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Views: 89 Updated: 05.06.24 Posted: 04.29.23 Status: Inactive 05.07.24

Summary

Price $2,187,429
Built/Renov 1973/2022
Tenant Legend Health
Cap Rate 7.35%
Lease Type NN+
Guarantor Corporate
Size/SF 12,300
Lease Start 02-04-2022
#Units 15
Price/SF $177.84
Expiration 02-28-2037
Tenant Type Medical/Health
NOI $160,776
R. Term 12.3
Ownership Fee Simple
Rent/SF $13.07
Increases 1.5%/1/yrs
Pop 5Mi 162,390
Lot/AC 0.69
Options 0/0yrs
AHHI 5Mi $85,179

Lease Highlights

  • New 2022 renovation
  • Legend Health has over 13 years remaining on its current lease term
  • Attractive rent escalations of 1.5% annually
  • Favorable NN+ lease | Landlord is responsible for the maintenance of the structure of the building, including floor slab
  • Corporate guarantee by Legend Health System PLLC

Location Description

The property consists of a 12,300-square-foot freestanding medical office building - the interior of which is being completely renovated and brought up to Legend Health’s newest prototype design and equipment standards. The subject property’s proximity to major arterials, such as U.S. Route 85 (41,389 VPD), I-75 (84,039 VPD), and I-94 (107,268 VPD), and I-275 (63,092 VPD), allows the tenant to...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Legend Health
  • Guarantor:Corporate
  • Company:Legend Health System PLLC
  • # Units:15
  • Stock:Private

About Tenant

Legend Health is an organization dedicated to improving comprehensive health care in the United States. Legend Health consists of a team of PCPs, hospital-based providers, on-site specialty...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 6,665 65,194 158,650
2023 Total Population : 6,807 66,550 161,326
2023 Employed Civilian Pop : 3,193 33,225 75,787
2023 Total Businesses : 375 1,775 4,035
2023 Average Household Income : $ 78,012 $ 84,884 $ 86,411
2023 Total Consumer Spending : $ 226 M $ 2157 M $ 5153 M
2023 Median Age : 44 43 43
2023 Total Households : 3,330 28,954 68,162
2023 Pop Age 25+: Bachelor's Degree : 847 6,749 16,805
2023 Average Home Value : $ 211,893 $ 183,508 $ 188,973
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Biddle Ave Pine St 2009 10,910 0.08 mi
Biddle Ave Kreger Dr 2009 11,162 0.22 mi
Biddle Ave Eureka Rd 2010 15,780 0.30 mi
Biddle Ave Grove St 2009 12,115 0.33 mi
Biddle Ave Maple St 2010 15,838 0.45 mi
BETWEEN CHESTNUT AND OAK (IN WYANDOTTE) Chestnut St 2021 2,597 0.57 mi
Eureka Road 2019 5,644 0.69 mi
9th St Eureka Ave 2021 16,834 0.69 mi
BETWEEN VINEWOOD AND SUPERIOR (IN WYANDOTTE) Superior Blvd 2021 1,677 0.73 mi
Biddle Ave Negaunee Ave 2009 11,162 0.74 mi

Listing Broker

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