1796-1800 W Caro rd - Medical FOR SALE


Caro, MI 48723
$8,854,000 USD
248-415-2605
1796-1800 W Caro rd, Caro, MI for Sale
$8,854,000 USD
Medical - FOR SALE
1/5
null | 8.25% Cap Rate

1796-1800 W Caro rd
Caro, MI 48723


HIGHLIGHTS

  • Newly Opened 42,000 SF Regional Medical Center - 6 Specialties & Pharmacy with Drive-Thru | Certificate of Need (CON) for Imaging.
  • 100% Occupied by 8 Tenants Operating on NNN Lease Terms - Most Containing 3% Annual Rent Increases.
  • Weighted Average Lease Term (WALT) of Over 9 Years.
  • Anchored by McLaren Bay Region - 45.7% GLA - Subsidiary of McLaren Health Care: 13 Hospitals in Michigan ($6.6B Revenue).
  • 2 Miles from McLaren Caro Hospital (25 Beds).
  • 2 Miles from Newly Opened $85 Million - 130,000 SF State Psychiatric Hospital (100 Beds).

OVERVIEW

Marcus & Millichap is pleased to offer for sale McLaren Caro Region Medical. The medical clinic opened in 2022 and is located at 1796-1800 W. Caro Road (M-81) in Indianfields Township, just south of Caro, Michigan in the Bay/Thumb region. The two buildings have a combined gross leasable area of approximately 41,938 square-feet. The main building is occupied by McLaren Health, three medical specialists, and a pharmacy in addition to a general contractors office and wound care clinic located on the second floor. The 6,592 square-foot out-building is occupied by Renue Physical Therapy (a McLaren subsidiary) and TM Chiropractic. Together, McLaren and Renue Physical Therapy comprise 57.62 percent of the total GLA. All leases are triple-net, with most containing two to four percent annual rent increases. The property is located two miles south of McLaren Caro Hospital, a 25-bed critical access hospital. Also two miles away, is a newly opened $85 million, 130,000 square-foot state psychiatric hospital (100 beds). There is national retail within the area including Walmart, Tractor Supply Company, Aldi, Marshalls, Ollie's Bargain Outlet, O'Reilly Auto Parts, and others.

FOR SALE DETAILS

PRICE

$8,854,000 USD

PRICE/SF

$211 USD /SF

CAP RATE

8.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

McLaren Caro Region Medical

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

2022

SPRINKLERS

-

PARKING SPACES

32

LAND DETAILS

LAND ACRES

3.52 AC

LAND SF

153,331 SF

ZONING

C-1

APN/PARCEL ID

013-009-300-0550-00

ASK ABOUT THIS PROPERTY

Seth HaronMarcus & MillichapMore Info
248-415-2605

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Seth HaronMarcus & MillichapMore Info
248-415-2605

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.