62 Brown St - Medical FOR SALE


Haverhill, MA 01830- North Haverhill
$10,868,674 USD
512-314-3975
62 Brown St, Haverhill, MA for Sale
$10,868,674 USD
Medical - FOR SALE
1/5
null | 8.15% Cap Rate

62 Brown St
Haverhill, MA 01830
North Haverhill


HIGHLIGHTS

  • Fee simple on-campus location with enclosed walkway connection the hospital on the ground floor.
  • Garage parking on base floor of the building with a total of 96 dedicated parking spaces and REA access to all parking on the hospital campus.
  • 16,000 square foot approximate floor plates with two elevators servicing the building.
  • Newer vintage property with modern architectural features with covered patient drop off at the front of the building.
  • Current ownership has invested $367,203 in capital and cosmetic improvements.

OVERVIEW

LOCATION HIGHLIGHTS - Adjacent to Holy Family Hospital that is now one of three hospitals that are part of Lawrence General Hospital that service the Merrimack valley area of Boston. - Greater Boston is ranked eleventh in population among US metropolitan statistical areas, home to 4.9 million people as of the 2020 United States Census, - According to Pivitol, the Property has a service area that encompasses over 530,000 with a median income of $97,000. They project outpatient procedure demand to increase 22% over the next 10 years. - Limited supply of competitive medical properties in Haverhill and surrounding communities. -Massachusetts is a Determination of Need (DoN) state restricting the supply of medical locations. TENANCY HIGHLIGHTS - Strong medical eco-system with tenants that offer a variety of services including gastroenterology, urology, general surgery, OB/GYN, orthopedics, dermatology, ENT, plastics, ophthalmology, pain management, audiology, internal medicine, and dentistry. - 54,239 square feet of new leases and renewals executed since 2021. - 5.85 year weighted average lease term (WALT) providing near term stability with no tenant accounting for more than 13.08% of overall rent roll - Rental rates are well below the required rents for new construction, offering value for tenants and stability for the landlord.

FOR SALE DETAILS

PRICE

$10,868,674 USD

PRICE/SF

$182 USD /SF

CAP RATE

8.15%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Merrimack Medical Center

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

5

BUILDING CLASS

B

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

96

LAND DETAILS

LAND ACRES

1.48 AC

LAND SF

64,469 SF

ZONING

-

APN/PARCEL ID

HAVE-000423-000153-000008B

ASK ABOUT THIS PROPERTY

Seth GilfordTranswestern Real Estate ServicesMore Info
512-314-3975

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

Seth GilfordTranswestern Real Estate ServicesMore Info
512-314-3975

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