515 Parkview StWauseon, OH 43567

Property Details for 515 Parkview St

Year built

1969

Lot size

0.49 AC

Property size (Sq ft)

3,784 SF

Property type

Retail properties

Property subtype

Banks

APN

06-011100-00.000

APU

601110000000

Description

This exceptional investment opportunity presents a 3,784 square foot medical office building located at 515 Parkview St, Wauseon, OH 43567. The property is currently 100% occupied by Smile Doctors, a leading dental support organization with over 450 locations nationwide, under a net lease agreement commencing April 21, 2023, and expiring April 21, 2028, with two five-year renewal options. The asking price is $979,200, representing a price per square foot of $261 and a compelling 9.50% cap rate based on a current NOI of $93,024. The lease includes a 2% annual rent increase, providing built-in protection against inflation and increasing cash flow. Built in 1969, this single-building property benefits from its convenient location near Wauseon Elementary and High School. Smile Doctors' significant investment in the location, coupled with their established business model and expansion strategy, underscores the long-term stability and growth potential of this investment. The property's strong tenant, high occupancy rate, and attractive financial metrics make it an ideal addition to any diversified portfolio. This is a rare opportunity to acquire a high-performing, net-leased medical office building with a strong tenant and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $952,230

  6.5%

  $878,981

  7%

  $816,197

• Comparable approach

  Method

  Valuation

  Relative Method

  $891,968

  Geo Method

  $891,968

• Alternative Use

  Use

  Valuation

  Residential

  $741,453

  Hospitality

  $679,167

  Educational

  $565,059

  Medical

  $584,492

  Retail

  $878,981

Location Insight

City

Wauseon

County

Fulton

State

Ohio

Latitude

41.5541

Longitude

-84.134

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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