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Office Medical

St. Joseph Landing Medical Office Buildings - Value-Add ( Year 4 - Pro Forma Cap Rate 18%)

1824 Murdoch Ave, Parkersburg, WV 26101

Listing Price: $14,000,000

Cap Rate
3.03%
Rentable SF
421,000
Occupancy
100.0%
Year Built
1931
Lot Size
12.00 acres

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of the St. Joseph Landing Medical Office Building portfolio located at 1824 Murdoch Ave, Parkersburg, West Virginia. The portfolio consists of 6 buildings, totaling approximately 421,000-square-feet and situated on 12-acres in the heart of Parkersburg, WV. The portfolio offers an investor significant value-add opportunities with approximately 300,000 square feet of vacant space. Building A is the newest building on the campus, built in 2000 as a state-of-the-art cardiac care center, the building totals 61,000-square-feet. The building provides high security and offers specialized floor plans as needed by tenants. There are three dedicated entrances including horseshoe driveways. Building A is currently 6 percent occupied by Blue Rose Coffee and Pars Brain and Spine Institute. Building B was built in 1977 and is approximately 75 percent renovated. The building totals 89,000-square-feet and features large open floor plans that allow for a wide variety of tenant uses. St. Joseph Recovery Center leases the 3rd and 4th floor. They occupy 20 percent of the building and are the only tenant currently leasing space in Building B. Building C was built in 1963 and is 60 percent renovated. The building totals 74,000-square-feet and features six floors with two elevators and one dedicated entrance. St. Joseph Recovery Center leases covers floors 1 through 4. Building C offers significant expansion opportunities on the 5th and 6th floors for additional victims of the opioid epidemic. The other tenant currently occupying space in Building C is St. Joseph Kitchen, who leases space on the 1st floor. The building is currently 68 percent occupied. Building E is the original building on campus and was built in 1931 as a catholic hospital. A catholic chapel with hand-carved stained-glass windows and confessional is still intact on the 3rd floor. The building has a deep history that makes it important to the Parkersburg community and is currently pending admittance to the National Register of Historic Places. The building features six floors with two elevators. Currently, this 69,000-square-feet building is vacant. Building F was built in 1975 and consists of 73,000-square-feet. The building features six floors, two elevators, and a dedicated entrance. The building connects to the main lobby of the campus and to building G, providing easy tenant and customer access to multiple campus amenities. The building is 67 percent occupied by a total oof 12 tenants. Major tenants in the building include Mountain State educational Services Cooperative, Pars Brain and Spine Institute, St. Joseph Café, and SJ Market. Building G was built in 1952 and is approximately 40 percent renovated. The building features hallways with rooms on both sides and central showers at the ends of each hallway. The design and layout provides options for low-cost leasing as overflow lodging for colleges or conversion to hotel rooms for short-term or longer-term stays. Currently, this 55,000-square-feet building is vacant. The subject property is positioned with excellent frontage and visibility at the corner of Murdoch Ave and 19th Street, which see 10,321 vechiles per day and 7,045 (VPD), respectively. Camden Clark Medical Center is located approximately 1.5-miles south of the subject property. Other nearby medical tenants include Cornerstone Healthcare, Orthopedics Parkersburg, Mountain State Diabetes, and more. Nearby national commercial tenants include McDonald’s, Texas Roadhouse, CVS, and more. Within a 10-mile radius of the subject property there are 93,487 people with an average household income of $68,860.

Investment Highlights

  • St. Joseph Landing ("SJL"), formerly known as St. Joseph's Hospital, is a premier portfolio of medical office buildings (MOBs) located in the heart of Parkersburg, West Virginia.
  • SJL currently has long-term leases with St. Joseph Recovery Center, Veterans Affairs Services, the Mid-Ohio Valley Workforce Investment Crop and several private Physician Offices.
  • Over the next few years, West Virginia is expected to received a significant amount of federal funding.

