Assignment – Bessemer Medical 2018-12-10T09:47:23+00:00

BIRMINGHAM, AL

BESSEMER MEDICAL OFFICE BUILDING

  • COST $1.2M
  • CAP RATE 10.0%
  • NOI $119K
  • SQUARE FEET 10,108
  • OCCUPIED 100%
  • LEASE TERM 10-Year NNN
OFFERING MEMORANDUM

INVESTMENT SUMMARY

Marcus & Millichap is pleased to present the opportunity to acquire the Bessemer Medical Office Building (“The Property”). Built in 1990, The Property is a 10,108 square foot multi-tenant medical office building, featuring exceptional medical and primary care practices. The Property is positioned along the main corridor and visible from Route 59/20 and Route 11, the area’s primary commuter routes into Birmingham.The building is currently 100% occupied by a synergistic mix of medical office tenants including internal medicine, family medicine, and hearing services. The Property’s largest tenant just completed new 10-year lease extension through 6/30/2028. All three tenants feature a staggered NNN lease expiration schedule in addition to 3 percent annual rent increases. Patillo’s Hearing Center has recently expanded their space, showing longterm comitment to the property.

INVESTMENT HIGHLIGHTS

Brand New 10-Year anchor lease signed by the Property’s largest tenant, West Jefferson Internal Medicine who has been at the Property for 28 years.

All three tenants feature a staggered NNN lease expiration schedule in addition to 3% annual rent increases, adding a secure future cash flow to the investment.

The Property is located within the market’s primary medical office corridor, positioned 1/4 of a mile from UAB Medical West Hospital.

The building is currently 100% occupied by a synergistic mix of medical office tenants including internal medicine, family medicine, and hearing services, which diversifies the patient population that visits the building.

The Property is positioned with easy access along the main corridor and visible from Route 59/20 and Route 11, the area’s primary commuter routes into Birmingham.

The Property was renovated in 2010 including the roof.

OFFERING MEMORANDUM