Update: This property is OFF MARKET
Beau Beach, MBA CCIM presents:
Perfect 1031 exchange opportunity! Stabilized medical office building investment with upside at lease rollover. Priced at a fraction of replacement cost.
Ideal Medical Office Location
Located on Foley’s major East-West corridor known as Laurel Avenue/US Route 98/Alabama’s Coastal Connection.
Half mile from Main and Main (Laurel and McKenzie) with traffic counts exceeding 40,000 vehicles per day.
Just 2.1 miles (5 minutes) to South Baldwin Regional Medical Center. Positioned between County Place Senior Living and Advanced Animal Care Hospital.
Baldwin County is Alabama’s fastest-growing county with a population of 231,767.
Attractive Rent Roll with Upside
The property is fully occupied by two tenants…a spa with salon and a respected medical group. Each tenant occupies 50% of the property.
The spa is signed to a below market lease rate through 2024. Using the asking cap rate, signing a new lease at a market rate ($17/SF) will add $332,000 of value to the property.
Get the Property Information Package to see the property’s current cash flows.
Beautifully Designed with Outstanding Parking
Built in 2008 on an oversized 1.25 acre parcel of land. Medical office buildouts are known as the most expensive buildouts in all of the commercial real estate. Floor plan available.
Outstanding parking ratio with 48 spaces (6.7/1,000 SF). Upgraded concrete parking lot is in great condition.
Green space in the rear. Tree lined property boundaries provide shade and privacy. New energy efficient lighting. Located in an Opportunity Zone. Zoned B2. Survey available by request.
Priced to Sell
Priced at a 6.7% cap rate. Asking price equates to just $188/SF. That’s roughly 50% of replacement cost for this beautifully built-out, 14 year old masonry building with abundant parking!
Property tours will be limited to serious, prequalified buyers at predefined times to minimize the disruption to the tenants’ businesses.
Priced to ensure a timely sale at just $188/SF. Don’t miss this opportunity.
Our office must prepare all the paperwork for this transaction.
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LOCATION DESCRIPTION:
Foley is a city in Baldwin County, Alabama. Foley is a principal. city of the Daphne-Fairhope-Foley metropolitan area, which includes all of Baldwin County.
Baldwin County is a county located in the southwestern part of the U.Sstate of Alabama, on the Gulf coast. It is one of only two counties in Alabama that border the Gulf of Mexico. As of the 2020 census, the population was 231,767.
Baldwin was Alabama’s fastest-growing county from 2010 to 2020, with 4 of the top 10 fastest-growing cities in the state in recent years.
It is the largest county in Alabama by area and is located on the eastern side of Mobile Bay.
- Price: $1,349,000 ($188/SF)
- Area: 1.25 acres
- Phone Number: 615-200-9330
- Space (s.f.): 7,168 SF