For Sale
$528,253

700 Thurston StDefiance, OH 43512

High-Yield Medical Office Investment

Overview

Added:
Dec 11, 2024
Days on market:
115
This 2,874 square foot medical office building in Defiance, Ohio, presents a compelling investment opportunity. Located at 700 Thurston St, 43512, this single-tenant property boasts a 100% occupancy rate with Smile Doctors, a prominent national dental support organization with over 450 locations. The current lease, commencing April 21, 2023, and expiring April 21, 2028, includes two five-year renewal options and features a 2% annual rent increase, providing strong protection against inflation. The building, constructed in 1967, sits on a 0.17-acre lot and offers a Net Operating Income (NOI) of $50,184, translating to a 9.50% capitalization rate. The asking price is $528,253, representing a price per square foot of $184. Smile Doctors' significant investment in the location, coupled with their established business model and national presence, underscores the stability and long-term potential of this asset. The property's attractive price point and high return make it an ideal investment with a low barrier to entry. This is a rare opportunity to acquire a high-performing medical office building with a best-in-class tenant and significant upside potential. The tenant's commitment is further evidenced by their recent lease execution in 2023. This investment offers a streamlined expansion opportunity due to Smile Doctors' acquisition-based growth strategy. The consistent annual rent increases provide a predictable and growing cash flow stream for the investor.

Highlights

  • Low tenant relocation risk due to high build-out costs and patient retention challenges.
  • Strong market growth: Dental support organizations (DSOs) market share increased 40% from 2017 to 2020.
  • Recent lease demonstrates long-term tenant commitment.
  • Attractive price point and high return on investment.
  • Smile Doctors' acquisition strategy enables rapid national expansion.
  • Investment-grade tenant: Smile Doctors is a leading US dental company with 450+ locations.

Property Details for 700 Thurston St

Property type
Office properties, Medical offices
Square Feet
2,874 SF
Year Built
1967
Lot Size (sq. ft)
7,405 SF

Location Insight

City
Defiance
County
Defiance
State
Ohio
Latitude
41.2830149
Longitude
-84.3674921
700 Thurston St, Defiance, Ohio

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700 Thurston St
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