10.86% CAP Fully Leased Medical Center

1141 North Road Street, Elizabeth City, NC, USA
  • Property ID: 3079
  • Date added: 05/27/22
  • Post Updated: 2022-05-27 13:26:31
  • Floors: 2
  • Status:
  • Area: 32066 sq ft
  • Lot size: 25 acres
  • Year built: 1989-1992

Description

Fully leased Medical/Office Park with 8 tenants on modified gross leases. 32,066 sq ft of space in 6 buildings built between 1989 & 1992. Current income for 2022 is $357,857.40 with projected expenses of $97,044.46 or less giving a projected NOI of $260,812.94 making this a 10.86% cap rate investment. Approximately 3 acres of high land behind the Atlantic Union Bank included with the sale for future development potential. Additional acreage behind the buildings is mostly swampland. Actual 2021 NOI was $194,017.25 due to having $30k less in rents with vacancies, $36k upfitting those vacancies, $12k in Real Estate commissions, and paying electric bills on vacancies. Tenants include Sentara Family Physicians (internal doctors), Sentara Albemarle Physicians (pediatrics), Sensory Gym for children & adults, County EMS office, Plastic Surgeon, OB/GYN, Medical Equipment Supplier, and a Business consulting firm. Rents to increase by $26,000/yr by the end of 2024.

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Features

Features:
  • Great location for Medical
  • Zoning allows for majority of commercial uses
  • 1/4 mile South of Albemarle Hospital & College of the Albemarle
  • Daily Traffic Count of 25000+
  • City SEWER!
  • Corner location
Amenities:
  • Handicapped access
  • Landscaping
  • Private Parking

Documents

Agent

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Properties Qty: 95 Rating:

This style property is located in Elizabeth City is currently and has been listed on The Rich Company. This property is listed at $ 2,400,000.00. It has bathrooms, and is 32066 sq ft. The property was built in 1989-1992 year.