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Office Medical

Gull Road Ophthalmology & Optical Suites

1052 Gull Rd, Kalamazoo, MI 49048

Listing Price: $1,200,000

Cap Rate
10.25%
Gross SF
5,129
Rentable SF
5,129
Price/Gross SF
$233.96
Occupancy
100.0%
Year Built
1988
Lot Size
0.68 acres

Investment Overview

Marcus & Millichap is pleased to present the Gull Road Ophthalmology & Optical Suites medical office property located at 1052 Gull Road in Kalamazoo, Michigan. The total rentable building area is 5,190 square feet and is situated on 0.68 acres. The property was constructed in 1988 and is 100 percent occupied by two tenants. The tenants recently executed new triple-net leases containing 3 percent annual rent increases and multiple renewal options. The main practice, Paragon Ophthalmology, leases 4,650 square-feet of the building and the optical shop occupies 540 square-feet, which is leased by Midwest Vision Partners.

Paragon Ophthalmology has been in practice since 1969 and specializes in the diagnosis and treatment of vision problems and eye disease. Examinations, medical treatments, special eye tests, and minor surgeries as well as retinal and glaucoma lasers are performed in the office. Major eye surgeries or surgeries that require general anesthesia are typically performed as outpatient at Borgess or Bronson Hospitals or the Surgery Center of Kalamazoo where all Paragon doctors are members of the surgical staff. Paragon Ophthalmology is a division of Paragon Health, P.C., a multi-specialty Group Practice Without Walls (GPWW). The practice is an independent organization, owned and led by primary and specialty care physicians in southwest Michigan.

Midwest Vision Partners (MVP) provides world-class support to ophthalmologists and optometrists, enabling them to focus on improving patient’s vision. MVP’s network consists of 20 practices, 135 physicians and roughly 1,300 employees providing medical and surgical eye care services at 70 clinical locations across Ohio, Michigan, Missouri, Illinois, Pennsylvania, and West Virginia.

The asset is strategically located a half mile from Ascension Borgess Hospital, a 353-bed, full-service hospital with 24/7 emergency care, a level II trauma center, and a Comprehensive Stroke Center. Bronson Methodist Hospital, a 434-bed teaching hospital and Level I Trauma Center, is two miles away. The property is located on Gull Road, a main thoroughfare providing ease of access for patients. Gull Road experiences over 23,000 vehicles per day.

Kalamazoo, located in southwest Michigan, equidistant between Chicago and Detroit, is home to three college campuses: Western Michigan University, a large public university,
Kalamazoo College, a liberal arts school, and Kalamazoo Valley Community College, a two-year community college. Together, the campuses total over 19,000 students and nearly
7,000 employees. The area is also home to major players in the pharmaceutical and medical science industries. Kalamazoo is the largest municipality in Kalamazoo County, with 73,365 residents, and is the sixth largest metropolitan area in the state of Michigan. Kalamazoo metro is expected to grow by 2,300 people through 2027.

Investment Highlights

  • New Triple-Net Leases Containing Three Percent Annual Rent Increases | Multiple Renewal Options
  • Services & Specialties Include: Cataract Surgery, Diabetic Eye Care, Glaucoma, Macular Degeneration, Eye Infection / Injuries, Eye Exams / Glasses & Contact Lenses
  • Paragon Ophthalmology is a Division of Paragon Health, P.C.
  • Medical Office Corridor | 2.1M Square-Feet within a Five-Mile Radius
  • Half Mile from Ascension Borgess Hospital (353-Bed, Level II Trauma Center)
  • Two Miles from Bronson Methodist Hospital (434-Bed Teaching Hospital, Level I Trauma Center)
  • Densely Populated Market with Over 131,000 People within a Five-Mile Radius
  • Close Proximity to Downtown Kalamazoo, Western Michigan University (17,835 Students) & Kalamazoo College (1,378 Students)

Exclusively Listed By

Financing By

Office Medical

Gull Road Ophthalmology & Optical Suites

Listing Price: $1,200,000

Cap Rate
10.25%
Gross SF
5,129
Rentable SF
5,129
Price/Gross SF
$233.96
Occupancy
100.0%
Year Built
1988
Lot Size
0.68 acres

Investment Highlights

  • New Triple-Net Leases Containing Three Percent Annual Rent Increases | Multiple Renewal Options
  • Services & Specialties Include: Cataract Surgery, Diabetic Eye Care, Glaucoma, Macular Degeneration, Eye Infection / Injuries, Eye Exams / Glasses & Contact Lenses
  • Paragon Ophthalmology is a Division of Paragon Health, P.C.
  • Medical Office Corridor | 2.1M Square-Feet within a Five-Mile Radius
  • Half Mile from Ascension Borgess Hospital (353-Bed, Level II Trauma Center)
  • Two Miles from Bronson Methodist Hospital (434-Bed Teaching Hospital, Level I Trauma Center)
  • Densely Populated Market with Over 131,000 People within a Five-Mile Radius
  • Close Proximity to Downtown Kalamazoo, Western Michigan University (17,835 Students) & Kalamazoo College (1,378 Students)

Investment Overview

Marcus & Millichap is pleased to present the Gull Road Ophthalmology & Optical Suites medical office property located at 1052 Gull Road in Kalamazoo, Michigan. The total rentable building area is 5,190 square feet and is situated on 0.68 acres. The property was constructed in 1988 and is 100 percent occupied by two tenants. The tenants recently executed new triple-net leases containing 3 percent annual rent increases and multiple renewal options. The main practice, Paragon Ophthalmology, leases 4,650 square-feet of the building and the optical shop occupies 540 square-feet, which is leased by Midwest Vision Partners. Paragon Ophthalmology has been in practice since 1969 and specializes in the diagnosis and treatment of vision problems and eye disease. Examinations, medical treatments, special eye tests, and minor surgeries as well as retinal and glaucoma lasers are performed in the office. Major eye surgeries or surgeries that require general anesthesia are typically performed as outpatient at Borgess or Bronson Hospitals or the Surgery Center of Kalamazoo where all Paragon doctors are members of the surgical staff. Paragon Ophthalmology is a division of Paragon Health, P.C., a multi-specialty Group Practice Without Walls (GPWW). The practice is an independent organization, owned and led by primary and specialty care physicians in southwest Michigan. Midwest Vision Partners (MVP) provides world-class support to ophthalmologists and optometrists, enabling them to focus on improving patient’s vision. MVP’s network consists of 20 practices, 135 physicians and roughly 1,300 employees providing medical and surgical eye care services at 70 clinical locations across Ohio, Michigan, Missouri, Illinois, Pennsylvania, and West Virginia. The asset is strategically located a half mile from Ascension Borgess Hospital, a 353-bed, full-service hospital with 24/7 emergency care, a level II trauma center, and a Comprehensive Stroke Center. Bronson Methodist Hospital, a 434-bed teaching hospital and Level I Trauma Center, is two miles away. The property is located on Gull Road, a main thoroughfare providing ease of access for patients. Gull Road experiences over 23,000 vehicles per day. Kalamazoo, located in southwest Michigan, equidistant between Chicago and Detroit, is home to three college campuses: Western Michigan University, a large public university, Kalamazoo College, a liberal arts school, and Kalamazoo Valley Community College, a two-year community college. Together, the campuses total over 19,000 students and nearly 7,000 employees. The area is also home to major players in the pharmaceutical and medical science industries. Kalamazoo is the largest municipality in Kalamazoo County, with 73,365 residents, and is the sixth largest metropolitan area in the state of Michigan. Kalamazoo metro is expected to grow by 2,300 people through 2027.

Exclusively Listed By

Financing By

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