For Sale
$1,620,500

502 Ellington DrLafayette, TN 37083

TN Medical Office - 6.9% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 3,600 square foot medical office building in Lafayette, Tennessee. The property, built in 2018, is situated on a 0.65-acre lot and boasts a single tenant, Fast Pace Urgent Care Clinic, under a triple-net (NNN) lease with a corporate guaranty. The current lease, commenced July 5, 2018, has a remaining term of approximately 5.6 years, with two six-year renewal options. Annual rent escalations of 1.25% are built into the lease. The asking price is $1,620,500, representing a 6.90% cap rate and a net operating income (NOI) of $111,832 (as of July 1, 2024). The property features ample parking (7.22 spaces per 1,000 sq ft) and is conveniently located near Walgreens and the US Postal Service. The strong tenant, Fast Pace Health, operates numerous clinics across six states, ensuring a stable income stream. With a price per square foot of $450.14, this property offers a compelling investment opportunity for those seeking a stable, income-producing asset in a growing market. The property is zoned commercial and offers a low-price investment opportunity, making it ideal for a 1031 exchange. The location benefits from a population of 13,275 people within a 5-mile radius and an average household income of $64,750 within the same radius. The tenant is responsible for all property expenses except for the building structure.

Highlights

  • Price: $1,720,500
  • Cap Rate: 6.90%
  • Net Operating Income (NOI) as of July 1, 2024: $111,832
  • Annual Rent Increases: 1.25%
  • Two six-year lease renewal options
  • Triple-Net (NNN) lease; tenant responsible for all expenses except building structure

Property Details for 502 Ellington Dr

Property type
Office properties, Medical offices
Square Feet
3,600 SF
Year Built
2018
Buildings
1
Stories
1
Lot Size (sq. ft)
28,314 SF

Location Insight

City
Lafayette
County
Macon
State
Tennessee
Latitude
36.523274131787
Longitude
-86.038403788814
502 Ellington Dr, Lafayette, Tennessee

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502 Ellington Dr
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