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New Price!! 15 Yr Fast Pace Health w/ Bumps 1732 W North St

3,726 SF 100% Leased Retail Building Kendallville, IN 46755 £1,873,968 (£503/SF) 6.55% Net Initial Yield

Investment Highlights

  • New Price! Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease w/ Approx. 13.5 Yrs of Term Remaining
  • No Daily Management Responsibilities: Tenant Responsible for All Daily Mgmt, Real Estate Taxes & Insurance w/ Growing National Tenant (275+ Location
  • Growing Community Targeted Medical Necessity: Ideal Demographics: Average Household Incomes of Approximately $93,000 Within a 1-Mile Radius
  • Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
  • Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)

Executive Summary

• Just Reduced!! Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease with
Approximately 13.5 Years of Term Remaining
• Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in
Year 2032
• No Daily Management Responsibilities: Tenant Responsible for All Daily Management, Real Estate Taxes and Insurance
• Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)
• Highly Visible Signage with Excellent Frontage and High Traffic (17,000 VPD) Along Main Thoroughfare Through Kendallville
• Growing City Targeted with Medical Necessity: Ideal Demographics with Average Household Incomes of Approximately $93,000
Within a 10-Mile Radius
• 24/7 Wall St. Ranked Kendallville 33rd in “America’s 50 Best Cities to Live” and was the Only Indiana City to Make the List
• Low Price Point Deal, Ideal for 1031 Buyers with E-Commerce/Recession Resistant Tenant - Urgent Care Industry Fast Approaching
Being $40 Billion Annual Business
• Surrounded by Rooftops, Other Complimentary Medical Users and Retailers, Restaurants and Schools (East Noble School District
with 3,400+ Students and 200+ Employees)
• Largest Regional Industry: Directly Across from Parkview Noble Hospital, Part of the Parkview Health Network, on a 60-Acre Campus
(350 Employees), While Parkview Health Serves Northeast Indiana and Northwest Ohio with Over 15,000 System-Wide Employees,
Making it the Region’s Largest Employer
• Direct Vicinity of Major Employers (4 Miles): Manufacturing Corridor Includes Dow Corning Corp, Creative Liquid Coatings Inc.,
Aluminum Recovery Technologies, PFG Customized Distribution and Lakeside Book Company
• Advantageous Location with Short Commute to Downtown Fort Wayne (30 Miles): Additional Employment, Major Attractions and
Fort Wayne International Airport

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
3,726 SF
Building Class
B
Year Built
2022
Price
£1,873,968
Price Per SF
£503
Net Initial Yield
6.55%
NOI
£122,816
Percent Leased
100%
Number of Floors
1
Building FAR
0.09
Lot Size
1.00 AC

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Fast Pace Urgent Care
  • -
  • 3,726 SF
  • -
  • NNN
  • Mar 2038
Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Fast Pace Urgent Care - 3,726 SF - NNN Mar 2038

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
57-07-30-200-031.000-020
Land Assessment
£109,074
Improvements Assessment
£333,715
Total Assessment
£442,788
  • Listing ID: 33933318

  • Date on Market: 20/11/2024

  • Last Updated:

  • Address: 1732 W North St, Kendallville, IN 46755

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