208 Morrow St S - Medical FOR SALE


Mena, AR 71953
$585,000 USD
479-317-1372
208 Morrow St S, Mena, AR for Sale
$585,000 USD
Medical - FOR SALE
1/4
null | 8.95% Cap Rate

208 Morrow St S
Mena, AR 71953


HIGHLIGHTS

  • Fresh Seven-Year Lease Renewal
  • Long-Standing Established Optometry Practice
  • National Operator (More than 900 Locations)
  • Financially-Strong Tenant
  • High-Growth Optometry Market
  • Strong Commercial Location

OVERVIEW

IMPROVED 8.95% CAP RATE: Priced below replacement value, this is an excellent opportunity to acquire a healthcare real estate investment property fully occupied by MyEyeDr. Backed by Goldman Sacs and with over 900 locations, MyEyeDr. has grown to become one of the largest operators of eye care services nationwide. This location has served as an optometry provider for a decade, and there are few competing providers in the area. MyEyeDr. recently renewed its lease, which includes an option to renew and rental increase upon renewal. Landlord responsibility is limited to property insurance, structural and exterior repairs. The property underwent a major renovation and expansion in 2016 and is in excellent condition. Mena is a regional trade and service center for the surrounding cities and counties and is experiencing significant economic momentum. That momentum includes a $19M investment by Nidec Motor Corporation to expand its Mena facility and the Trails at Mena Project, a multi-million-dollar project designed to be one of largest lift-served mountain bike parks in the world, projected to attract 250,000 visitors annually. The city is investing in its downtown and historic buildings, is friendly to business-with a 0% city-assessed property tax currently-and has been recognized as a 4-star municipality.

FOR SALE DETAILS

PRICE

$585,000 USD

PRICE/SF

$137 USD /SF

CAP RATE

8.95%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,375 SF

ZONING

Commercial

APN/PARCEL ID

6000-03123-0000

ASK ABOUT THIS PROPERTY

Ashley HabigerDelta PropertiesMore Info
479-317-1372

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Ashley HabigerDelta PropertiesMore Info
479-317-1372

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