For Sale
$1,304,209

601 State RdWoodruff, SC 29388

Dental office, 7.65% cap rate, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 6,972 square foot medical office building in Woodruff, South Carolina, currently leased to Straine Dental under a net lease. The property boasts a strong 7.65% cap rate and a substantial net operating income (NOI) of $99,772. The lease, commencing April 13, 2022, and expiring April 12, 2032, offers a remaining term of approximately 7.4 years, providing long-term stability and predictable cash flow. Annual rent increases of 2.0% act as an inflation hedge, ensuring consistent growth in income. Straine Dental, a growing network with over 30 locations nationwide, has a proven track record in the South Carolina market, having served the community for many years. The lease includes a rare capital expenditure reimbursement structure, mitigating landlord expenses associated with major repairs or replacements. Relocation costs for dental practices are high, making tenant retention highly likely. The property's consistent occupancy for over a decade further underscores its desirability and the tenant's commitment to the location. This investment offers a compelling combination of strong financial performance, a secure long-term lease, and a resilient tenant in a growing industry. Located at 601 State Rd S-42-50, Woodruff, SC 29388, this property is priced at $1,304,209, translating to $187.06 per square foot. The property's specialized use and the tenant's significant investment in the location contribute to its overall value and long-term potential.

Highlights

  • Straine Dental, a national DSO with over 30 locations, is the tenant.
  • The property is in a $156 billion industry with 2.4% annual growth.
  • The 7.4-year lease includes 2% annual rent increases.
  • The lease features a rare capital expenditure reimbursement clause.
  • High relocation costs for dental practices ensure tenant retention.
  • The property has been consistently occupied by a dental practice for over a decade.

Property Details for 601 State Rd

Property type
Office properties, Medical offices
Square Feet
6,972 SF

Location Insight

City
Woodruff
County
Spartanburg
State
South Carolina
Latitude
34.7440992
Longitude
-82.0247276
601 State Rd, Woodruff, South Carolina

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601 State Rd
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