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Office Medical

Beaumont Medical Center

1455 S Lapeer Rd, Orion Charter Township, MI 48360

Listing Price: $9,250,000

Cap Rate
7.42%
Gross SF
85,545
Rentable SF
85,545
Price/Gross SF
$108.13
Occupancy
61.3%
Year Built
2005
Lot Size
5.90 acres

Investment Overview

Marcus & Millichap is pleased to present the Beaumont Medical Center located at 1455 South Lapeer Road in Lake Orion, Michigan. This state-of-the-art medical office property was constructed in 2005 and has 85,545 square feet of rentable building space which is 61.3 percent occupied by multiple specialized medical tenants. 44.7 percent of the building is subject to NNN lease terms. This outpatient medical center features a variety of services including radiology, physical therapy, pharmacy, OB/GYN, laboratory, and pediatrics to name a few. The property is situated on 5.90 acres of land and has ample parking with 317 spaces available. The anchor tenant, Beaumont Health, occupies 22.2 percent of the rentable building area and recently executed a five-year lease extension. Beaumont Health (Moody’s: A1) includes eight hospitals, 145 outpatient locations, nearly 5,000 physicians and more than 38,000 employees. Beaumont is Michigan’s largest health system based on inpatient admissions and net patient revenue. In June 2021, Beaumont and Spectrum Health announced a merger, creating a formidable presence in Michigan with a total of 22 hospitals, a $13 Billion system covering one million in-state patients. The merger is expected to be complete in Fall 2021. The subject property features excellent visibility on South Lapeer Road which experiences over 36,000 vehicles per day. The property is easily accessible being located just six miles north of Insterstate 75. Beaumont Medical Center is situated in a core retail market with over 5.4 million square feet of retail within five miles. The property is just seven miles from the retail cluster surrounding the 1.4 million-square foot Great Lakes Crossing Outlet Mall. This area contains national retail such as Costco, The Home Depot, Menards, Meijer, Sam’s Club, Target, HomeGoods, among many others. Lake Orion, Michigan is an affluent and growing community in the metropolitan Detroit area; the population has grown by over 15 percent since 2000 and is projected to keep increasing. Lake Orion features excellent demographics, there are over 73,000 residents with an average household income exceeding $133,000 within five miles of this asset. The subject property provides an investor the opportunity to acquire a medical office property situated in a desirable and affluent market with tremendous upside potential.

Investment Highlights

  • 61.3% Occupied by a Variety of Healthcare Services and Specialty Physician Practices
  • 44.7% of Property is Subject to NNN Leases
  • Anchored by Beaumont Health (22.2% of RBA, Moody's: A1)
  • Easily Accessible via Interstate 75
  • Services Include Radiology, Physical Therapy, Pharmacy, Laboratory, Pediatrics, Among Others
  • Excellent Demographics | 73,000- Plus Residents Within Five Miles
  • Household Income Exceeds $133,000 Within Five Miles

Exclusively Listed By

Listing Price: $9,250,000

Cap Rate
7.42%
Gross SF
85,545
Rentable SF
85,545
Price/Gross SF
$108.13
Occupancy
61.3%
Year Built
2005
Lot Size
5.90 acres

Investment Highlights

  • 61.3% Occupied by a Variety of Healthcare Services and Specialty Physician Practices
  • 44.7% of Property is Subject to NNN Leases
  • Anchored by Beaumont Health (22.2% of RBA, Moody's: A1)
  • Easily Accessible via Interstate 75
  • Services Include Radiology, Physical Therapy, Pharmacy, Laboratory, Pediatrics, Among Others
  • Excellent Demographics | 73,000- Plus Residents Within Five Miles
  • Household Income Exceeds $133,000 Within Five Miles

Investment Overview

Marcus & Millichap is pleased to present the Beaumont Medical Center located at 1455 South Lapeer Road in Lake Orion, Michigan. This state-of-the-art medical office property was constructed in 2005 and has 85,545 square feet of rentable building space which is 61.3 percent occupied by multiple specialized medical tenants. 44.7 percent of the building is subject to NNN lease terms. This outpatient medical center features a variety of services including radiology, physical therapy, pharmacy, OB/GYN, laboratory, and pediatrics to name a few. The property is situated on 5.90 acres of land and has ample parking with 317 spaces available. The anchor tenant, Beaumont Health, occupies 22.2 percent of the rentable building area and recently executed a five-year lease extension. Beaumont Health (Moody’s: A1) includes eight hospitals, 145 outpatient locations, nearly 5,000 physicians and more than 38,000 employees. Beaumont is Michigan’s largest health system based on inpatient admissions and net patient revenue. In June 2021, Beaumont and Spectrum Health announced a merger, creating a formidable presence in Michigan with a total of 22 hospitals, a $13 Billion system covering one million in-state patients. The merger is expected to be complete in Fall 2021. The subject property features excellent visibility on South Lapeer Road which experiences over 36,000 vehicles per day. The property is easily accessible being located just six miles north of Insterstate 75. Beaumont Medical Center is situated in a core retail market with over 5.4 million square feet of retail within five miles. The property is just seven miles from the retail cluster surrounding the 1.4 million-square foot Great Lakes Crossing Outlet Mall. This area contains national retail such as Costco, The Home Depot, Menards, Meijer, Sam’s Club, Target, HomeGoods, among many others. Lake Orion, Michigan is an affluent and growing community in the metropolitan Detroit area; the population has grown by over 15 percent since 2000 and is projected to keep increasing. Lake Orion features excellent demographics, there are over 73,000 residents with an average household income exceeding $133,000 within five miles of this asset. The subject property provides an investor the opportunity to acquire a medical office property situated in a desirable and affluent market with tremendous upside potential.

Exclusively Listed By

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