10.86% CAP Fully Leased Medical Center
Commercial Building For SaleIncome Producing Property
$ 2,400,000.00
- Property ID: 3079
- Date added: 05/27/22
- Post Updated: 2022-05-27 13:26:31
- Floors: 2
- Status: Active
- 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.
View on map / Neighborhood
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
- Handicapped access
- Landscaping
- Private Parking
Documents
- MLS Data
- Demographics
- Property Flyer: NEPA-Income-and-Expenses-1141-N-Road-Street.pdf
Agent
This style property is located in Elizabeth City is currently Commercial Building For Sale Income Producing Property 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.
