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Single-Tenant Office Medical

MedExpress Urgent Care

4808-4810 MacCorkle Ave SW, South Charleston, WV 25309

Listing Price: $1,300,000

Cap Rate
6.70%
Tenant Name
ME Med Express
Years Remaining On Lease
2.3
Gross SF
4,800
Guarantor
No Guarantee
Rentable SF
4,800
Price/Gross SF
$270.83
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$18.14

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 4808-4810 Maccorkle Ave SW located in South Charleston, West Virginia. The subject property is a single tenant medical office building that is 100 percent leased to MedExpress Urgent Care. The property was a built-to-suit for the tenant in 2009 and MedExpress spent $300k on their initial build-out of the space. MedExpress has over 280 locations in over 14 states, and they offer a range of services including urgent care, basic wellness and prevention, and employer health services. In 2015, MedExpress was acquired by Optum which is a division of UnitedHealth Group (NYSE: UNH) in 2015. UnitedHealth Group reported annual revenues exceeding $257 billion in 2021 growing 6 percent year-over-year. More specifically, the Optum division experienced a 14 percent increase in revenue year-over-year. UnitedHealth Group ranked #5 in the 2021 rankings of the 500 largest US corporations and employs 340,000 people worldwide, offers care to 146 million people, and offers medical benefits to people residing in all 50 US states and more than 130 other countries. UnitedHealth Group boasts an investment grade credit rating of “AA-” according to Fitch’s rating system. MedExpress operates this lease under a highly desirable triple net “NNN” structure which mitigates the risk of a future rise in annual operating expenses. The current lease term is in effect until October of 2024 and there are two additional five-year periods to renew. Each renewal period incorporates a 10 percent increase in base annual rent which provides a future investor with a cushion against inflationary pressure. The year-1 yield will jump to 7.37% once the tenant renews in 2024. The 13-year occupancy history should signal to the marketplace that the tenant is financially viable at this location and has created an identity with its patient base. South Charleston, West Virginia is approximately 45 miles east of the Ohio and Kentucky boarders. Situated on Maccorkle Avenue, one of the main thoroughfares through Charleston, the property benefits from excellent accessibility and visibility with 26,400 vehicles passing by per day. The population in a ten-mile radius is approximately 140,000 earning an average household income of $70,000. The property is near the Charleston Town Center, Interstate-64, the Yeager Airport, and 0.2 miles from Thomas Memorial Hospital. Thomas Health is a 383-bed hospital system with 1,812 employees and an estimated 450 physicians, making Thomas Health the 17th largest private employer in the West Virginia.

Investment Highlights

  • Limited Landlord Responsibilities
  • 10 Percent Rental Increase Upon Renewal Option Execution
  • 13 Years of Operating History On-Site

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s) WV0019009

    West Virginia

Single-Tenant Office Medical

MedExpress Urgent Care

Listing Price: $1,300,000

Cap Rate
6.70%
Tenant Name
ME Med Express
Years Remaining On Lease
2.3
Gross SF
4,800
Guarantor
No Guarantee
Rentable SF
4,800
Price/Gross SF
$270.83
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$18.14

Investment Highlights

  • Limited Landlord Responsibilities
  • 10 Percent Rental Increase Upon Renewal Option Execution
  • 13 Years of Operating History On-Site

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 4808-4810 Maccorkle Ave SW located in South Charleston, West Virginia. The subject property is a single tenant medical office building that is 100 percent leased to MedExpress Urgent Care. The property was a built-to-suit for the tenant in 2009 and MedExpress spent $300k on their initial build-out of the space. MedExpress has over 280 locations in over 14 states, and they offer a range of services including urgent care, basic wellness and prevention, and employer health services. In 2015, MedExpress was acquired by Optum which is a division of UnitedHealth Group (NYSE: UNH) in 2015. UnitedHealth Group reported annual revenues exceeding $257 billion in 2021 growing 6 percent year-over-year. More specifically, the Optum division experienced a 14 percent increase in revenue year-over-year. UnitedHealth Group ranked #5 in the 2021 rankings of the 500 largest US corporations and employs 340,000 people worldwide, offers care to 146 million people, and offers medical benefits to people residing in all 50 US states and more than 130 other countries. UnitedHealth Group boasts an investment grade credit rating of “AA-” according to Fitch’s rating system. MedExpress operates this lease under a highly desirable triple net “NNN” structure which mitigates the risk of a future rise in annual operating expenses. The current lease term is in effect until October of 2024 and there are two additional five-year periods to renew. Each renewal period incorporates a 10 percent increase in base annual rent which provides a future investor with a cushion against inflationary pressure. The year-1 yield will jump to 7.37% once the tenant renews in 2024. The 13-year occupancy history should signal to the marketplace that the tenant is financially viable at this location and has created an identity with its patient base. South Charleston, West Virginia is approximately 45 miles east of the Ohio and Kentucky boarders. Situated on Maccorkle Avenue, one of the main thoroughfares through Charleston, the property benefits from excellent accessibility and visibility with 26,400 vehicles passing by per day. The population in a ten-mile radius is approximately 140,000 earning an average household income of $70,000. The property is near the Charleston Town Center, Interstate-64, the Yeager Airport, and 0.2 miles from Thomas Memorial Hospital. Thomas Health is a 383-bed hospital system with 1,812 employees and an estimated 450 physicians, making Thomas Health the 17th largest private employer in the West Virginia.

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s): WV0019009

    West Virginia

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