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Single-Tenant Office Medical

ApexNetwork Physical Therapy (DARK)

2611 S Banker St, Effingham, IL 62401

Listing Price: $1,000,000

Cap Rate
5.78%
Tenant Name
ApexNetwork
Years Remaining On Lease
6.1
Gross SF
5,600
Guarantor
Corporate Guarantee
Rentable SF
5,600
Price/Gross SF
$178.57
Lease Type
Modified Gross
Rent Per Square Feet
$15.54

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review a medical office facility in Effingham, Illinois. The building is currently occupied by ApexNetwork Physical Therapy through December of 2022. The tenant has had a long operating history since 2005. The current lease is a gross lease with no options at the end of the term. An incoming investor can experience immediate upside in converting the lease to triple net should the tenant decide to leave. The property is offered below replacement cost at $178/psf. The 5,600 building is equipped with offices, consultation rooms, and a conference room. This opportunity provides reliable returns from an experienced operator (90+ units across 13 states) as well as opportunity for owner/users at the end of the current lease term. The property sits on a larger 1.25 acre parcel that has been well-kept since the building’s construction in 2005. There are over 20,000 people in the five-mile radius with an average household income of $80,981. The property is supported by a diverse array of traffic drivers from retail, office, industrial, residential, and government services. Banker Street has over 15,000 vehicles per day. The town of Effingham serves a large trade area for eastern and central Illinois well-located at the convergence of Interstates 57 & 70, the main north/south and east/west highways connecting Chicago, St. Louis, Indianapolis, and much of the Midwest with the rest of country.

Investment Highlights

  • 90+ Unit Operator | Apex has Locations in 13 States
  • 20,000+ People in the 5-Mile Population
  • Effingham Serves a Large Trade Area for Eastern and Central Illinois | City Sits at Interstate Convergence of I-57 and I-70
  • Replaceable Rent | Offered Below Replacement Cost
  • Large, Well-Kept Parcel on Retail/Office/Industrial Corridor | Traffic Counts Exceed 15,200 VPD

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Single-Tenant Office Medical

ApexNetwork Physical Therapy (DARK)

Listing Price: $1,000,000

Cap Rate
5.78%
Tenant Name
ApexNetwork
Years Remaining On Lease
6.1
Gross SF
5,600
Guarantor
Corporate Guarantee
Rentable SF
5,600
Price/Gross SF
$178.57
Lease Type
Modified Gross
Rent Per Square Feet
$15.54

Investment Highlights

  • 90+ Unit Operator | Apex has Locations in 13 States
  • 20,000+ People in the 5-Mile Population
  • Effingham Serves a Large Trade Area for Eastern and Central Illinois | City Sits at Interstate Convergence of I-57 and I-70
  • Replaceable Rent | Offered Below Replacement Cost
  • Large, Well-Kept Parcel on Retail/Office/Industrial Corridor | Traffic Counts Exceed 15,200 VPD

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review a medical office facility in Effingham, Illinois. The building is currently occupied by ApexNetwork Physical Therapy through December of 2022. The tenant has had a long operating history since 2005. The current lease is a gross lease with no options at the end of the term. An incoming investor can experience immediate upside in converting the lease to triple net should the tenant decide to leave. The property is offered below replacement cost at $178/psf. The 5,600 building is equipped with offices, consultation rooms, and a conference room. This opportunity provides reliable returns from an experienced operator (90+ units across 13 states) as well as opportunity for owner/users at the end of the current lease term. The property sits on a larger 1.25 acre parcel that has been well-kept since the building’s construction in 2005. There are over 20,000 people in the five-mile radius with an average household income of $80,981. The property is supported by a diverse array of traffic drivers from retail, office, industrial, residential, and government services. Banker Street has over 15,000 vehicles per day. The town of Effingham serves a large trade area for eastern and central Illinois well-located at the convergence of Interstates 57 & 70, the main north/south and east/west highways connecting Chicago, St. Louis, Indianapolis, and much of the Midwest with the rest of country.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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