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Office Medical

125 Akers Farm Rd

125 Akers Farm Road NE, Christiansburg, VA 24073

Listing Price: $2,075,000

Cap Rate
7.32%
Gross SF
9,000
Rentable SF
9,000
Price/Gross SF
$230.56
Occupancy
100.0%
Year Built
2010
Lot Size
0.77 acres

Investment Overview

Marcus & Millichap is pleased to present the fee-simple ownership interest in 125 Akers Farm Road NE in Christiansburg, Virginia. This 9,000-square-foot, two-tenant medical office facility features modern 2010 construction with excellent positioning off major thoroughfare North Franklin Street. The site boasts competitive daily traffic counts of over 25,000, allowing for premier frontage and ease of access. The property is 100 percent stabilized by two synergistic medical tenants. OrthoVirginia occupies a combined 75 percent of the site under a gross lease structure with term through 2027. With more than 100 orthopedic specialists in 26 locations in Lynchburg, Northern Virginia, Richmond, and Virginia Beach, OrthoVirginia is the state’s largest provider of orthopedic medicine and therapy. New River Neurology and Epilepsy operates the remaining 25 percent of the building under the same gross lease structure with term through 2022. New River Neurology and Epilepsy is a private Urology practice that provides Virginia residents with quality care to patients with general neurological disorders and epilepsy. They have occupied this space since 2005 and perform electromyography (EMG), peripheral nerve conduction and velocity (PNCV) studies to help with the diagnosis of neuromuscular disorders. The subject property resides within the Blacksburg – VA office market. Considering the Coronavirus pandemic, office rents within this submarket saw a modest -0.30 percent decrease during 2020Q3. However, this submarket seems to be weathering COVID’s economic impact as rents within the metro have posted an average annual gain of 1.5 percent over the past few years. Further, vacancies in the metro are trailing below the ten-year average at a competitive 2.7 percent. Due to its close proximity to Virginia Tech and Radford University, Blacksburg has been in the spotlight for developing high tech industry. The town serves as headquarters for many major companies, such as the National Weather Service which maintains its Southwestern Virginia headquarters, and MOOG, which is a major supplier for the defense department and the healthcare industry. The subject property is positioned amongst many major national retailers such as Walmart Super Center, The Home Depot, Target, and the Northgate Village shopping mall. This property offers an investor the opportunity to acquire a fully stabilized medical office facility, boasting a weighted average lease term of 4.73 years. The subject site's modern 2010 construction and ideal medical office location allow this asset to be positioned favorably among long-term investors. Just 10-minutes from the Virginia Polytechnic Institute and State University, this medical office asset benefits from its proximity to over 27,000 students.

Investment Highlights

  • Fully Stabilized Medical Office Asset
  • 4.73-Years Weighted Average Lease Term (WALT)
  • Strategic Positioning Off Major Thoroughfare N. Franklin Street; Seeing Over 25,000 VPD
  • 10 Minutes From Virginia Polytechnic Institute (27,000+ Students)
  • Walking Distance to Major Retailers: Walmart, Target, The Home Depot
  • Positioned Within a Cul-de-sac Occupied by Various Medically Oriented Free-Standing Buildings
  • Offers Quick Access to Route 460 and I-81
  • Convenient to Both Montgomery Regional Hospital and Carilion New River Valley Medical Center

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Financing By

Office Medical

125 Akers Farm Rd

Listing Price: $2,075,000

Cap Rate
7.32%
Gross SF
9,000
Rentable SF
9,000
Price/Gross SF
$230.56
Occupancy
100.0%
Year Built
2010
Lot Size
0.77 acres

Investment Highlights

  • Fully Stabilized Medical Office Asset
  • 4.73-Years Weighted Average Lease Term (WALT)
  • Strategic Positioning Off Major Thoroughfare N. Franklin Street; Seeing Over 25,000 VPD
  • 10 Minutes From Virginia Polytechnic Institute (27,000+ Students)
  • Walking Distance to Major Retailers: Walmart, Target, The Home Depot
  • Positioned Within a Cul-de-sac Occupied by Various Medically Oriented Free-Standing Buildings
  • Offers Quick Access to Route 460 and I-81
  • Convenient to Both Montgomery Regional Hospital and Carilion New River Valley Medical Center

Investment Overview

Marcus & Millichap is pleased to present the fee-simple ownership interest in 125 Akers Farm Road NE in Christiansburg, Virginia. This 9,000-square-foot, two-tenant medical office facility features modern 2010 construction with excellent positioning off major thoroughfare North Franklin Street. The site boasts competitive daily traffic counts of over 25,000, allowing for premier frontage and ease of access. The property is 100 percent stabilized by two synergistic medical tenants. OrthoVirginia occupies a combined 75 percent of the site under a gross lease structure with term through 2027. With more than 100 orthopedic specialists in 26 locations in Lynchburg, Northern Virginia, Richmond, and Virginia Beach, OrthoVirginia is the state’s largest provider of orthopedic medicine and therapy. New River Neurology and Epilepsy operates the remaining 25 percent of the building under the same gross lease structure with term through 2022. New River Neurology and Epilepsy is a private Urology practice that provides Virginia residents with quality care to patients with general neurological disorders and epilepsy. They have occupied this space since 2005 and perform electromyography (EMG), peripheral nerve conduction and velocity (PNCV) studies to help with the diagnosis of neuromuscular disorders. The subject property resides within the Blacksburg – VA office market. Considering the Coronavirus pandemic, office rents within this submarket saw a modest -0.30 percent decrease during 2020Q3. However, this submarket seems to be weathering COVID’s economic impact as rents within the metro have posted an average annual gain of 1.5 percent over the past few years. Further, vacancies in the metro are trailing below the ten-year average at a competitive 2.7 percent. Due to its close proximity to Virginia Tech and Radford University, Blacksburg has been in the spotlight for developing high tech industry. The town serves as headquarters for many major companies, such as the National Weather Service which maintains its Southwestern Virginia headquarters, and MOOG, which is a major supplier for the defense department and the healthcare industry. The subject property is positioned amongst many major national retailers such as Walmart Super Center, The Home Depot, Target, and the Northgate Village shopping mall. This property offers an investor the opportunity to acquire a fully stabilized medical office facility, boasting a weighted average lease term of 4.73 years. The subject site's modern 2010 construction and ideal medical office location allow this asset to be positioned favorably among long-term investors. Just 10-minutes from the Virginia Polytechnic Institute and State University, this medical office asset benefits from its proximity to over 27,000 students.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

Financing By

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