Single Tenant Medical Net Leased Investment Property

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30468064
Property Subtypes: Net Leased, Office Building
Status: Pending/Contingent
Building Size (RSF): 5,193 SF
Gross Land Area: 25,790 SF
Sale Price: $885,000
Unit Price: $170.42 PSF
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: CHI Memorial Internal Medicine Associates
Class of Space: Class B
Usable Size (USF): 5,193 SF
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Average Occupancy Rate: 100
Last Updated: 9/24/2020

Overview / Comments

Net Leased Single Tenant Medical Office Building located on Hixson Pike between Ashland Terrace and Rivermont. Approx. 5,200 SF. (+/-) Medical Office Building 100% leased to Memorial Health Partners Foundation, Inc. ("Tenant"). Tenant pays for Operating Cost incurred by Landlord for operation, repair, maintenance, and management of the common areas and to the extent not billed to and paid by Tenant, water, sewage, drainage, refuse collection, Janitorial, gas, electricity, light, power, or other utility services and for the general maintenance and repair of the Building and other CAM Services. Tenant is also responsible for Taxes, assessments or other impositions, which may be levied, assessed, or imposed upon or with respect to the Building, or personal property at any time situated theron and for casualty, liability, or other insurance required to be obtained by Landlord pursuant to the Lease.

Current Three (3) Lease Term began on July 1st 2018 and ends on June 30th 2021. Next Scheduled Rent increase of 3% is scheduled to take effect as of July 1st 2020. Tenant has verbally indicated that it plans to lease the building past the current lease expiration term. Future Lease Renewals / Extensions shall be subject to negotiations and approval by Tenant.

Call Listing Agent, to schedule appointments to see or show the property. Square footage and acreage calculations are reliable but not guaranteed. Listing Agent has not measured the building or land and does not guarantee the accuracy of the number of square feet or acreage. Square feet and acreage need to be verified by Purchaser.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $11,200 (Annual)
Net Operating Income $66,211 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Memorial Health Partners Foundation, Inc.
Website URL https://www.memorial.org/
Industry Type Health Care and Social Assistance
Is Renting? Yes
Annual Revenue $66,211 (Annual)
Employees Total 3,500
Employees at Location 15
SF of Space Occupied 5,193 SF
Current Rent $66,211 PSF (Annual)
Escalations 3% Annual Increases. Next Rent Increase is scheduled for July 1st 2020 to increase to $68,184.00 annually ($5,682.00 per month).
Tenant Notes Memorial Health Partners Foundation, Inc. is associated with CHI Memorial Health Care System

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 118C C 00700
Zoning: C-2
Property Located Between: Ashland Terrace and Lupton Drive
Property Visibility: Excellent
Airports: Chattanooga Airport
Site Description: Corner Lot of Approx. .59 acre located at the intersection of Hixson Pike and Mauldeth Road
Area Description: Located on Hixson Pike between Ashland Terrance and Rivermont.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,193 SF
Year Built: 1995
Roof Type: Flat
Construction/Siding: Block, Steel Frame, Stucco
Exterior Description: Single Story Medical Office Building
Parking Ratio: 5.4 (per 1000 SF)
Parking Type: Surface
Parking Description: Approx 28 Parking Spaces
Total Parking Spaces: 28
Sprinklers: None
Zoning Description: C-2
Lot Frontage: 175'
Lot Depth: 160'
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,344 50,050 111,965
Median Age: 40.25 37.84 39.01
Households: 2,823 22,492 47,538
The information presented herein is provided as is, without warranty of any kind. Neither Greater Chattanooga REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.