Avison Young is pleased to offer 1076 E. Chestnut Avenue (the “Property”) for sale to qualified investors. 1076 E. Chestnut Avenue totals 14,500 SF on 1.21 acres and is 100% leased to Penn Cardiology through June of 2032 at a below market rent of $19.50/NNN psf. Penn Cardiology has occupied the building since 2007 and recently executed an eight-year lease renewal proving its commitment and success at the building.
The current owner recently completed over $350,000 in capital improvements including a parking expansion from 49 to 65 spaces to accommodate the continued growth of the practice. This location has grown from five to nine cardiology doctors within the past five years which resulted in the need for additional parking.
Listed at $4,000,000, the property has no deferred maintenance with roof, painting exterior façade, and parking lot repairs all completed. The lease has a NNN structure with owner responsible for roof and structure.