Office

Meridian Medical Center

Listing Price: $1,660,000

Cap Rate
8.89%
Gross SF
14,653
Rentable SF
14,653
Price/Gross SF
$113.29
Lot Size
1.73 acres
Year Built
1968

Investment Overview

Meridian Medical is a well-maintained multi-tenant medical office building located near Integris Baptist Medical Center and Deaconess Medical Center. This recently stabilized property was purchased in 2017 and almost completely renovated while adding new tenants. The building was built in 1968 and has over 17,000 square feet of office space. Renovations have been extensive to include the replacement of most water heaters and HVAC units. Most suites were customized to meet the needs of the tenants and include smart choices like carpet tiles that can be moved and replaced easily as needed. There is a broad range of business types and lease expiration dates to provide a diverse tenant base. Vacant suites are shown frequently and are anticipated to be leased within the next 30 days.

The current owner has successfully leased over 85% of this building himself without the added exposure of a leasing representative. He has been cooperative with the brokerage community but hasn't benefited from the added exposure he would receive with a specialist working on his behalf. Moving forward, the spaces would already be renovated and would only require minor changes prior to leasing. Leases would also potentially be for longer terms. The longer leases and lack of tenant improvements needed would be some of the up-side potential for this property.

Investment Highlights

  • Attractive 8.89%+ cap rate, increasing upon leasing of the executive suites
  • Limited capital expenditures after acquisition since most repairs have been completed
  • Stabilized tenant base with renewal opportunities
  • Updates throughout resulting in an increase in value for the building and leases
  • Secured automatic locking front doors, alarm and security cameras
  • Waiting room, reception area, and nine total offices and or exam rooms

Exclusively Listed By

Listing Price: $1,660,000

Cap Rate
8.89%
Gross SF
14,653
Rentable SF
14,653
Price/Gross SF
$113.29
Lot Size
1.73 acres
Year Built
1968

Investment Highlights

  • Attractive 8.89%+ cap rate, increasing upon leasing of the executive suites
  • Limited capital expenditures after acquisition since most repairs have been completed
  • Stabilized tenant base with renewal opportunities
  • Updates throughout resulting in an increase in value for the building and leases
  • Secured automatic locking front doors, alarm and security cameras
  • Waiting room, reception area, and nine total offices and or exam rooms

Investment Overview

Meridian Medical is a well-maintained multi-tenant medical office building located near Integris Baptist Medical Center and Deaconess Medical Center. This recently stabilized property was purchased in 2017 and almost completely renovated while adding new tenants. The building was built in 1968 and has over 17,000 square feet of office space. Renovations have been extensive to include the replacement of most water heaters and HVAC units. Most suites were customized to meet the needs of the tenants and include smart choices like carpet tiles that can be moved and replaced easily as needed. There is a broad range of business types and lease expiration dates to provide a diverse tenant base. Vacant suites are shown frequently and are anticipated to be leased within the next 30 days.

The current owner has successfully leased over 85% of this building himself without the added exposure of a leasing representative. He has been cooperative with the brokerage community but hasn't benefited from the added exposure he would receive with a specialist working on his behalf. Moving forward, the spaces would already be renovated and would only require minor changes prior to leasing. Leases would also potentially be for longer terms. The longer leases and lack of tenant improvements needed would be some of the up-side potential for this property.

Exclusively Listed By

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