Office Medical

BMV Medical Office Center

Listing Price: $1,141,012

Cap Rate
8.00%
Gross SF
8,843
Rentable SF
8,843
Price/Gross SF
$129.03
Occupancy
100.00%
Year Built
2005
Lot Size
2.20 acres

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in the BMV Anchored Medical Office building located at 2700-2900 E McGalliard Road in Muncie, Indiana 47303. The subject property is an 8,843 square foot office building that is fully occupied by three service-oriented tenants and is situated with excellent visibility and frontage to E McGalliard Road, the main East to West thoroughfare in Muncie with over 25,000 cars per day. BMV Anchored Office was built in 2005 for the Indiana BMV with a beautiful brick exterior, sits on 2.2 acres and offers large signage on E McGalliard Rd. This property serves as the only BMV location in Delaware County. The landlord has owned the property since 2007 and has meticulously maintained the building as well as resurfaced the parking lot recently. The State of Indiana is rated AAA by S&P and is one of 13 states to achieve AAA from the three rating agencies. The Indiana BMV occupies over 67% of the subject property and has over 7 years remaining on the lease before one, five year option. The BMV holds a modified gross lease in which the tenant is required to reimburse for water, gas, electric utilities and maintain the interior. Professional Hearing Healthcare has been providing patients with quality hearing care in the Muncie area for nearly 20 years. Dr. Jamie Gabbard is an audiologist that moved to this located in 2019 from W. McGalliard and has one additional five year option with a rental increase to $9.20 per square foot. This tenant is responsible for the water and utilities, and HVAC repairs/replacement. Randolph Medical Clinic has been a tenant at this location since 2012 and is on a monthly lease. The seller will guarantee rent payments at the same amount for 18 months from closing and request a lease extension from the tenant. All three tenants pay an average gross rent of $13.71 per square foot which is in line with the current office market. There is additional upside for a new investor to increase the value by converting the leases to triple net as the staggered terms rollover. BMV Anchored Office building is strategically located on E. McGalliard Road and less than ½ mile from the Muncie Bypass (S.R. 35) a major interchange. The property benefits from the foot traffic of the neighboring national retailers such as Tractor Supply, Kohl’s, T.J. Maxx, Planet Fitness, Panera Bread, Buffalo Wild Wings, Mattress Firm, Dick’s Sporting Goods and more – Please see aerial.

Investment Highlights

  • 100% Occupied by Three Service Oriented and Medical Office Tenants – "E-Commerce Resistant" and "Recession Proof" Center
  • Bite Sized Office Building with Zero Deferred Maintenance | Built in 2005 | Well Maintained by Landlord – Recent Parking Lot Resurface
  • Anchored by State of Indiana BMV - Signed a New 10 Year Lease in 2017 - Only BMV in Delaware County
  • Brand New Medical Office - Hearing Healthcare Leased to 2024 | Greater Randolph School Has Occupied this Suite Since 2012
  • Sits on 2.2 Acres of Land with Excellent Frontage to E McGalliard Rd with 25,300 VPD | Main Thoroughfare in Muncie – Adjacent 1.88 Acre Parcel Available for Sale

Exclusively Listed By

Financing By

Listing Price: $1,141,012

Cap Rate
8.00%
Gross SF
8,843
Rentable SF
8,843
Price/Gross SF
$129.03
Occupancy
100.00%
Year Built
2005
Lot Size
2.20 acres

Investment Highlights

  • 100% Occupied by Three Service Oriented and Medical Office Tenants – "E-Commerce Resistant" and "Recession Proof" Center
  • Bite Sized Office Building with Zero Deferred Maintenance | Built in 2005 | Well Maintained by Landlord – Recent Parking Lot Resurface
  • Anchored by State of Indiana BMV - Signed a New 10 Year Lease in 2017 - Only BMV in Delaware County
  • Brand New Medical Office - Hearing Healthcare Leased to 2024 | Greater Randolph School Has Occupied this Suite Since 2012
  • Sits on 2.2 Acres of Land with Excellent Frontage to E McGalliard Rd with 25,300 VPD | Main Thoroughfare in Muncie – Adjacent 1.88 Acre Parcel Available for Sale

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in the BMV Anchored Medical Office building located at 2700-2900 E McGalliard Road in Muncie, Indiana 47303. The subject property is an 8,843 square foot office building that is fully occupied by three service-oriented tenants and is situated with excellent visibility and frontage to E McGalliard Road, the main East to West thoroughfare in Muncie with over 25,000 cars per day. BMV Anchored Office was built in 2005 for the Indiana BMV with a beautiful brick exterior, sits on 2.2 acres and offers large signage on E McGalliard Rd. This property serves as the only BMV location in Delaware County. The landlord has owned the property since 2007 and has meticulously maintained the building as well as resurfaced the parking lot recently. The State of Indiana is rated AAA by S&P and is one of 13 states to achieve AAA from the three rating agencies. The Indiana BMV occupies over 67% of the subject property and has over 7 years remaining on the lease before one, five year option. The BMV holds a modified gross lease in which the tenant is required to reimburse for water, gas, electric utilities and maintain the interior. Professional Hearing Healthcare has been providing patients with quality hearing care in the Muncie area for nearly 20 years. Dr. Jamie Gabbard is an audiologist that moved to this located in 2019 from W. McGalliard and has one additional five year option with a rental increase to $9.20 per square foot. This tenant is responsible for the water and utilities, and HVAC repairs/replacement. Randolph Medical Clinic has been a tenant at this location since 2012 and is on a monthly lease. The seller will guarantee rent payments at the same amount for 18 months from closing and request a lease extension from the tenant. All three tenants pay an average gross rent of $13.71 per square foot which is in line with the current office market. There is additional upside for a new investor to increase the value by converting the leases to triple net as the staggered terms rollover. BMV Anchored Office building is strategically located on E. McGalliard Road and less than ½ mile from the Muncie Bypass (S.R. 35) a major interchange. The property benefits from the foot traffic of the neighboring national retailers such as Tractor Supply, Kohl’s, T.J. Maxx, Planet Fitness, Panera Bread, Buffalo Wild Wings, Mattress Firm, Dick’s Sporting Goods and more – Please see aerial.

Exclusively Listed By

Financing By

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