406 Hartman LnO'Fallon, IL 62269
- Healthcare properties
- 3,246 SF
Property Details for 406 Hartman Ln
- Year built
- 2003
- Lot size
- 0.91 AC
- Property size (Sq ft)
- 3,246 SF
- Property type
- Healthcare properties
- Property subtype
- Other office properties
Description
This single-story, 3,246 square foot medical office building in O'Fallon, Illinois, presents a compelling investment opportunity. Built in 2003 and extensively renovated in 2021, the property boasts a 100% occupancy rate with a triple-net (NNN) lease to Hospital Sisters Health System (HSHS), a highly creditworthy tenant with an "AA-" S&P rating. The current lease, signed in April 2021, has four years remaining until April 25, 2028, with two five-year renewal options. The lease includes a 2% annual rent increase, ensuring consistent income growth. The building sits on a 0.91-acre lot and offers a strong 8.86% cap rate with a net operating income (NOI) of $106,333 and an asking price of $1,200,000 ($369.69/sq ft). Landlord responsibilities are limited to roof, structure, and HVAC replacement, minimizing operational burdens. Located in the rapidly growing St. Louis Metropolitan Statistical Area, this property offers a secure investment with significant long-term potential. The property's location in O'Fallon, IL, a community recognized with the 2022 Governor's Cup award, further enhances its desirability. This is a fee-simple ownership opportunity.
Location Insight
- City
- O'Fallon
- County
- St. Clair
- State
- Illinois
- Latitude
- 38.5874
- Longitude
- -89.9471
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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