502 Ellington DrLafayette, TN 37083

Property Details for 502 Ellington Dr

Year built

2018

Construction

WOOD

Lot size

1.89 AC

Property size (Sq ft)

3,854 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

056050P A 00907

APU

056050PA00907

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $665,786

  6.5%

  $614,572

  7%

  $570,674

• Comparable approach

  Method

  Valuation

  Relative Method

  $331,752

  Geo Method

  $331,752

• Alternative Use

  Use

  Valuation

  Residential

  $762,069

  Hospitality

  $698,052

  Educational

  $580,771

  Medical

  $600,744

  Retail

  $903,421

Location Insight

City

Lafayette

County

Macon

State

Tennessee

Latitude

36.5231

Longitude

-86.0379

CBSA code

34980

CBSA name

NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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