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20 University Estates Blvd 13,602 SF Office Building Athens, OH 45701 $5,799,000 ($426.33/SF) 6.45% Cap Rate
INVESTMENT HIGHLIGHTS
- Located in Athens, home to Ohio University (21,000 students)
- 2.5% annual rental increases in the primary term & renewal options
- Proven successful location with an established patient base and reputation in the community
- Long-term lease with 10+ years remaining
- New 10-year lease extension demonstrating tenant’s commitment to the property
- Triple net lease with the tenant responsible for all property maintenance and operating expenses
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant Marietta Memorial Hospital medical office building located in Athens, OH. The property is an orthopedic surgery center and an orthopedic doctor’s office. The tenant recently executed a new 10-year lease extension demonstrating their commitment to the property and the success of the practice. The lease features 2.5%annual rental increases. Marietta Memorial Hospital is a leading regional health system founded in 1921 and has over 3,500 employees.
The surgery center is strategically located two miles west of the Ohio University, which has over 21,000 students. There are over 25,000 people that live within three miles of the property.
The surgery center is strategically located two miles west of the Ohio University, which has over 21,000 students. There are over 25,000 people that live within three miles of the property.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Medical
Building Size
13,602 SF
Building Class
B
Year Built
2015
Price
$5,799,000
Price Per SF
$426.33
Cap Rate
6.45%
NOI
$374,055
Tenancy
Single
Building Height
1 Story
Typical Floor Size
13,602 SF
Building FAR
0.13
Lot Size
2.33 AC
Zoning
Commercial
Parking
60 Spaces (4.41 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Numbers | A02-74000076-01, A02-74000079-00 | Improvements Assessment | $503,360 |
| Land Assessment | $85,460 | Total Assessment | $588,820 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$85,460
Improvements Assessment
$503,360
Total Assessment
$588,820
MAP
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