1377 Locust Ave - Medical FOR SALE


Fairmont, WV 26554
$3,200,000 USD
513-300-0763
1377 Locust Ave, Fairmont, WV for Sale
$3,200,000 USD
Medical - FOR SALE
1/6
null | 7.75% Cap Rate

1377 Locust Ave
Fairmont, WV 26554


HIGHLIGHTS

  • 1377 Locust Avenue is a 13,587 square foot medical office building on a 1.43-acre corner parcel.
  • ATTRACTIVE RENT INCREASES: WVU Medicine leases call for attractive 2.5% annual rent increases throughout the primary lease term and renewal options.
  • The medical office building is currently 86.16% occupied by West Viginia University Medicine (WVU Medicine)1,880 square-foot vacant space.
  • It is the largest health system in West Virginia, with 25 hospitals and multiple clinics across the state.
  • Approximately 27,600 people live within 3 miles of the Property with an average household income of $81,287.
  • More than 64,700 people within 10 miles of the Property with an average household income of $89,295.

OVERVIEW

We are pleased to present the exclusive opportunity to purchase a medical office building located at 1377 Locust Avenue in Fairmont, West Virginia (the “Property”). The Property consists of an 86.16% occupied, single-tenant medical office building with 13,587 square feet of space on a 1.43-acre corner parcel. The medical office building is leased to West Virginia University Medicine (WVU Medicine – investment grade credit rating of “A” according to S&P Global Ratings), which occupies two of the three units (with separate leases). The Property was a former car dealership before ownership spent over $1.6MM to convert it to a state-of-the-art medical office building that aligned with WVU Medicine’s specifications. The renovations were completed in two separate phases; the buildout for Suite 1 (allocated for WVU Medicine’s Adult Medicine + ENT services) was completed in 2020 while Suite 2 (allocated for WVU Medicine’s Pediatrics services) was completed in 2021. WVU Medicine has 5.44 years of term remaining on their lease for Suite 1 and 6.19 years of term remaining on their lease for Suite 2; both leases are double net with corporate guarantees in-place, and 2.5% annual rental increases throughout the primary lease term and renewal options. The current weighted average lease term remaining is 5.67 years. The Property offers additional upside through the lease-up of the 1,880 square-foot vacant suite which is currently a 4-bay garage. The Property is strategically located at the intersection of Christie Street and Locust Avenue (US Route 19), one of Fairmont’s most heavily traveled commercial and commuter corridors. The medical office building offers outstanding frontage, visibility, and signage with a large well-maintained parking lot and is just 0.5 miles from WVU Medicine Fairmont Medical Center, which has recently been expanded and renovated to meet the growing needs of the community. More specifically, the WVU Medicine Fairmont Medical Center is undergoing a multi-phase $110MM renovation which will include new operating rooms as well as a new pharmacy, cafeteria, dialysis unit, infusion center, and other facility upgrades. The Property is conveniently located near Fairmont State University and national/local retailers and restaurants, all of which drive traffic to the area. The Property is close to area schools and residential neighborhoods providing a built-in patient base. 1377 Locust Avenue benefits from its proximity to US Route 250 and Interstate 79, which offers convenient access to Morgantown, Clarksburg, and other regional destinations, making Fairmont an attractive base for commuters and businesses alike

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$234 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

100

LAND DETAILS

LAND ACRES

1.27 AC

LAND SF

55,321 SF

ZONING

CCBD

APN/PARCEL ID

03-18-01800000

ASK ABOUT THIS PROPERTY

Brian BrockmanBang RealtyMore Info
513-300-0763

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Brian BrockmanBang RealtyMore Info
513-300-0763

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.