7.75% CAP | Single-Tenant NNN | EssilorLuxottica
6 Years Remaining | 2% Annual Rent Increases | 2,900 SF Medical Office
Marketing description
Marcus & Millichap is pleased to present 754 Main St, Gardendale, Alabama—a single-tenant medical office building occupied by Southern Focus Vision Center and managed by TeamVision, LLC, part of the EssilorLuxottica family. This is a triple-net lease investment opportunity featuring a purpose-built facility constructed in 2005 that has continuously operated since 2006.
The property offers attractive investment-grade corporate backing through EssilorLuxottica (Euronext: EL)—the world's largest eyewear company with approximately $32B in annual revenue, 200,000+ employees, and 17,600+ retail locations globally. The property is located adjacent to Gardendale High School with immediate proximity to surrounding residential neighborhoods providing a built-in patient base.
The lease provides built-in 2% annual rent escalations throughout the primary term, providing a hedge against inflation and predictable NOI growth. The tenant holds two five-year renewal options, providing potential for over 16 years of total lease term. The property benefits from premium demographics in the immediate trade area with a 3-Mile Average Household Income of $97,188, representing a +40% premium over the Birmingham Average Household Income of $69,447.
Investment highlights
- Single Tenant Medical Office
- Triple Net Lease Structure - Tenant financially responsible for all operating expenses and reimburses Landlord for Management Fee
- 2% Annual Rent Escalations - Built-in 2% annual rent increases throughout the primary term provide a hedge against inflation and predictable NOI growth
- Two (5) Year Renewal Options - Tenant holds two five-year renewal options, providing potential for over 16 years of total lease term
- Purpose Built Facility - Purpose built for Southern Focus Vision Center and has continuously operated since 2006
- Attractive Investment-Grade Corporate Backing - Tenant is part of EssilorLuxottica (Euronext: EL)—the world's largest eyewear company with ~$32B in annual revenue, 200,000+ employees, and 17,600+ retail locations globally
- Adjacent to Gardendale High School - Immediate proximity to Gardendale High School and surrounding residential neighborhoods provides a built-in patient base
- Premium demographics in the immediate trade area - $97,188 3-Mile Average Household Income represents a +40% premium over the Birmingham Average Household Income of $69,447
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