For Sale
$2,274,000

839 Durham RdWake Forest, NC 27587

Two-building medical office portfolio, strong lease terms.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents the chance to acquire two medical office buildings totaling 8,759 square feet, currently 100% occupied by Outpatient Imaging Affiliates (OIA), a leading national operator of outpatient imaging centers. The properties, located at 839 Durham Rd, Wake Forest, NC 27587 and 398 Hughes Rd, Madison, AL 35758, are situated in high-traffic areas with excellent visibility. The Wake Forest location is adjacent to a high-performing Target store, while the Madison building is an outparcel to a Publix supermarket. Both locations benefit from significant daily vehicle traffic counts: 50,000 vehicles per day on Capital Blvd (Wake Forest) and 20,000 vehicles per day on Hughes Rd (Madison). The properties are held fee simple and feature absolute NNN leases with no landlord responsibilities. OIA recently renewed both leases, demonstrating strong tenant commitment. The leases include annual rent bumps of 2.0% through December 31, 2027, and 3.0% thereafter. The current net operating income (NOI) is $152,538, representing a 6.71% cap rate on the asking price of $2,274,000. The remaining lease term is 7.3 years. These properties are located in rapidly growing Southeastern states with restrictive certificate of need regulations for outpatient diagnostic centers, creating a significant barrier to entry for new competition. The substantial investment in medical equipment, including MRI machines, further enhances the mission-critical nature of these assets. This offering provides a rare opportunity to acquire a stable, high-performing investment in a growing healthcare sector.

Highlights

  • Leading healthcare tenant, OIA, a major national operator, occupies both properties.
  • Both tenants recently executed early lease renewals.
  • Absolute NNN leases with 2.0% annual rent increases through 12/31/2027, increasing to 3.0% thereafter.
  • High-traffic locations: Wake Forest site is near a top-performing Target; Madison site is in a dense retail area and near a Publix.
  • Excellent visibility and access: Wake Forest site is on Capital Blvd (50,000 VPD); Madison site is on Hughes Rd (20,000 VPD).
  • Located in high-growth Southeastern markets.

Property Details for 839 Durham Rd

Property type
Office properties, Medical offices
Square Feet
8,759 SF
Buildings
2

Location Insight

City
Wake Forest
County
Wake
State
North Carolina
Latitude
35.9782376
Longitude
-78.5362729
839 Durham Rd, Wake Forest, North Carolina

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839 Durham Rd
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