Medical Building- Net Leased Investment | 1555 S Highway 97
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Medical Building- Net Leased Investment 1555 S Highway 97
6,523 SF 100% Leased Office Building Redmond, OR 97756 £2,432,985 (£373/SF) 5.50% Net Initial Yield
Investment Highlights
- Beautifully redeveloped medical building. Recipient of the Building a Better Central Oregon Award in 2020.
- Prominent location with excellent highway exposure.
- Located in Redmond, OR, ranked #5 on Miliken Institute’s 2023 Best Performing Cities list.
- Fully–leased by national credit tenants Intendent/Gentle Dental and Community Care Partners/BestMed.
- Excess land (see zoning) and ample on-site parking.
Executive Summary
MW Cousins Medical Building is a two-tenant clinical medical building with tenants operating in the dental and urgent care healthcare fields. Located along busy Highway 97 and adjacent to Safeway and in growing Redmond, OR. Property is over 60 parking spaces (10:1) and excess land for expansion.
Gentle Dental (Interdent Service Corporation): 2405 USF/ 2,569 RSF. Gentle Dental commenced a 124-month lease term in the Spring of 2021.
BestMed (Community Care Partners, LLC): 3703 USF/3,954 RSF. BestMed have provided 120-month lease term in the Spring of 2021 and has a corporate guaranty.
Gentle Dental (Interdent Service Corporation): 2405 USF/ 2,569 RSF. Gentle Dental commenced a 124-month lease term in the Spring of 2021.
BestMed (Community Care Partners, LLC): 3703 USF/3,954 RSF. BestMed have provided 120-month lease term in the Spring of 2021 and has a corporate guaranty.
Property Facts Under Contract
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Medical
Building Size
6,523 SF
Building Class
C
Year Built/Renovated
1978/2020
Price
£2,432,985
Price Per SF
£373
Net Initial Yield
5.50%
NOI
£133,814
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Typical Floor Size
6,523 SF
Building FAR
0.15
Lot Size
1.03 AC
Opportunity Zone
Yes
Zoning
C1 - Strip service commercial.
Parking
75 Spaces (11.01 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Air Conditioning
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Medical Building- Net Leased Investment | 1555 S Highway 97
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