North Port NNN Investment - 6.40%

Office for Sale
Catylist Listing ID: 30357561
Property Subtypes: Medical, Net Leased, Office Building
Condo? Yes
Building Size (RSF): 5,900 SF
Sale Price: $861,000
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: Millenium Physicians Group
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 6.4%
Average Occupancy Rate: 76
Last Updated: 12/7/2018

Overview / Comments

PROPERTY OVERVIEW

NNN investment opportunity in Sarasota County with 6.40% CAP. Freestanding
office condominium building located in Toledo Blade Professional Center, off of
Toledo Blade Blvd. Located among other small professional and medical
offices.

PROPERTY HIGHLIGHTS

• Medical office occupies 4,500 SF of the building, with 1,400 SF gray shell
space remaining for new tenant.

• Medical office tenant, a Millennium Physician Group Primary Care Specialist,
currently in the second year of a five year lease with 3% annual escalation
rate. Tenant has three renewal options for three year lease terms.

• Millennium Physician Group is one of the largest comprehensive
independent physician groups with more than 400 healthcare providers
located throughout Florida.

• Note the 6.40% CAP rate is using actual NOI. This building has a vacant unit that
when rented will generate additional income. Allowing for an owners TI
contribution of $25 PSF and a NNN lease rate at $13 PSF, the NOI could increase
to $76,200.

• For more information, please contact Ron Struthers (941) 769-3316.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $9,244 (Annual)
Potential Rental Income $76,200 (Annual)
Net Operating Income $60,255 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Millennium Physicians Group
Website URL https://millenniumphysician.com/location/north-port-commerce/
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 4,500 SF
Current Rent $13 PSF (Annual)
Lease Expiration 6/2022
Escalations 3% annual escalation rate.
Options Three renewal options for three year lease terms.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 0962011023
Is Condo?: Yes
Zoning: PCDN
Property Located Between: Toledo Blade Blvd. and Corporate Ave.
Highway Access: From Toledo Blade Blvd., access to Interstate 75 to the north (1.5 miles) and US-41/Tamiami Trail to the south (4.5 miles)
Airports: Sarasota-Bradenton (SRQ)
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,900 SF
Year Built: 2006
Year Renovated: 2017
Part of Planned Development?: Yes
Legal Description: UNITS 1401 & 1402, BLDG 14, TOLEDO BLADE PROFESSIONAL CENTER, BEING PART OF LANDS DESC IN ORI 2013043999

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 37,482 61,613
Median Age: 38.03 42.65
Households: 13,699 24,105

Contact

Photograph of Listing Agent

Ronald Struthers

COLDWELL BANKER COMMERCIAL NRT
MFCRE Member
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