Single-Tenant Office Medical

Oak Street Health (Humana, Inc.)

1431 Wayne Ave, Dayton, OH 45410

Listing Price: $2,408,000

Cap Rate
6.50%
Tenant Name
Humana Real Estate Co. (DBA. Oak Street Health)
Years Remaining On Lease
9.5
Guarantor
Corporate Guarantee
Rentable SF
11,180
Lease Type
Double Net
Rent Per Square Feet
$14.00

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale the Oak Street Health building located in Dayton, Ohio. The subject property is a net-leased medical building situated on 1.36 acres along Wayne Avenue, a major thoroughfare that leads directly into downtown Dayton from interstate 675. The property’s location is considered part of the central business district of Dayton and is in close proximity to two large hospitals; the Miami Valley Hospital and Dayton Children’s Hospital. Humana Health renovated the property in 2019 and signed a brand-new, 10-year lease in February of 2020. The structure of the lease is a net-leased basis with annual 2.0% rental escalators throughout the firm term of lease and during each of their two, five-year renewal options. Humana Health (NYSE: HUM) is a publicly traded company and as of 2019, had over 20 million members in the United States and reported revenue in excess of $64 billion and had over 45,000 employees. In 2019, Human Health bought a $100 million stake in Heal, a fast-growing start up company that offers primary care house calls on-demand to seniors on its Medicare Advantage Plans. Humana Health currently has an investment-grade credit rating as BBB+ (S&P) and Baa3 (Moody’s). The subject property offers a great opportunity for any investor looking for a long-term net-leased investment with an investment-grade tenant and offers minimal landlord responsibilities.

Investment Highlights

  • Humana Health signed a brand-new ten-year lease in February of 2020.
  • Lease calls for 2.0% rental escalators throughout the firm-term of the lease as well as during their two, five-year renewal options
  • Humana Health is a publicly traded for-profit American health insurance company with revenue in excess of $64 billion (2019) an has an investment-grade credit rating as BBB+ (S&P) and Baa3 (Moody's)
  • The property is centrally located between and in close proximity to Miami Valley Hospital and Dayton Children's Hospital.
  • The tenant is responsible for all common area maintenance, parking lot maintenance, insurance and real estate taxes
  • Roof was recently replaced in 2019 and currently has a brand-new warranty in place.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

Single-Tenant Office Medical

Oak Street Health (Humana, Inc.)

Listing Price: $2,408,000

Cap Rate
6.50%
Tenant Name
Humana Real Estate Co. (DBA. Oak Street Health)
Years Remaining On Lease
9.5
Guarantor
Corporate Guarantee
Rentable SF
11,180
Lease Type
Double Net
Rent Per Square Feet
$14.00

Investment Highlights

  • Humana Health signed a brand-new ten-year lease in February of 2020.
  • Lease calls for 2.0% rental escalators throughout the firm-term of the lease as well as during their two, five-year renewal options
  • Humana Health is a publicly traded for-profit American health insurance company with revenue in excess of $64 billion (2019) an has an investment-grade credit rating as BBB+ (S&P) and Baa3 (Moody's)
  • The property is centrally located between and in close proximity to Miami Valley Hospital and Dayton Children's Hospital.
  • The tenant is responsible for all common area maintenance, parking lot maintenance, insurance and real estate taxes
  • Roof was recently replaced in 2019 and currently has a brand-new warranty in place.

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale the Oak Street Health building located in Dayton, Ohio. The subject property is a net-leased medical building situated on 1.36 acres along Wayne Avenue, a major thoroughfare that leads directly into downtown Dayton from interstate 675. The property’s location is considered part of the central business district of Dayton and is in close proximity to two large hospitals; the Miami Valley Hospital and Dayton Children’s Hospital. Humana Health renovated the property in 2019 and signed a brand-new, 10-year lease in February of 2020. The structure of the lease is a net-leased basis with annual 2.0% rental escalators throughout the firm term of lease and during each of their two, five-year renewal options. Humana Health (NYSE: HUM) is a publicly traded company and as of 2019, had over 20 million members in the United States and reported revenue in excess of $64 billion and had over 45,000 employees. In 2019, Human Health bought a $100 million stake in Heal, a fast-growing start up company that offers primary care house calls on-demand to seniors on its Medicare Advantage Plans. Humana Health currently has an investment-grade credit rating as BBB+ (S&P) and Baa3 (Moody’s). The subject property offers a great opportunity for any investor looking for a long-term net-leased investment with an investment-grade tenant and offers minimal landlord responsibilities.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

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