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Office Medical

Holland (Toledo) OH Multi Tenant Medical Office | Mercy Health | ProMedica | Toledo Clinic

6855 Spring Valley Dr, Holland, OH 43528

Listing Price: $3,538,555

Cap Rate
8.00%
Gross SF
28,296
Rentable SF
24,331
Price/Gross SF
$125.05
Occupancy
95.2%
Year Built
1989
Lot Size
2.43 acres

Investment Overview

Marcus & Millichap is pleased to present the fee-simple ownership in 6855 Spring Valley Drive Holland, Ohio. This well positioned medical office facility was delivered in 1989 on a 2.43-acre lot. The property features masonry construction offering 24,331 rentable square feet. The building is 95.2 percent stabilized under a gross lease structure to tenants Mercy Health, ProMedica, the Toledo Clinic, and several local medical practices. Sixty percent of RBA is occupied by large health systems with strong credit. Current ownership has invested greatly in the site within the past three years with over $790,000 in major capital improvements including a brand-new new roof, complete repaving of the parking lot, thorough HVAC replacements, and numerous exterior and interior renovations. ProMedica, which occupies approximately 19 percent of RBA has shown long-term commitment to the site with a 5-year lease extension inked amidst the COVID pandemic in November of 2020. This property boasts strategic positioning along major thoroughfare Airport Highway, seeing over 20,400 vehicles per day. This property resides in the Southwest Toledo submarket. Due to a limited supply pipeline and steady demand, Toledo's office market was in a healthy position heading into the coronavirus pandemic. Vacancies in the submarket hovered below the national historical average for the past few years, with a current submarket vacancy rate of just 3.9 percent. This property offers an investor the opportunity to acquire a stabilized, upgraded, and well-positioned asset backed by synergistic medical practices. Minimal rollover in the short term allows for a consistent cash-flowing asset with limited future capital expenditures.

Investment Highlights

  • 95.2 Percent Stabilized Multi-Tenant Medical Office
  • Over $790,000 of Recent Capital Improvements Including Brand-New Roof
  • 2.8 Years Weighted Average Lease Term
  • Positioned Along Major Thoroughfare Seeing Over 20,400 Vehicles Per Day
  • Strong Tenant Mix Including Prominent Mercy Health, ProMedica, & The Toledo Clinic
  • Both HVAC Systems recently replaced in 2019/2021

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Financing By

Office Medical

Holland (Toledo) OH Multi Tenant Medical Office | Mercy Health | ProMedica | Toledo Clinic

Listing Price: $3,538,555

Cap Rate
8.00%
Gross SF
28,296
Rentable SF
24,331
Price/Gross SF
$125.05
Occupancy
95.2%
Year Built
1989
Lot Size
2.43 acres

Investment Highlights

  • 95.2 Percent Stabilized Multi-Tenant Medical Office
  • Over $790,000 of Recent Capital Improvements Including Brand-New Roof
  • 2.8 Years Weighted Average Lease Term
  • Positioned Along Major Thoroughfare Seeing Over 20,400 Vehicles Per Day
  • Strong Tenant Mix Including Prominent Mercy Health, ProMedica, & The Toledo Clinic
  • Both HVAC Systems recently replaced in 2019/2021

Investment Overview

Marcus & Millichap is pleased to present the fee-simple ownership in 6855 Spring Valley Drive Holland, Ohio. This well positioned medical office facility was delivered in 1989 on a 2.43-acre lot. The property features masonry construction offering 24,331 rentable square feet. The building is 95.2 percent stabilized under a gross lease structure to tenants Mercy Health, ProMedica, the Toledo Clinic, and several local medical practices. Sixty percent of RBA is occupied by large health systems with strong credit. Current ownership has invested greatly in the site within the past three years with over $790,000 in major capital improvements including a brand-new new roof, complete repaving of the parking lot, thorough HVAC replacements, and numerous exterior and interior renovations. ProMedica, which occupies approximately 19 percent of RBA has shown long-term commitment to the site with a 5-year lease extension inked amidst the COVID pandemic in November of 2020. This property boasts strategic positioning along major thoroughfare Airport Highway, seeing over 20,400 vehicles per day. This property resides in the Southwest Toledo submarket. Due to a limited supply pipeline and steady demand, Toledo's office market was in a healthy position heading into the coronavirus pandemic. Vacancies in the submarket hovered below the national historical average for the past few years, with a current submarket vacancy rate of just 3.9 percent. This property offers an investor the opportunity to acquire a stabilized, upgraded, and well-positioned asset backed by synergistic medical practices. Minimal rollover in the short term allows for a consistent cash-flowing asset with limited future capital expenditures.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

Financing By

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