For Sale
$6,130,000

45-49 Foster RdHopewell Junction, NY 12533

Fully Leased Medical Office Building, NY

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a fully leased, 13,517 square-foot medical office park situated on 2.06 acres in Hopewell Junction, New York. The property, built in 2006 and comprised of two, two-story buildings, boasts a Class B rating and is currently 100% occupied. Anchored by Community Primary Care, a division of the regionally dominant Premier Medical Group, the property benefits from a strong tenant profile including DaVita, Fresenius Kidney Care, and other healthcare providers. The current lease, a modified gross lease with a corporate guarantee, features a remaining term of 6.9 years (commencing October 1, 2021, and expiring September 30, 2031) and includes a favorable 3.0% annual rent escalation. The property generates a substantial net operating income (NOI) of $444,404, resulting in a compelling 7.25% capitalization rate. The asking price is $6,130,000, translating to $453.50 per square foot. Located on Foster Road in Dutchess County, the property enjoys convenient access to major roadways and is strategically positioned within a thriving healthcare market, proximate to significant medical facilities including Vassar Brothers Medical Center and Mid-Hudson Regional Hospital. The property also offers potential for future redevelopment of an existing 1,340 square-foot residential structure on the site. This presents a rare opportunity to acquire a stable, high-performing medical office asset with significant long-term growth potential.

Highlights

  • 7.0 years remaining on the modified gross lease.
  • Lease features 3.0% annual rent escalations.
  • Anchor tenant, Community Primary Care, is a division of Premier Medical Group, a large regional multi-specialty practice.
  • Building was built-to-suit in 2006 for Community Primary Care.
  • Redevelopment potential: Demolish existing 1,340 SF residential structure and build approximately 4,000 SF of medical office space.
  • Community Primary Care's 2024 merger with Premier Medical Group strengthens the tenant's position.

Property Details for 45-49 Foster Rd

Property type
Office properties, Medical offices
Square Feet
13,517 SF
Class
B
Year Built
2006
Buildings
2
Stories
2
Lot Size (sq. ft)
89,734 SF

Location Insight

City
Hopewell Junction
County
Dutchess
State
New York
Latitude
41.591204
Longitude
-73.7973732
45-49 Foster Rd, Hopewell Junction, New York

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45-49 Foster Rd
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