Medical Dental Investment Portfolio

Retail-Commercial for Sale
Also listed as Office
Catylist Listing ID: 30677955
Property Subtypes: Free-Standing Building, Street Retail, Other
Building Size (RSF): 10,572 SF
Gross Building Area: See Agent
Gross Land Area: 4.23 Acres
Sale Price: $3,461,969
Unit Price: $327.47 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: 6.4%
Average Occupancy Rate: 100
Last Updated: 1/23/2021

Overview / Comments

Long Term Professional Medical Tenants! Broker Glenn Perkins and TCI Group - Jerry Petzoldt Agency are pleased to present to all qualified investors the opportunity to acquire two excellent investment properties. Both properties are 100% fee simple interest ownership and single tenant net lease investments.

Aspen Dental property is located along busy East Stone Drive in Kingsport, Tennessee. The second investment property is also single tenant net lease and occupied by Holston Medical Group Primary Care at the medical facility in nearby Church Hill, Tennessee.

Aspen Dental occupies a 4,000 sq ft building that was constructed in 1999 and remodeled to fit Aspen Dental specifications in 2010 and sits on 0.53 acres. Aspen Dental is operating under the original (10) year lease that commenced in June of 2010 and has just entered into the first five-year renewal option term on January 1, 2021. The lease offers generous rental increases every 5 years and two (2), five (5) year renewal options remain. The NN+ lease is very Landlord friendly with the Tenant being responsible for reimbursing all expenses except for roof and structure.

Holston Medical Group is among the most progressive independent physician groups in the nation. Holston Medical Group P.C. is the ultimate Parent with 45 locations in multiple states, 165+ Providers, is Physician owned and was started in 1976 and incorporated in 1989. At last report HMG has 1000+ employees across all of its locations and reports 50,000+ Patient visits per month. Holston Medical Group Primary Care has just recently in 2020 extended their lease for another 10 years in this well maintained 6,572 sq ft building on 3.7 acres. Situated in established business district along Hwy 11W in Church Hill, this large parcel also has room for another new building or expansion. Property sits between Main Street and Hwy 11W across from Church Hill Public Library with the Homestead Shoppe and Pal's in the immediate area. Please view more information about Holston Medical Group at link provided.

Super Investment Opportunity! Excellent financials with a 6.4% CAP and combined NOI of $221,566.00. Contact agent to discuss this unique opportunity.

Attachments & Media

Additional Details

Nearest MSA: Kingsport-Bristol
County: Sullivan
Submarket Type: Central Business District
Tax ID/APN: 082 046L A 01535 000 2019
Property Visibility: Excellent
Tenancy: Single Tenant
Property Condition: Good
Year Built: 1999
Year Renovated: 2010
Parking Description: Parking at front and back of building

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,004 41,282 70,618
Median Age: 48.87 43.69 43.95
Households: 4,183 18,137 30,722

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