201 Doug Baker Blvd | Birmingham, AL 35242
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201 Doug Baker Blvd
Birmingham, AL 35242
Office Property For Sale
Investment Highlights
- Single Tenant Medical Office Building - 100% Occupied
- Located near the intersection of US Highway 280 and Doug Baker Boulevard with great accessibility
- Lease structure provides an opportunity for passive income, with LL responsible for only roof, structure and parking
- Lease guaranteed by subsidiary of one of the nation's largest publicly traded hospital companies
- Tenant has been in place since 2013 and rent is below market
Executive Summary
Colliers | Alabama is pleased to present the opportunity to purchase a 7,943 SF single-tenant, net leased medical office property at Lee Branch Shopping Center in Hoover, Alabama. The property has been fully occupied since June 2013 by Grandview Medical Group, an affiliate of Grandview Medical Center, the area’s premiere hospital.
In November 2018, the Tenant executed a ten-year lease renewal. Initial rent was $18.18 per square foot, escalating 2.0% per year. The lease is NNN in structure, with the Tenant responsible for all property-related expenses except for roof replacement, structural repairs and replacements, and parking lot repairs and replacements. Within the past 24 months, the Tenant has spent over $76,000 on interior and exterior upgrades, and the current owner has funded a full roof replacement and parking lot upgrades at a cost of over $75,000.
In November 2018, the Tenant executed a ten-year lease renewal. Initial rent was $18.18 per square foot, escalating 2.0% per year. The lease is NNN in structure, with the Tenant responsible for all property-related expenses except for roof replacement, structural repairs and replacements, and parking lot repairs and replacements. Within the past 24 months, the Tenant has spent over $76,000 on interior and exterior upgrades, and the current owner has funded a full roof replacement and parking lot upgrades at a cost of over $75,000.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Medical
Building Size
7,943 SF
Building Class
B
Year Built
2005
Price
$2,900,000
Price Per SF
$365
Cap Rate
5.50%
NOI
$159,500
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
7,943 SF
Building FAR
0.15
Lot Size
1.24 AC
Zoning
Commercial - C-2, City of Hoover
Parking
64 Spaces (8.06 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 09-3-05-0-001-030-013 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $402,340 |
PROPERTY TAXES
Parcel Number
09-3-05-0-001-030-013
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$402,340
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