Office Medical
Sanitas Medical Center | Ground lease | Darden-Backed Guaranty
904 E Lafayette St, Tallahassee, FL 32301
Listing Price: $5,000,000
Cap Rate
7.10%
Gross SF
7,294
Rentable SF
7,294
Price/Gross SF
$685.49
Occupancy
100.0%
Year Built
2016
Lot Size
1.96 acres
Investment Overview
Marcus & Millichap is pleased to present the offering for Sanitas Medical Center in Tallahassee, FL.
Sanitas Medical Center | Ground lease | Darden-Backed Guaranty
Investment Highlights
- 7.10% cap rate on in-place NOI of $354,900 at the $5,000,000 list price: $350,900 in base rent plus $4,000 in billboard income.
- Darden-backed guaranty. Lease guaranteed by Chuy's Holdings, Inc., acquired by Darden Restaurants (NYSE: DRI) in October 2024. Darden reported $13.2 billion in fiscal 2026 sales.
- Two layers of occupancy. Chuy's remains fully liable under the lease while Sanitas occupies and operates the building under a sublease.
- No landlord responsibilities; tenant pays taxes, insurance and all repairs | Three 5-year options with 10% rent increases in each: $385,990, $424,589 and $467,047 | Building reverts to landlord at lease expiration pays taxes, insurance and all repairs.
- Sanitas invested its own capital in 2022 to fully renovate and convert the 7,294 SF building for medical use, showing commitment to the location.
- Corner lot on a high-traffic corridor | ±1.96-acre corner parcel; 32,000+ vehicles per day on adjacent Apalachee Parkway.
- Surrounded by national anchors. Governors Marketplace (0.8 mi; Marshalls, Ulta, Old Navy, Michaels) and Governor's Square mall (0.9 mi; Dillard's, JCPenney) each draw 2.9M annual visits. Target is 1.5 mi away, and Walmart and Costco anchor Fallschase Village Center (6.3M visits).
- 182,278 residents within 5 miles, up 12.5% since 2010 and projected to reach 188,335 by 2030 | $90,449 average household income within 1 mile
Office Medical
Sanitas Medical Center | Ground lease | Darden-Backed Guaranty
Listing Price: $5,000,000
Cap Rate
7.10%
Gross SF
7,294
Rentable SF
7,294
Price/Gross SF
$685.49
Occupancy
100.0%
Year Built
2016
Lot Size
1.96 acres
Investment Highlights
- 7.10% cap rate on in-place NOI of $354,900 at the $5,000,000 list price: $350,900 in base rent plus $4,000 in billboard income.
- Darden-backed guaranty. Lease guaranteed by Chuy's Holdings, Inc., acquired by Darden Restaurants (NYSE: DRI) in October 2024. Darden reported $13.2 billion in fiscal 2026 sales.
- Two layers of occupancy. Chuy's remains fully liable under the lease while Sanitas occupies and operates the building under a sublease.
- No landlord responsibilities; tenant pays taxes, insurance and all repairs | Three 5-year options with 10% rent increases in each: $385,990, $424,589 and $467,047 | Building reverts to landlord at lease expiration pays taxes, insurance and all repairs.
- Sanitas invested its own capital in 2022 to fully renovate and convert the 7,294 SF building for medical use, showing commitment to the location.
- Corner lot on a high-traffic corridor | ±1.96-acre corner parcel; 32,000+ vehicles per day on adjacent Apalachee Parkway.
- Surrounded by national anchors. Governors Marketplace (0.8 mi; Marshalls, Ulta, Old Navy, Michaels) and Governor's Square mall (0.9 mi; Dillard's, JCPenney) each draw 2.9M annual visits. Target is 1.5 mi away, and Walmart and Costco anchor Fallschase Village Center (6.3M visits).
- 182,278 residents within 5 miles, up 12.5% since 2010 and projected to reach 188,335 by 2030 | $90,449 average household income within 1 mile
Investment Overview
Marcus & Millichap is pleased to present the offering for Sanitas Medical Center in Tallahassee, FL.
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