Investment Sale Vidant Multispecialty & Eye Care of Edenton

Office for Sale
Also listed as Special Purpose
Catylist Listing ID: 30573202
Property Subtypes: Medical
Building Size (RSF): 10,850 SF
Gross Building Area: 11,144 SF
Gross Land Area: 2.28 Acres
Sale Price: $2,860,000
Unit Price: $263.59 PSF
Ceiling: 10 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Eye Care of Edenton and Vidant Multispecialty Care
Class of Space: Class A
Usable Size (USF): 10,850 SF
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Average Occupancy Rate: 100
Last Updated: 9/29/2020

Overview / Comments

Investment opportunity with strong tenants and leases. This property has two medical office buildings located on the parcel. Vidant Multispecialty Care ( Sports Medicine, Orthopedics and Family Medicine) 7,102 Sq Ft. and Eye Care Of Edenton 3,711 sq. ft. located on a 2.28 acres. These properties are located one block from Chowan Hospital that is owned and operated by Vidant. The Vidant Multispecialty Care building was constructed new for Vidant Health in 2015 and Vidant has renewed a 5 year lease with a 5 year option. This building includes several exam rooms, procedure room and Xray room (please see photos and floor plan)The Eye Care of Edenton building was constructed new in 2012 and the tenant is a Sale Leaseback (NNN) to be executed at closing; 7 year lease with two 5 year options. Both buildings are very well constructed and appointed. All construction drawings, site plans, surveys and storm water certificates available.

Additional Details

Nearest MSA: Elizabeth City
County: Chowan
Tax ID/APN: 780515720644
Zoning: MA
Property Visibility: Excellent
Highway Access: Just off of Hwy 17 servicing the region for medical and Eye Care
Site Description: The site consists of 2.28 acres with complete horizontals facing Virginia Rd. and the Vidant owned Chown Regional Hospital. The site backs up to a new Walgreens located to the east.(see aerial photos)
Area Description: Edenton is a historical coastal town with minor and major industry and is a hub for the surrounding region near the Outer Banks of NC. Located just off of HWY 17 that travels north and south of the eastern VA, NC and SC Coast
Total Number of Buildings: 2
Number of Stories: 1
Year Built: 2015
Year Renovated: 2015
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: The exterior is custom 360 degree brick veneer, surface parking and well appointed landscaping
Parking Type: Surface
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Fiber Optic
Interior Description: Both buildings have been equipped to provide first class accomodations for the patients. (please see interior photos) Eye Care of Edenton has a NNN lease with 2020 NOI of $78,000 with 1.5% escalations annually. Vidant has a Gross modified Lease with an estimated $120,437.00 NOI 2020 with 5 year average CPI increase every 5 years.
Zoning Description: MA
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,943 7,028 8,380
Median Age: 43.09 42.64 43.61
Households: 1,636 2,893 3,470

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