100 Washington StCastalia, OH 44824

Property Details for 100 Washington St

Year built

1987

Lot size

0.46 AC

Property size (Sq ft)

6,252 SF

Property type

Office properties

Property subtype

Medical offices

Description

This exceptional Class A, 6,252 sq ft medical office building presents a compelling investment opportunity in Castalia, Ohio. Located at 100 S Washington St, this single-tenant property boasts a 10-year absolute NNN lease with Firelands Health, commencing August 1, 2024, and expiring July 31, 2034. The building, constructed in 1987 and situated on a 0.46-acre lot, features two surgery rooms, six exam rooms, a spacious waiting area, physical therapy space, and an on-site blood lab. The lease includes rent bumps tied to CPI increases, ensuring consistent income growth. With a current NOI of $112,563 and a 7.04% cap rate, this investment offers strong returns and minimal landlord responsibilities. The property's prime location in downtown Castalia, near State Route 2, and its association with a major regional healthcare provider, contribute to its exceptional stability and long-term growth potential. The asking price is $1,600,000, translating to $255.92 per square foot. This is a truly exceptional opportunity for investors seeking a secure, high-performing asset in the healthcare sector. The property's 100% occupancy further enhances its appeal. The APN is 31-00447.000.

Location Insight

City

Castalia

County

Erie

State

Ohio

Latitude

41.4

Longitude

-82.8084

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