Update: This property is Off Market
Beau Beach, MBA CCIM presents:
$200,000 price reduction to ensure a timely sale!
Fountain Medical Plaza is a 79,783 SF medical office building which gets its name from the beautiful fountain located within its atrium. The property primarily caters to medical, health and wellness businesses.
With an effective age of just 9 years, the property was fully redeveloped from a car dealership in 2012. It was originally constructed in 1992. Like-new roof is just 9 years old. Easy to self manage and lease.
Well parked with 250 spaces (3/1000 SF) with ample room to add more if desired. 17 total tenant suites…16 occupied…91% occupied. Massive 7.54 acre lot. Tenants pay their own utilities. Daily traffic count exceeds 34,000 vehicles per day. Prominent pylon signage. Located in an Opportunity Zone.
Ideally located…the regional hospital (Morristown Hamblen Healthcare System) is just two miles down Andrew Johnson Highway.
Perfect 1031 Exchange opportunity.
Priced for a timely sale
Priced at just an 8.55% cap rate! Only $94/SF! You won’t find better pricing for a medical office building that dominates its metro area (population 123,000). Track record of financial performance.
>> Financial Snapshot available by request <<
Staggered, Diversified Rent Roll
This property is anchored by medical, health and wellness tenants (65%). Rent roll diversification provided by complimentary businesses: business/finance (17%), Buffalo Wild Wings (6%), automotive (6%) and traditional retail (6%).
All tenants were provided with a vanilla box and were responsible for their own buildout costs.
Only one vacant medical suite
The only vacant suite in the property is a 7,600 SF medical suite with a very desirable second generation medical buildout. Plug in one more medical tenant here, increase your NOI, increase your property value and have a 100% occupied medical office building investment.
LOCATION DESCRIPTION:
Morristown is a city in and the county seat of Hamblen County, Tennessee. It’s the principal city of the Morristown Metro Area, which had a population of 123,081 as of the 2000 census. Morristown serves as the regional hub for employment, shopping, recreation, healthcare and educational opportunities.
The Morristown Metro Area is also a part of the larger Knoxville-Sevierville-La Follette Combined Statistical Area. The combined population of this CSA was 1,055,086 according to the 2010 Census, representing a growth of 11.32% since the 2000 Census.
- Price: $7,499,000
- Area: 7.54 acres
- Phone Number: 615-200-9330
- Space (s.f.): 79,783 SF