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Miscellaneous

AdaptHealth Corporate Guarantee (NASDAQ: ACHO) Morristown

1114 W 1st N St, Morristown, TN 37814

Listing Price: $1,152,000

Cap Rate
6.25%
Tenant Name
AdaptHealth
Years Remaining On Lease
4.6
Guarantor
Corporate Guarantee
Rentable SF
8,012
Lease Type
Double Net
Rent Per Square Feet
$8.99

Investment Overview

Marcus & Millichap is pleased to present for sale this AdaptHealth single tenant net leased medical property located at 1114 W. First St, Morristown, Tennessee. The subject property consists of 8,012 square feet of gross leasable area on a 1.39 acre parcel of land. The tenant, AdaptHealth (NASDAQ: AHCO) has recently signed a 5-year lease extension with a corporate guarantee. AdaptHealth is a full-service home medical equipment company that uses tailored products and services to empower patients to live their fullest lives – out of the hospital and in their homes. Morristown Hamblen Healthcare System, a regional hospital and medical complex is two blocks away from the property, providing a highly reliable and consistent source of business for the tenant. On a corporate level AdaptHealth has experienced a significant increase in revenue since the COVID-19 pandemic hit, providing valuable support throughout the public health crisis. The double net lease has minimal landlord responsibilities, limited to roof and structure. The tenant has been occupying the property since 2019. In November 2021, the initiated and early lease extension for an additional 5-years (ending 12/31/2026), with one 5-year renewal option. The current rent less than $9 per square foot is well below market pricing. Strategically located on Route 11 (Andrew Johnson Hwy) gateway to the regional medical center and primary retail corridor, the property benefits from street frontage visible to average daily traffic counts of 13,026. National tenants in the immediate trade area include Home Depot, Chick-fil-A, Lowes, CVS, Ford, and many more. The population is over 46,000 within a 5-mile radius, with positive growth forecasted over the next 5-years. Strong population growth of 4.25 percent is projected within a 3-mile radius of the subject property within the next 5-years. The landlords have recently had the driveway resealed and the building power washed, to further elevate future responsibilities. Morristown is a city in Tennessee at the midpoint between Knoxville and the Tri- Cities region. Nearby on Main Street in Morristown is the Skymart, a major redevelopment project turning downtown into a social and commercial hub. Tennessee is an income tax free state.

Investment Highlights

  • AdaptHealth Corporate Guarantee (NASDAQ: AHCO)
  • AdaptHealth is a Leading Provider of Health Equipment and Medical Supplies Operating in 41 States with $1.4 Billion Annual Revenue
  • Morristown Hamblen Healthcare System (Hospital & Medical Complex) is Two Blocks Away
  • Double Net Lease - Minimal Landlord Responsibilities
  • High 5-Year Population Growth Forecast of 4.25% within a 3-Mile Radius
  • Tennessee is an Income Tax Free State

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Miscellaneous

AdaptHealth Corporate Guarantee (NASDAQ: ACHO) Morristown

Listing Price: $1,152,000

Cap Rate
6.25%
Tenant Name
AdaptHealth
Years Remaining On Lease
4.6
Guarantor
Corporate Guarantee
Rentable SF
8,012
Lease Type
Double Net
Rent Per Square Feet
$8.99

Investment Highlights

  • AdaptHealth Corporate Guarantee (NASDAQ: AHCO)
  • AdaptHealth is a Leading Provider of Health Equipment and Medical Supplies Operating in 41 States with $1.4 Billion Annual Revenue
  • Morristown Hamblen Healthcare System (Hospital & Medical Complex) is Two Blocks Away
  • Double Net Lease - Minimal Landlord Responsibilities
  • High 5-Year Population Growth Forecast of 4.25% within a 3-Mile Radius
  • Tennessee is an Income Tax Free State

Investment Overview

Marcus & Millichap is pleased to present for sale this AdaptHealth single tenant net leased medical property located at 1114 W. First St, Morristown, Tennessee. The subject property consists of 8,012 square feet of gross leasable area on a 1.39 acre parcel of land. The tenant, AdaptHealth (NASDAQ: AHCO) has recently signed a 5-year lease extension with a corporate guarantee. AdaptHealth is a full-service home medical equipment company that uses tailored products and services to empower patients to live their fullest lives – out of the hospital and in their homes. Morristown Hamblen Healthcare System, a regional hospital and medical complex is two blocks away from the property, providing a highly reliable and consistent source of business for the tenant. On a corporate level AdaptHealth has experienced a significant increase in revenue since the COVID-19 pandemic hit, providing valuable support throughout the public health crisis. The double net lease has minimal landlord responsibilities, limited to roof and structure. The tenant has been occupying the property since 2019. In November 2021, the initiated and early lease extension for an additional 5-years (ending 12/31/2026), with one 5-year renewal option. The current rent less than $9 per square foot is well below market pricing. Strategically located on Route 11 (Andrew Johnson Hwy) gateway to the regional medical center and primary retail corridor, the property benefits from street frontage visible to average daily traffic counts of 13,026. National tenants in the immediate trade area include Home Depot, Chick-fil-A, Lowes, CVS, Ford, and many more. The population is over 46,000 within a 5-mile radius, with positive growth forecasted over the next 5-years. Strong population growth of 4.25 percent is projected within a 3-mile radius of the subject property within the next 5-years. The landlords have recently had the driveway resealed and the building power washed, to further elevate future responsibilities. Morristown is a city in Tennessee at the midpoint between Knoxville and the Tri- Cities region. Nearby on Main Street in Morristown is the Skymart, a major redevelopment project turning downtown into a social and commercial hub. Tennessee is an income tax free state.

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

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