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1863 - 1867 Airport Way - Northern Lights Medical Center - Northern Lights Medical Center, Fairbanks, AK

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1863 - 1867 Airport Way - Northern Lights Medical Center - Northern Lights Medical Center

Fairbanks, AK 99701

Property Type:Office Sub Type:Medical Status:Existing Year Built:2003
Stories:2 Typical Floor:22,519 SF Building Size:45,747 SF
For Sale Price:$7,000,000 Price/SF:$153.02
Cap Rate:9.08 %

Prime Medical Office Building Property is improved with two buildings. The original main building is a two-story Boise Cascade modular structure that was constructed in 1976. It reportedly contains a gross building area of 48,151 SF with 41,402 SF on the ground floor and 6,749 SF on the second floor. Basic construction consists of a concrete foundation over a crawl space, wood framing around the modular units, exterior wood siding and a high quality membrane roof. The interior walls are gypsum board with high quality wall coverings and the individual tenant suites have extensive plumbing, sinks, cabinetry, and kitchen areas typical for medical office space. An elevator provides access to the second floor and the building is fully sprinklered for fire protection. The current owners spent approximately $231,000 in capital improvements. In 2003,a 1,320 SF addition was constructed at the southwest corner of the building to provide additional space for a new tenant. The second building was completed in 2003 and contains a gross building area of 8,872 SF. It is a single-tenant structure occupied by Renal Care Group Alaska.

The Northern Lights Medical Center is located along Airport Way approximately one mile to the southwest of downtown Fairbanks. Airport Way is Fairbanks most heavily traveled arterial with traffic counts in excess of 25,000 in some areas. The main hospital facility in Fairbanks is located approximately two blocks to the southeast of
the subject. Fairbanks Memorial Hospital is a community-owned, JCAHO-accredited facility with 162 licensed beds. Co-located with the hospital is Denali Center, Fairbanks only private nursing home facility.

Sale Notes:
Marcus & Millichap is pleased to offer for sale the Northern Lights Medical Center located at 1867 Airport Way in Fairbanks, Alaska. This offering is comprised of 45,747-square feet of medical offices, situated in close proximity to the 159-bed Fairbanks Memorial Hospital.

The Northern Lights Medical Center consists of two medical office buildings. The first is a two story, multi-tenant medical office building which is anchored by nationally credit-rated Dignity Health, Fairbank' s U.S. Healthworks Urgent Care Facility. A pharmacy and optometrist are among the other tenants in this attractive elevator-served building. The second building is fully occupied by another nationally credit-rated tenant, Fresenius Medical Care. Dignity Health occupies 28% of the property' s rentable area, while Fresenius occupies 18%. The remainder of the center is occupied by a diverse mix of specialized medical practices.

The subject property is located one of Fairbank' s major throughways known as Airport Road, or Highway 3 to the locals. It is also situated within close proximity to the Interstate 4. With a prime location, 91% occupancy and solid, nationally credit rated anchor tenants, the subject property offers investors stable income from this attractive real estate investment.

Marcus & Millichap
David Benjamin
(858) 373-3165

Ben Tashakorian
(858) 373-3176

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