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Views: 25 DOM: 80 Updated: 11.11.24 Posted: 10.03.24 Status: Active

Summary

Price $1,370,000
Built/Renov 1983/2016
Tenant Coastal Wellness Center
Cap Rate 8.76%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 7,880
Lease Start 12-01-2024
#Units 1
Price/SF $179.16
Expiration 12-31-2031
Tenant Type Medical/Health
NOI $120,000
R. Term 7.0
Ownership Fee Simple
Rent/SF $15.23
Increases 2.0%/1/yrs
Pop 5Mi 98,565
Lot/AC 0.54
Options 2/5yrs/2%
AHHI 5Mi $80,401

Lease Highlights

  • Coastal Wellness Center will be executing a new 7-year lease with 2 (5-year) options at the close of escrow
  • 2% annual rental increases throughout the initial term and option periods
  • 2.5% rent coverage ratio from EBITDA | 9% rent to sales ratio
  • Value-Add Opportunity to lease out the remaining 2,626 SF
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Coastal Wellness Center is strategically located on Highway 17 Bypass, with access to a robust daily traffic count of 55,152 vehicles. The property is situated in a prominent medical retail corridor, with close proximity to South Strand Medical Center and well-known national retailers such as Publix, Starbucks, McDonald's, Goodwill, Smoothie King, and more. Key educational institutions in the...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Coastal Wellness, founded in 2016, is a private company headquartered in Myrtle Beach, South Carolina. The facility is dedicated to empowering individuals in recovery to live healthier, happier,...


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Listing Broker

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