8.26 CAP Investment Sale Class A Medical Office Condo

Office for Sale
Catylist Listing ID: 30028077
Property Subtypes: Business Park, Executive Suites, Medical, Net Leased
Condo? Yes
Building Size (RSF): 2,775 SF
Gross Building Area: 12,104 SF
Sale Price: $460,000
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Brunswick Medical Park / Doctors Circle
Class of Space: Class A
Usable Size (USF): 2,775 SF
Sale Terms: Cash to Seller
Cap Rate: 8.26%
Last Updated: 1/9/2018

Overview / Comments

Investment Sale! Medical Office Condo 2,775 SF. This unit is for sale and is located in the heart of Brunswick Medical Park, Building 10 - Suite 3. The Tenant has been in place since 2012. The tenant signed a new lease in 2017 for 5 years with (2) options to renew for (2) years. Tenant pays TICAM costs with rent.

Gross Rent: $44,594.25
Expenses: $6,604.50
NOI: $37,989.75
8.26 CAP: $460,000.00

Brunswick Medical Park is an office complex adjacent to the former Brunswick County Hospital building and uniquely suited for administrative offices and medical or professional service tenants. Tenant pays TICAM charges, Cable, Electric, HVAC Maintenance, Sewer & Water Fee, Common Area Maintenance (CAM) includes exterior building electricity, parking lot maintenance, and landscaping.

Attachments & Media

Current Tenants

Tenant Business Name Coastal Carolina Intregrated Medicine, PA
Industry Type Health Care and Social Assistance
Is Renting? Yes
Suite Number 3
SF of Space Occupied 2,775 SF
Current Rent $16 PSF (Annual)
Lease Expiration 8/2022
Escalations 2.5%
Options (2) Options for (2) Years Each
Tenant Notes Tenant is an anesthesiologist in Supply, North Carolina. He received his medical degree from George Washington University School of Medicine and has been in practice for more than 20 years. As an interventional pain management specialist in North Carolina, the tenant focuses on relieving chronic pain in patients. Interventional pain specialists offer pain relief by blocking or interrupting the transmission of neurological pain signals in the brain.

Additional Details

Nearest MSA: Myrtle Beach-Conway-North Myrtle Beach
County: Brunswick
Taxing Authority: Brunswick County
Tax ID/APN: 167LA006
Is Condo?: Yes
Property Located Between: Medical Center Drive SW and Doe Creek Lane SW
Property Visibility: Good
Highway Access: Located on HWY 17 North
Airports: ILM and MYR
Site Description: Located on Ocean Hwy W(US Hwy 17 N), just south of the former Brunswick Community Hospital complex.
Area Description: This area is part of the second-fastest growing metro area in the country, according to the US Census Bureau and this site is located in the heart of it all.
Total Number of Buildings: 4
Number of Stories: 1
Year Built: 2002
Roof Type: Gambrel
Construction/Siding: Brick
Exterior Description: Brick with Metal roof
Parking Type: Surface
Parking Description: Surface in front of unit.
Total Parking Spaces: 30
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Internet Access: Cable
Zoning Description: C-LD: Commercial-Low Density This District is intended primarily to be used in outlying areas, adjacent to major thoroughfares, with yards and other provisions for reducing conflicts with adjacent residential uses, and with substantial setbacks to reduce marginal friction on adjacent major thoroughfares. Commercial uses in this District will serve the needs of residential neighborhoods for auto-dependent commercial facilities; and serve the needs of highway oriented tourist business.
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Legal Description: BLDG 10 U - 3 BRUNSWICK MED DEVEL PL 10/448

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 2,589 9,479
Median Age: 41.34 47.32
Households: 1,055 4,004
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