Office Medical

Ballad Health / VA Clinic On-Campus MOb

401 Scenic Dr, Rogersville (Kingsport-Bristol MSA), TN 37857

Listing Price: $5,450,000

Cap Rate
8.05%
Gross SF
19,809
Rentable SF
19,809
Price/Gross SF
$275.13
Occupancy
77.0%
Year Built
2006
Lot Size
1.00 acres

Investment Overview

Marcus & Millichap is pleased to present to investors the Ballad Health/VA Clinic On Campus MOB, a two story, 21,154 square foot medical office building (MOB) located at the Hawkins County Memorial Hospital (Ballad Health) in Rogersville (Kingsport Bristol Bristol MSA) Tennessee. Ballad Health Spine Rehabilitation occupies the 10 572 square foot first floor with a 20 year triple net lease expiring August 2027. Ballad Health, an integrated healthcare system serving 29 counties of northeast Tennessee, southwest Virginia, northwest North Carolina and southeast Kentucky, operates the adjacent Hawkins County Memorial Hospital, a 52 bed acute care hospital staffed by over 50 board certified physicians. The Rogersville VA Clinic occupies 4,750 square feet on the second floor with a 10-year (five years firm) full service lease executed in February 2019. The Rogersville VA clinic is part of the Mountain Home VA Healthcare System serving a 41 county area of Tennessee, Virginia and Kentucky. There is upside potential to lease 4 487 square feet of vacant shell space on the second floor retained by the seller for future tenant expansions and not previously offered/marketed

Investment Highlights

  • Ballad Health Spine & Rehabilitation 20 Year Triple Net Lease Expiring 2027, Annual CPI Medical Care Escalations (5+ percent in 2019)
  • Rogersville, VA Clinic New 10 Year (Five Years Firm) Full Service Lease in February 2019, Annual Rent increases Starting Year Six
  • Leasehold Interest: 99 Year Sub Ground Lease Through Year 2105*, Ground Lease Rent is $6,300 Per Year with No Annual Increases
  • On Campus, Two Story Medical Office Building
  • Adjacent to Hawkins County Memorial Hospital
  • Built in 2006

Exclusively Listed By

Office Medical

Ballad Health / VA Clinic On-Campus MOb

Listing Price: $5,450,000

Cap Rate
8.05%
Gross SF
19,809
Rentable SF
19,809
Price/Gross SF
$275.13
Occupancy
77.0%
Year Built
2006
Lot Size
1.00 acres

Investment Highlights

  • Ballad Health Spine & Rehabilitation 20 Year Triple Net Lease Expiring 2027, Annual CPI Medical Care Escalations (5+ percent in 2019)
  • Rogersville, VA Clinic New 10 Year (Five Years Firm) Full Service Lease in February 2019, Annual Rent increases Starting Year Six
  • Leasehold Interest: 99 Year Sub Ground Lease Through Year 2105*, Ground Lease Rent is $6,300 Per Year with No Annual Increases
  • On Campus, Two Story Medical Office Building
  • Adjacent to Hawkins County Memorial Hospital
  • Built in 2006

Investment Overview

Marcus & Millichap is pleased to present to investors the Ballad Health/VA Clinic On Campus MOB, a two story, 21,154 square foot medical office building (MOB) located at the Hawkins County Memorial Hospital (Ballad Health) in Rogersville (Kingsport Bristol Bristol MSA) Tennessee. Ballad Health Spine Rehabilitation occupies the 10 572 square foot first floor with a 20 year triple net lease expiring August 2027. Ballad Health, an integrated healthcare system serving 29 counties of northeast Tennessee, southwest Virginia, northwest North Carolina and southeast Kentucky, operates the adjacent Hawkins County Memorial Hospital, a 52 bed acute care hospital staffed by over 50 board certified physicians. The Rogersville VA Clinic occupies 4,750 square feet on the second floor with a 10-year (five years firm) full service lease executed in February 2019. The Rogersville VA clinic is part of the Mountain Home VA Healthcare System serving a 41 county area of Tennessee, Virginia and Kentucky. There is upside potential to lease 4 487 square feet of vacant shell space on the second floor retained by the seller for future tenant expansions and not previously offered/marketed

Exclusively Listed By

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