For Sale
$2,341,793

121 Washington AveCookeville, TN 38501

Cookeville, TN Dental Office Investment

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a single-tenant, 8,400 square foot dental office building in Cookeville, Tennessee, leased to Heartland Dental, the nation's largest dental support organization. The property, built in 2010 and situated on a 0.4-acre lot at 121 S Washington Ave, boasts a strong corporate guarantee and a 6.75% cap rate based on a Net Operating Income (NOI) of $158,071. The lease, structured as a NNN (Triple Net) agreement, features annual rent bumps tied to the greater of 2% or the CPI, providing inflation protection. Heartland Dental has occupied the building since 2019, with 4.3 years remaining on the initial 10-year lease term and four additional 5-year renewal options at fair market value. The tenant is responsible for all expenses except roof and structural maintenance. This investment offers a stable, long-term income stream with a highly reputable national tenant and significant upside potential through lease escalations and renewal options. The 100% occupancy rate and the tenant's commitment to the location, evidenced by their 2019 acquisition of the practice, further solidify this investment's attractiveness. The property's location in Cookeville, Putnam County, TN, 38501, ensures convenient access and strong market presence. This is a rare opportunity to acquire a high-quality, net-leased property with a proven track record and significant long-term growth potential.

Highlights

  • Corporate Guarantee by Heartland Dental, LLC, the nation's largest dental support organization.
  • 10-Year Lease with Heartland Dental following their 2019 acquisition of the practice.
  • Lease includes annual rent escalations of 2% or CPI, whichever is greater, plus four 5-year renewal options with fair market value rent increases.
  • Tenant pays up to 5% of operating expenses for property management.

Property Details for 121 Washington Ave

Property type
Retail properties, Office properties
Square Feet
8,400 SF
Year Built
2010
Buildings
1
Lot Size (sq. ft)
17,424 SF
Units
1

Location Insight

City
Cookeville
County
Putnam
State
Tennessee
Latitude
36.1608126
Longitude
-85.4996841
121 Washington Ave, Cookeville, Tennessee

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121 Washington Ave
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