Investment 7.5 CAP office/retail/Medical Building 16,584 Supply

Office for Sale
Catylist Listing ID: 30634372
Property Subtypes: Business Park, Medical, Net Leased, Office Building
Building Size (RSF): 16,584 SF
Gross Land Area: 1.57 Acres
Sale Price: $2,732,665
Unit Price: $164.78 PSF
Ceiling: 10 ft.
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: The Brunswick Center
Class of Space: Class A
Usable Size (USF): 16,584 SF
Core Factor: 100%
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: 7.5%
Average Occupancy Rate: 83
Last Updated: 10/26/2020

Overview / Comments

Investment 16,584+/-SF Medical Building Investment sale at 7.5 CAP
Gross Rents : 262,844.00
NOI 204,950.00
Cap Rate 7.5
Sale $2,732,665.00

Four tenants just signed new leases have been in complex since 2005.
Brunswick Medical Campus is comprised of four buildings located on highly traveled Hwy 17, Ocean Hwy located 1.5 miles south of the new Novant Hospital.

This building is located upfront with excellent visibility to Hwy 17. The end unit is currently a cold dark shell and no income is counted in NOI.

Proforma would be a 9 CAP once leased. CLD is a light retail/office zone with possibilities for Commercial, Medical, Attorneys, Optometrists Physical Therapy and many others.

Vacant space (Cold Dark Shell) is 2873 SF base rent is 14.50$ PSF ++. .

Strip is currently Home to Plastic Surgery, Pharmacy, Quest Diagnostics, Hand Therapy.

Brunswick is the fasts growing County in NC

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $9,577 (Annual)
Potential Rental Income $314,344 (Annual)
Gross Operating Income $262,746 (Annual)
Net Operating Income $204,950 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Summit Cosmetic Surgery Center
Industry Type Health Care and Social Assistance
Suite Number 103
SF of Space Occupied 7,867 SF
Tenant Business Name Galloway Sands Pharmacy
Industry Type Health Care and Social Assistance
Is Renting? Yes
Suite Number 105
SF of Space Occupied 1,791 SF
Tenant Business Name Quest Diagnostics
Is Renting? Yes
Suite Number 106B
SF of Space Occupied 1,200 SF
Tenant Business Name Creative Hands
Industry Type Health Care and Social Assistance
Is Renting? Yes
Suite Number 106A
SF of Space Occupied 2,750 SF

Additional Details

Nearest MSA: Myrtle Beach-Conway-North Myrtle Beach
County: Brunswick
Taxing Authority: Brunswick County
Tax ID/APN: 1680005502
Zoning: CLD
Property Located Between: 210 and old Hospital west side of 17
Property Visibility: Excellent
Highway Access: Ocean Highway W on HWY 17
Airports: ILM and MYR
Site Description: Brunswick Medical Park consist of four buildings catering to office, Attorneys, Medical users. This building is the front building with excellent road frontage. CLD allows for commercial as well as office
Area Description: Brunswick Medical Campus is an office complex adjacent to the former Brunswick County Hospital and close proximity to Novant Medical, Brunswick Community College, and Shallotte Retail corridor. The office is part of an association and the building grounds are professionally managed. The site has abundant parking and signage opportunities. This complex is easily accessible to St. James, Southport, Oak Island, and Holden Beach. The location is in the heart of new residential communities that were featured in the 2017 parade of
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2 SF
Year Built: 2006
Year Renovated: 2020
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Strip Center
Parking Ratio: 12 (per 1000 SF)
Parking Type: Surface
Parking Description: All around building
Total Parking Spaces: 70
Sprinklers: Dry
Heat Type: Electricity
Heat Source: Central, Heat Pump
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Built out as offices and a Pharmacy
Zoning Description: C-LD Commercial Low Density
Part of Planned Development?: Yes
Lot Frontage: 158 ft
Lot Depth: 102 ft
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: RIght Away
Legal Description: L-2-3 1.57 AC BRUNS MEDICAL CAMP 32/335

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 2,589 8,720
Median Age: 41.34 47.21
Households: 1,055 3,648
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