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Views: 34 DOM: 79 Updated: 10.31.24 Posted: 09.03.24 Status: Active

Summary

Price $4,091,210
Built/Renov 1986
Tenant West Tennessee Healthcare
Cap Rate 7.00%
Lease Type NN+
Guarantor Corp Rated
Size/SF 16,192
Lease Start 09-01-2022
#Units 90
Price/SF $252.67
Expiration 08-31-2032
Tenant Type Medical/Health
NOI $286,384
R. Term 7.9
Ownership Fee Simple
Rent/SF $17.69
Increases 2.0%/1/yrs
Pop 5Mi 67,760
Lot/AC 1.53
Options 2/5yrs/2%
AHHI 5Mi $72,081

Lease Highlights

  • The tenant has 7+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 2% annual rental increases throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

The asset is strategically located on Conrad Drive, with access to 48,193 vehicles passing by daily. It is surrounded by well-known national tenants, including Aldi, Dunkin', IHOP, Starbucks, Chick-fil-A, and more. Nearby housing complexes include Bradford Chase Apartment Homes, Hartland Place Apartments, among others. The 5-mile trade area supports a population of 67,760 residents with an...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: West Tennessee Healthcare
  • Guarantor:Corp Rated
  • Company:West Tennessee Healthcare, Inc
  • # Units:90
  • Tenant S&P: A-
  • Moody’s: A2
  • Stock:Private

About Tenant

West Tennessee Health Care is a public, not-for-profit, multi-specialty healthcare provider with 90 different hospitals and medical centers serving more than half a million patients a year across...


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Listing Broker

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