Colliers International is pleased to offer a prime, 15,817 SF medical office building investment opportunity. The building is 94% occupied and offers a partial leaseback for 70% of the building. The building is offered at $3,350,000 ($212/sf) reflecting an attractive 7.7% Cap Rate based on the current income and expenses.
The building was constructed in 1969 but completely remodeled and modernized with new medical improvements in 2004 for Centennial Medical Group. Since the 2004 renovation, smaller suites have been created, constructed and leased. Most of the suites have been updated or modernized with new finishes and décor.
Currently the building is leased to four tenants and has one vacancy of 908 sf. All leases are Triple Net and all Operating Expenses are fully reimbursed to the Owner (except insurance). The combined land area is more than 44,418 sf with 60 existing off-street parking spaces plus an abundance of street parking. A portion of the land has not been developed and can accommodate additional building area or additional parking.