1377 Locust Ave - Medical FOR SALE


Fairmont, WV 26554
$3,000,000 USD
732-856-4349
1377 Locust Ave, Fairmont, WV for Sale
$3,000,000 USD
Medical - FOR SALE
1/14
null | 8.22% 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

Zeustra is pleased to exclusively offer for sale 1377 Locust Avenue, a 13,587 SF medical office building located in Fairmont, West Virginia. The property is 86.2% occupied by WVU Medicine, West Virginia’s largest healthcare system and an investment-grade “A” rated tenant by S&P Global Ratings. WVU Medicine occupies 11,707 SF across two separately leased suites providing adult primary care, pediatrics, otolaryngology, and audiology services. Both leases are corporately guaranteed, extend through 2031, include renewal options, and feature annual rental increases based on the lesser of 2.5% or CPI. The property underwent more than $1.6 million in tenant-specific improvements between 2020 and 2021 and is strategically located approximately 0.5 miles from WVU Medicine Fairmont Medical Center, which is undergoing significant expansion and modernization.

FOR SALE DETAILS

PRICE

$3,000,000 USD

PRICE/SF

$219 USD /SF

CAP RATE

8.22%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

WVU Medicine Medical Office Building

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

Ryan LupoZeustra Real Estate Investment ServicesMore Info
732-856-4349

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Ryan LupoZeustra Real Estate Investment ServicesMore Info
732-856-4349

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