Investment Grade Medical Office

Office for Sale
Catylist Listing ID: 30620010
Property Subtypes: Medical, Net Leased
Building Size (RSF): 7,331 SF
Gross Land Area: 1.46 Acres
Sale Price: $3,700,000
Unit Price: $504.71 PSF
Ceiling: 14 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class A
Usable Size (USF): 7,331 SF
Sale Terms: Cash to Seller
Cap Rate: 5.15%
Average Occupancy Rate: 100
Last Updated: 7/21/2020

Overview / Comments

Mullarkey Real Estate Group, Inc. in conjunction with Atlas Stark is pleased to present a pre-sale opportunity for the Eno River Kidney Center (FKC) in Durham, NC. The building is currently under construction and FKC is planning to begin operations in Q4 2020 with a 15-year, corporately guaranteed lease. The purchase opportunity benefits from the following characteristics:

CREDIT TENANT: Leased to FKC, a national, credit-worthy tenant who provides their corporate guarantee on the lease

PRIME LOCATION: Triangle Region is experiencing rapid growth in population and demand for dialysis care

STABLE INVESTMENT: Facility has a Certificate of Need (CON) which limits competition in North Carolina. Dialysis is an essential medical service that has provided stable revenue even during times of economic uncertainty.

FRESENIUS MEDICAL CARE:
Listed on both the Frankfurt Stock Exchange (FME) and New York Stock Exchange (NYSE: FMS), Fresenius is the world’s leading provider of products and services for people with chronic kidney failure. The company generates net revenue of over $18.8 billion.

During 2019, the company cared for more than 345,000 dialysis patients at their 3,990 proprietary clinics located in 150 countries world- wide. Fresenius is also the leading provider of dialysis products including dialysis machines, dialyzers and disposable accessories made at their 45 manufacturing sites around the globe. Fifty percent (50%) of the world’s operating dialysis machines are produced by Fresenius. Fresenius has an “investment grade” credit rating of BBB with Standard and Poor’s.

Attachments & Media

Additional Details

Nearest MSA: Durham-Chapel Hill
County: Durham
Taxing Authority: City of Durham
Tax ID/APN: 172632
Zoning: OI - OFFICE AND INSTITUTIONAL
Property Visibility: Excellent
Site Description: Site is located on Old Farm Road in Durham, NC, just off the main thoroughfare of 501
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 2020
Roof Type: Flat
Construction/Siding: Brick/Aluminum Siding
Parking Type: Surface
Parking Description: Total Required Spaces = 30 Spaces Medical Facility - 1 Space/250 SF Floor area 7,038 SF/250 SF = 29 Spaces 1/25 Spaces = 2 ADA Spaces (One Van)
Total Parking Spaces: 29
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Zoning Description: The OI District is established for employment and community service activities. Some support facilities and residential uses are also allowed when compatible with surrounding uses. The OI district is designed for use on sites that have convenient access to arterials, since development of moderate to high intensity is allowed. The OI District is used to implement the Comprehensive Plan within those areas shown as part of the Rural, Suburban, Urban, or Compact Neighborhood Tiers.
Lot Frontage: ≈ 298
Lot Depth: ≈ 327
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,208 48,635 113,876
Median Age: 36.1 37.16 35.46
Households: 2,857 19,384 44,847

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