Exclusively Listed By

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s) WV: WVB220300809

    West Virginia

Office Medical

St. Joseph Landing Medical Office Buildings - Value-Add ( Year 4 - Pro Forma Cap Rate 18%)

Listing Price: $14,000,000

Cap Rate
3.03%
Rentable SF
421,000
Occupancy
100.0%
Year Built
1931
Lot Size
12.00 acres

Investment Highlights

  • St. Joseph Landing ("SJL"), formerly known as St. Joseph's Hospital, is a premier portfolio of medical office buildings (MOBs) located in the heart of Parkersburg, West Virginia.
  • SJL currently has long-term leases with St. Joseph Recovery Center, Veterans Affairs Services, the Mid-Ohio Valley Workforce Investment Crop and several private Physician Offices.
  • Over the next few years, West Virginia is expected to received a significant amount of federal funding.

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of the St. Joseph Landing Medical Office Building portfolio located at 1824 Murdoch Ave, Parkersburg, West Virginia. The portfolio consists of 6 buildings, totaling approximately 421,000-square-feet and situated on 12-acres in the heart of Parkersburg, WV. The portfolio offers an investor significant value-add opportunities with approximately 300,000 square feet of vacant space. Building A is the newest building on the campus, built in 2000 as a state-of-the-art cardiac care center, the building totals 61,000-square-feet. The building provides high security and offers specialized floor plans as needed by tenants. There are three dedicated entrances including horseshoe driveways. Building A is currently 6 percent occupied by Blue Rose Coffee and Pars Brain and Spine Institute. Building B was built in 1977 and is approximately 75 percent renovated. The building totals 89,000-square-feet and features large open floor plans that allow for a wide variety of tenant uses. St. Joseph Recovery Center leases the 3rd and 4th floor. They occupy 20 percent of the building and are the only tenant currently leasing space in Building B. Building C was built in 1963 and is 60 percent renovated. The building totals 74,000-square-feet and features six floors with two elevators and one dedicated entrance. St. Joseph Recovery Center leases covers floors 1 through 4. Building C offers significant expansion opportunities on the 5th and 6th floors for additional victims of the opioid epidemic. The other tenant currently occupying space in Building C is St. Joseph Kitchen, who leases space on the 1st floor. The building is currently 68 percent occupied. Building E is the original building on campus and was built in 1931 as a catholic hospital. A catholic chapel with hand-carved stained-glass windows and confessional is still intact on the 3rd floor. The building has a deep history that makes it important to the Parkersburg community and is currently pending admittance to the National Register of Historic Places. The building features six floors with two elevators. Currently, this 69,000-square-feet building is vacant. Building F was built in 1975 and consists of 73,000-square-feet. The building features six floors, two elevators, and a dedicated entrance. The building connects to the main lobby of the campus and to building G, providing easy tenant and customer access to multiple campus amenities. The building is 67 percent occupied by a total oof 12 tenants. Major tenants in the building include Mountain State educational Services Cooperative, Pars Brain and Spine Institute, St. Joseph Café, and SJ Market. Building G was built in 1952 and is approximately 40 percent renovated. The building features hallways with rooms on both sides and central showers at the ends of each hallway. The design and layout provides options for low-cost leasing as overflow lodging for colleges or conversion to hotel rooms for short-term or longer-term stays. Currently, this 55,000-square-feet building is vacant. The subject property is positioned with excellent frontage and visibility at the corner of Murdoch Ave and 19th Street, which see 10,321 vechiles per day and 7,045 (VPD), respectively. Camden Clark Medical Center is located approximately 1.5-miles south of the subject property. Other nearby medical tenants include Cornerstone Healthcare, Orthopedics Parkersburg, Mountain State Diabetes, and more. Nearby national commercial tenants include McDonald’s, Texas Roadhouse, CVS, and more. Within a 10-mile radius of the subject property there are 93,487 people with an average household income of $68,860.

Exclusively Listed By

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s): WV: WVB220300809

    West Virginia

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