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Office Medical

Mitchell Primary Care

2759 IN-37, Mitchell, IN 47446

Listing Price: $725,000

Cap Rate
7.51%
Gross SF
2,960
Rentable SF
2,960
Price/Gross SF
$244.93
Occupancy
100.0%
Year Built
2012
Lot Size
0.64 acres

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the Mitchell Primary Care Building – a 2,969 square foot, single-tenant net-leased medical office building, located in Mitchell, Indiana along Indiana State Road 37 between Bedford and Mitchell in southwestern Indiana. The Mitchell Primary Care Building was a build-to-suit for St. Vincent’s Health – part of Ascension Health in 2011 that was bound to a 10-year NNN lease upon completion which Ascension Health renewed in 2021. The Subject Property currently has over three years left on its lease with Ascension Health and a growing regional health system occupying the space and looking to expand. Market/Location: The Mitchell Primary Care Building is located on the north side of Mitchell, Indiana along State Road 37 – the primary thoroughfare that connects Mitchell to Bedford and other populated rural towns in Southern Indiana – and serves the communities of a large geographical footprint. The Subject Property is situated directly adjacent to a Dollar General and within immediate proximity to retailers, fast food service, and community anchors such as ACE Hardware, Wendy’s, Arby’s, Subway, and Mitchell High School. Property Features: Because the Mitchell Primary Care Building was a build-to-suit for one of the largest health systems in the United States, it is laid out perfectly for primary care services with a reception area, exam rooms, administrative space, ample parking, and easy ingress / egress along the primary thoroughfare in this region of Indiana. Stable Current Tenant Mix: The Mitchell Primary Care Building was a built-to-suit for Ascension Health in 2011 and has housed that Tenant since its completion. It has recently been announced that Ascension Health is intending to leave this region of the State of Indiana, and Southern Community Health Care has been trying to gobble up all of the real estate it can as they expand into that region.

Investment Highlights

  • Single-Tenant Net-Leased Medical Building with Credit Tenant
  • Absolute-Net Lease - Tenant Covers all Expenses Directly Making This a Totally Passive Investment
  • Was Original Build-to-Suit for Ascension Health in 2011 and Have Been There Since
  • Critical Healthcare Facility for Rural Area of Indiana Servicing Large Geographical Area
  • Located Along Indiana State Road 37 Within Immediate Proximity to Numerous Area Amenities

Exclusively Listed By

Office Medical

Mitchell Primary Care

Listing Price: $725,000

Cap Rate
7.51%
Gross SF
2,960
Rentable SF
2,960
Price/Gross SF
$244.93
Occupancy
100.0%
Year Built
2012
Lot Size
0.64 acres

Investment Highlights

  • Single-Tenant Net-Leased Medical Building with Credit Tenant
  • Absolute-Net Lease - Tenant Covers all Expenses Directly Making This a Totally Passive Investment
  • Was Original Build-to-Suit for Ascension Health in 2011 and Have Been There Since
  • Critical Healthcare Facility for Rural Area of Indiana Servicing Large Geographical Area
  • Located Along Indiana State Road 37 Within Immediate Proximity to Numerous Area Amenities

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the Mitchell Primary Care Building – a 2,969 square foot, single-tenant net-leased medical office building, located in Mitchell, Indiana along Indiana State Road 37 between Bedford and Mitchell in southwestern Indiana. The Mitchell Primary Care Building was a build-to-suit for St. Vincent’s Health – part of Ascension Health in 2011 that was bound to a 10-year NNN lease upon completion which Ascension Health renewed in 2021. The Subject Property currently has over three years left on its lease with Ascension Health and a growing regional health system occupying the space and looking to expand. Market/Location: The Mitchell Primary Care Building is located on the north side of Mitchell, Indiana along State Road 37 – the primary thoroughfare that connects Mitchell to Bedford and other populated rural towns in Southern Indiana – and serves the communities of a large geographical footprint. The Subject Property is situated directly adjacent to a Dollar General and within immediate proximity to retailers, fast food service, and community anchors such as ACE Hardware, Wendy’s, Arby’s, Subway, and Mitchell High School. Property Features: Because the Mitchell Primary Care Building was a build-to-suit for one of the largest health systems in the United States, it is laid out perfectly for primary care services with a reception area, exam rooms, administrative space, ample parking, and easy ingress / egress along the primary thoroughfare in this region of Indiana. Stable Current Tenant Mix: The Mitchell Primary Care Building was a built-to-suit for Ascension Health in 2011 and has housed that Tenant since its completion. It has recently been announced that Ascension Health is intending to leave this region of the State of Indiana, and Southern Community Health Care has been trying to gobble up all of the real estate it can as they expand into that region.

Exclusively Listed By

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