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Single-Tenant Office Medical

MetroHealth

12744 State Rd, North Royalton, OH 44133

Listing Price: $3,335,577

Cap Rate
7.00%
Tenant Name
MetroHealth
Years Remaining On Lease
6.0
Gross SF
10,205
Guarantor
Corporate Guarantee
Rentable SF
10,205
Price/Gross SF
$326.86
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$23.03

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of MetroHealth Primary Care in North Royalton, Ohio. The property consists of 10,205-square feet on a 1.56 acre plot of land boasting a recent six-year lease extension to MetroHealth beginning August 1, 2021. MetroHealth operates 100 percent of the site under a desirable triple-net lease structure with term through July 31st, 2027. The newly extended lease boasts attractive three percent annual rent increases and one, five-year option to renew. This lease is corporately guaranteed by MetroHealth which has a Baa3 credit rating (Moody’s). The property offers 45 parking spaces with excellent ingress and egress. MetroHealth, at its own cost, is performing capital improvements to the property prior to lease start date showing long-term commitment to the site. There is also a 1.39-acre adjacent lot, zoned for commercial use, available for $362,250 which can be used for future expansion of facilities or parking. Founded in 1837, MetroHealth operates four hospitals, four emergency departments and more than 20 health centers and 40 additional sites throughout Cuyahoga County. MetroHealth employs more than 600 doctors, 1,700 nurses and 7,800 employees. The system serves more than 300,000 patients, two-thirds of whom are uninsured or covered by Medicare or Medicaid. MetroHealth plays an essential role in the region, caring for anyone and everyone, regardless of an ability to pay. MetroHealth recorded $1Billion in revenue in 2020. This North Royalton site for MetroHealth is a successful Family Practice that has Primary Care Services and Pediatric Physicians running a well-established practice that has been utilizing the site since its inception. The Primary Care provides services for screening of heart disease, cancer and diabetes and provides common services such as flu shots and other care for the community. The Pediatric Care group provides same-day Pediatric Urgent Care, Teen Health, Allergy & immunology and Specialty Care Services for children and teens. As an academic medical center, MetroHealth is committed to research and to teaching and training tomorrow’s caregivers. Each active staff physician holds a faculty appointment at Case Western Reserve University School of Medicine. Its main campus hospital houses the Cleveland Metropolitan School District’s Lincoln-West School of Science & Health, the only high school in America located inside a hospital. North Royalton is a residential community less than 30 minutes south of Cleveland. Within five miles of the property the population is estimated 130,000 with an average income of just under $100,000. This property offers investors stabilized cashflow from a vital healthcare provider in the northern region of Ohio with a corporate guarantee. The triple-net lease structure is ideal for a hands-off landlord.

Investment Highlights

  • Triple-Net Lease Structure With Little Landlord Responsibility
  • Six-Years of Lease Term Remaining
  • The Lease Provides Three Percent Annual Rental Escalations as a Hedge on Inflation

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Single-Tenant Office Medical

MetroHealth

Listing Price: $3,335,577

Cap Rate
7.00%
Tenant Name
MetroHealth
Years Remaining On Lease
6.0
Gross SF
10,205
Guarantor
Corporate Guarantee
Rentable SF
10,205
Price/Gross SF
$326.86
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$23.03

Investment Highlights

  • Triple-Net Lease Structure With Little Landlord Responsibility
  • Six-Years of Lease Term Remaining
  • The Lease Provides Three Percent Annual Rental Escalations as a Hedge on Inflation

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of MetroHealth Primary Care in North Royalton, Ohio. The property consists of 10,205-square feet on a 1.56 acre plot of land boasting a recent six-year lease extension to MetroHealth beginning August 1, 2021. MetroHealth operates 100 percent of the site under a desirable triple-net lease structure with term through July 31st, 2027. The newly extended lease boasts attractive three percent annual rent increases and one, five-year option to renew. This lease is corporately guaranteed by MetroHealth which has a Baa3 credit rating (Moody’s). The property offers 45 parking spaces with excellent ingress and egress. MetroHealth, at its own cost, is performing capital improvements to the property prior to lease start date showing long-term commitment to the site. There is also a 1.39-acre adjacent lot, zoned for commercial use, available for $362,250 which can be used for future expansion of facilities or parking. Founded in 1837, MetroHealth operates four hospitals, four emergency departments and more than 20 health centers and 40 additional sites throughout Cuyahoga County. MetroHealth employs more than 600 doctors, 1,700 nurses and 7,800 employees. The system serves more than 300,000 patients, two-thirds of whom are uninsured or covered by Medicare or Medicaid. MetroHealth plays an essential role in the region, caring for anyone and everyone, regardless of an ability to pay. MetroHealth recorded $1Billion in revenue in 2020. This North Royalton site for MetroHealth is a successful Family Practice that has Primary Care Services and Pediatric Physicians running a well-established practice that has been utilizing the site since its inception. The Primary Care provides services for screening of heart disease, cancer and diabetes and provides common services such as flu shots and other care for the community. The Pediatric Care group provides same-day Pediatric Urgent Care, Teen Health, Allergy & immunology and Specialty Care Services for children and teens. As an academic medical center, MetroHealth is committed to research and to teaching and training tomorrow’s caregivers. Each active staff physician holds a faculty appointment at Case Western Reserve University School of Medicine. Its main campus hospital houses the Cleveland Metropolitan School District’s Lincoln-West School of Science & Health, the only high school in America located inside a hospital. North Royalton is a residential community less than 30 minutes south of Cleveland. Within five miles of the property the population is estimated 130,000 with an average income of just under $100,000. This property offers investors stabilized cashflow from a vital healthcare provider in the northern region of Ohio with a corporate guarantee. The triple-net lease structure is ideal for a hands-off landlord.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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