FRANCISCAN HEALTH CENTER 3723 Franklin St 14,132 SF Office Building Michigan City, IN 46360 $1,000,000 ($70.76/SF) 11.91% Cap Rate
INVESTMENT HIGHLIGHTS
- There are minimal landlord responsibilities throughout the lease term, offering a passive investment for both local and national investors.
- The property is strategically located less than three miles from the Franciscan Health Michigan City hospital.
- Franciscan Health has a “AA” Fitch rating with over 20,000 employees and a number of nationally recognized Centers of Health Care Excellence
- $649 MILLION TRAIN LINE BETWEEN MICHIGAN CITY AND CHICAGO
- There are just over 4 years remaining on the lease with 2% annual increases and one, 5-year option to extend.
- Franciscan Alliance is among the largest and most respected physician networks in the Midwest, with 12 hospital campuses, 850 primary
EXECUTIVE SUMMARY
Broker of Record
Kyle Matthews
License No. RC52200195 (IN)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Kyle Matthews
License No. RC52200195 (IN)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
14,132 SF
Building Class
C
Year Built/Renovated
1954/2018
Price
$1,000,000
Price Per SF
$70.76
Cap Rate
11.91%
NOI
$119,101
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
7,066 SF
Building FAR
0.31
Lot Size
1.04 AC
Parking
30 Spaces (2.12 Spaces per 1,000 SF Leased)
AMENITIES
- Wheelchair Accessible
- Monument Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Franciscan Physician Network
- Health Care and Social Assistance
- 14,132 SF
- -
- Double Net
- Nov 2024
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Franciscan Physician Network | Health Care and Social Assistance | 14,132 SF | - | Double Net | Nov 2024 |
1 of 1
PROPERTY TAXES
| Parcel Number | 46-05-05-426-027.000-009 | Improvements Assessment | $201,200 |
| Land Assessment | $167,800 | Total Assessment | $369,000 |
CONTACTS
-
Remi Bogdanovich -
Kyle Mackulak -
Michael Moreno -
Rahul Chhajed -
Matthews Real Estate Investment Services
