net Rentable (SqFt) 13,020
Cap Rate 7.51%
NOI $240,219
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 10
Lease Expiration 01/31/2035
Remaining Term 8.6
Rent Bumps Yes
Lease Options None
Price per SqFt $246
Year Built 1974
Year Renovated 2024
Acreage 1.340
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 02/01/2025
Sale Condition N/A
2.5% Annual Rental Increases
Marketing description
Single-Tenant net lease medical office property with over eight and a half years of primary lease term remaining. Practice was acquired by Midwest Vision Partners in 2020. There's strong commitment to the location. The roof was completely replaced at the end of 2024. The lease was extended for 10 years in February of 2025. The practice has been operating out of the same property for over 40 years, and presently has over five providers to sustain patient demand.
Investment highlights
- Triple Net Lease Structure - Passive Ownership
- Roof was replaced in 2024
- Growing Practice with Strong Presence and Backing by Alpine Investors
- Specialty Eye Institute Acquired by Midwest Vision Partners in 2020
- Alpine Investors has $18.9 billion AUM
- Recent 10-year Lease Extension Commenced in February 2025
- Features 2.5% Annual Rental Increases Throughout Term
- Significant Historical Occupancy
- Specialty Eye Institute has been at the location for 40 years, and it is the original location for the practice
- Strong Growth within Eye Care Industry
- The Eye Care Industry is Experiencing Robust Growth, with U.S. Market Value Projected to Reach $33.40 Billion by 2028 Growth is Driven by an Aging Population, Increased Digital Screen Usage, and High Demand for Specialized Services
- Jackson Michigan is a Regional Healthcare Hub Serving Surrounding Communities
- Henry Ford Jackson Hospital (420 beds) anchors the local system
- Sustained healthcare growth as more providers move into town every year for residency and training programs
Listing Contacts
Listed by Marcus & Millichap - Orlando
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$240,219.00
$20,018.25/mo
Valuation Metrics
0
DSCR
7.51%
Cap Rate
7.51%
ROI
Map
Zoning
C-4 CommercialGeneral CommercialGeneral Commercial
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