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Reduced NNN Fast Pace Health: 7.21% CAP(2027) 1732 W North St

3,726 SF 100% Leased Retail Building Kendallville, IN 46755 $2,395,000 ($643/SF) 6.55% Cap Rate

INVESTMENT HIGHLIGHTS

  • Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease with Approx. 13.5 Years of Term Remaining
  • No Daily Management Responsibilities: Tenant Responsible for All Daily Mgmt, Real Estate Taxes & Insurance w/ Growing National Tenant (275+ Location
  • Growing Community Targeted Medical Necessity: Ideal Demographics: Average Household Incomes of Approximately $93,000 Within a 1-Mile Radius
  • Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
  • Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)

EXECUTIVE SUMMARY

• Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease with Approximately 13.5 Years of Term Remaining
• Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
• No Daily Management Responsibilities: Tenant Responsible for All Daily Management, Real Estate Taxes and Insurance
• Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)
• Highly Visible Signage with Excellent Frontage and High Traffic (17,000 VPD) Along Main Thoroughfare Through Kendallville
• Growing City Targeted with Medical Necessity: Ideal Demographics with Average Household Incomes of Approximately $93,000 Within a 10-Mile Radius
• 24/7 Wall St. Ranked Kendallville 33rd in “America’s 50 Best Cities to Live” and was the Only Indiana City to Make the List
• Low Price Point Deal, Ideal for 1031 Buyers with E-Commerce/Recession Resistant Tenant - Urgent Care Industry Fast Approaching Being $40 Billion Annual Business
• Surrounded by Rooftops, Other Complimentary Medical Users and Retailers, Restaurants and Schools (East Noble School District with 3,400+ Students and 200+
Employees)
• Largest Regional Industry: Directly Across from Parkview Noble Hospital, Part of the Parkview Health Network, on a 60-Acre Campus (350 Employees), While Parkview
Health Serves Northeast Indiana and Northwest Ohio with Over 15,000 System-Wide Employees, Making it the Region’s Largest Employer
• Direct Vicinity of Major Employers (4 Miles): Manufacturing Corridor Includes Dow Corning Corp, Creative Liquid Coatings Inc., Aluminum Recovery Technologies, PFG
Customized Distribution and Lakeside Book Company
• Advantageous Location with Short Commute to Downtown Fort Wayne (30 Miles): Additional Employment, Major Attractions and Fort Wayne International Airport

PROPERTY FACTS

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
3,726 SF
Building Class
B
Year Built
2022
Price
$2,395,000
Price Per SF
$643
Cap Rate
6.55%
NOI
$156,963
Percent Leased
100%
Building Height
1 Story
Building FAR
0.09
Lot Size
1.00 AC

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE TYPE
  • LEASE END
  • Fast Pace Health Urgent Care
  • -
  • 3,726 SF
  • -
  • Triple Net
  • Apr 2038
TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE TYPE LEASE END
Fast Pace Health Urgent Care - 3,726 SF - Triple Net Apr 2038

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
57-07-30-200-031.000-020
Land Assessment
$139,400
Improvements Assessment
$426,500
Total Assessment
$565,900
  • Listing ID: 34171994

  • Date on Market: 12/12/2024

  • Last Updated:

  • Address: 1732 W North St, Kendallville, IN 46755

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