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Office Medical

Hunt Regional Health Care

501 Air Park Ave, Greenville, TX 75402

Listing Price: $6,100,000

Cap Rate
5.57%
Gross SF
20,000
Rentable SF
20,000
Price/Gross SF
$305.00
Occupancy
100.0%
Year Built
2006
Lot Size
2.20 acres

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the Hunt Memorial Hospital District Office. Hunt County Hospital Taxing Authority funds the tenant. This triple net real estate investment is offered in a suburb of DFW, Greenville, Texas and located at 501 Air Park Ave, Greenville, Texas. The subject property offers a 15-year NNN lease effective April 1, 2022 with two 5 year renewal options at market. The lease has 3% cumulative annual rent increases over the 15-year term. The property is a single tenant building and is fully occupied by Hunt Memorial Hospital District. The Tenant will pay rent of $17.00 per square on 20,000 sq. ft. Landlord agrees that Tenant will have the exclusive right to use the additional 2,000 sq. ft (2nd floor) throughout the lease at no additional cost. 22,000 is the subject property total square foot. The Landlord has very limited responsibility for the building and per the lease - Tenant agrees to pay all real estate property taxes and shall provide Landlord proof of such payment at Landlord's request. Tenant also agrees to pay personal property taxes on equipment, furniture, fixtures, etc. that is expressly covered under this Lease. Tenant shall obtain liability insurance and replacement cost property insurance covering the value of the building at its expense and shall provide Landlord with proof of such coverage at Landlord's request. Tenant shall be responsible for payment of all utility bills including electric, gas, water, and telephone. Tenant shall be responsible for the maintenance and upkeep of the Leased Property and shall keep in good repair. Hunt Memorial Hospital District, a local hospital taxing district, has BBB+ Fitch investment grade credit rating and operates a large hospital in Greenville, Texas as well as other medical facilities across Hunt County, Texas. Before Closing the Seller will install a new roof with a transferable warranty. The Seller will also install or escrow the money for new HVAC systems at the Subject Property.

Investment Highlights

  • Single Tenant Lease
  • 15 Year NNN Lease with Investment Grade Credit Tenant
  • 5.57% Cap Rate with 3% Cumulative Annual Rent Increases Over 15 Years
  • Dark Fiber 50 Feet From the Building
  • New Roof and HVAC in 2022
  • Excellent Condition Updated in 2022
  • Parking Ratio of 5.7 per 1,000sf with Parking for 127 Cars Plus Land to Expand

Exclusively Listed By

Office Medical

Hunt Regional Health Care

Listing Price: $6,100,000

Cap Rate
5.57%
Gross SF
20,000
Rentable SF
20,000
Price/Gross SF
$305.00
Occupancy
100.0%
Year Built
2006
Lot Size
2.20 acres

Investment Highlights

  • Single Tenant Lease
  • 15 Year NNN Lease with Investment Grade Credit Tenant
  • 5.57% Cap Rate with 3% Cumulative Annual Rent Increases Over 15 Years
  • Dark Fiber 50 Feet From the Building
  • New Roof and HVAC in 2022
  • Excellent Condition Updated in 2022
  • Parking Ratio of 5.7 per 1,000sf with Parking for 127 Cars Plus Land to Expand

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the Hunt Memorial Hospital District Office. Hunt County Hospital Taxing Authority funds the tenant. This triple net real estate investment is offered in a suburb of DFW, Greenville, Texas and located at 501 Air Park Ave, Greenville, Texas. The subject property offers a 15-year NNN lease effective April 1, 2022 with two 5 year renewal options at market. The lease has 3% cumulative annual rent increases over the 15-year term. The property is a single tenant building and is fully occupied by Hunt Memorial Hospital District. The Tenant will pay rent of $17.00 per square on 20,000 sq. ft. Landlord agrees that Tenant will have the exclusive right to use the additional 2,000 sq. ft (2nd floor) throughout the lease at no additional cost. 22,000 is the subject property total square foot. The Landlord has very limited responsibility for the building and per the lease - Tenant agrees to pay all real estate property taxes and shall provide Landlord proof of such payment at Landlord's request. Tenant also agrees to pay personal property taxes on equipment, furniture, fixtures, etc. that is expressly covered under this Lease. Tenant shall obtain liability insurance and replacement cost property insurance covering the value of the building at its expense and shall provide Landlord with proof of such coverage at Landlord's request. Tenant shall be responsible for payment of all utility bills including electric, gas, water, and telephone. Tenant shall be responsible for the maintenance and upkeep of the Leased Property and shall keep in good repair. Hunt Memorial Hospital District, a local hospital taxing district, has BBB+ Fitch investment grade credit rating and operates a large hospital in Greenville, Texas as well as other medical facilities across Hunt County, Texas. Before Closing the Seller will install a new roof with a transferable warranty. The Seller will also install or escrow the money for new HVAC systems at the Subject Property.

Exclusively Listed By

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