980 N Meridian St - Freestanding FOR SALE


Portland, IN 47371
$2,230,000 USD
216-562-1981
980 N Meridian St, Portland, IN for Sale
$2,230,000 USD
Freestanding - FOR SALE
1/4
null | 6.55% Cap Rate

980 N Meridian St
Portland, IN 47371


HIGHLIGHTS

  • Just Reduced!! Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
  • Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease with Approx. 13.5 Years of Term Remaining
  • No Daily Management Responsibilities: Tenant Responsible for All Daily Management, Real Estate Taxes and Insurance
  • Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)
  • Highly Visible Signage" Excellent Frontage & High Traffic (17,155+ Vehicles/Day) Surrounding Property at Main Intersection of Two Main Thoroughfares
  • Growing City: Ideal Demographics with Avg. Household Incomes of Approx. $83,000 Within a 10-Mile Radius

OVERVIEW

• Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease with Approximately 13.5 Years of Term Remaining • Just Reduced!! Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% in Year 2032 • No Daily Management Responsibilities: Tenant Responsible for All Daily Management, Real Estate Taxes and Insurance • Corporately Backed, Single-Tenant Medical Necessity Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States) • Highly Visible Signage with Excellent Frontage and High Traffic (17,155+ VPD) Surrounding the Property at the Main Intersection of Two Main Thoroughfares (Meridian and Votaw Streets) in Portland • Growing City: Ideal Demographics with Average Household Incomes of Approximately $83,000 Within a 10-Mile Radius • Direct Vicinity of Complimentary IU Jay Hospital, a Critical Access Hospital with Approximately 500 Employees, While Indiana University Healthcare System, Based in Indianapolis is a Regional Leader that Employs 38,000 Employees System-Wide • Low Price Point Deal, Ideal for 1031 Buyers with E-Commerce/ Recession Resistant Tenant - Urgent Care Industry Fast Approaching Being $40 Billion Annual Business • Surrounded by Rooftops, Other Favorable Medical Users, Retailers, Restaurants and Schools • Strong Employment Base: Tyson Foods Facility (455 Employees), FCC (Indiana), LLC (750+ Employees), Priority Plastics (140+ Employees), Motherson Sumi Systems, LTD/MSSL Wiring Systems (350 Employees) and ATI-Forged Products (150 Employees) • Advantageous Location with Easy Commutes to Downtown Fort Wayne (50 Miles), Dayton, OH (75 Miles) and Indianapolis (90 Miles): Additional Employment, Major Attractions and Airports in Each City • County Seat with Below National and State Levels for Cost of Living by Best Places, Making Portland an Extremely Affordable Place to live

FOR SALE DETAILS

PRICE

$2,230,000 USD

PRICE/SF

$822 USD /SF

CAP RATE

6.55%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Reduced! 15 Yr Fast Pace Health|2027 7.2% CAP

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront, Storefront Retail/Office, Medical

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2022

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.46 AC

LAND SF

20,038 SF

ZONING

-

APN/PARCEL ID

38-07-17-404-053.000-034

ASK ABOUT THIS PROPERTY

Daniel CooperCooper Commercial Investment GroupMore Info
216-562-1981

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Daniel CooperCooper Commercial Investment GroupMore Info
216-562-1981

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