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INVESTMENT HIGHLIGHTS
Strong Medical Synergy The Subject Property contains 5 tenants who each have a different medical specialty. These include Opthalmology, Dermatology, Substance Abuse/Behavioral Health, and Eye Surgery. This creates a strong medical synergy among the tenants within the Property.
Tenant Operational Strength Both Diamond Vision and New England Retina Associates have been operating at the Subject Property for over 20 years. This not only shows their commitment to the space, but reveals that both tenants have had great success and growth within the market.
Under Served Eye Care & Surgery Markets Within 3-miles of the Subject Property, there is a Doctor gap of 6.9 and 7.5 regarding Vision providers and Surgery providers, respectively. This indicates that there are fewer providers than the national benchmark predicts are needed for these specialties based upon the population of the market. (Source: RevistaMed)
Visibility & Access The subject property is located just off Route 1 which is one of the main thoroughfares in Westport. This location provides easy access for any patients. The property is also extremely visible from passing roads which contain daily traffic counts of over 11,000 vehicles per day.
9th-Wealthiest Community in the Nation Wesport, just 48 miles NE of New York City is the nation's ninth (9th) wealthiest community with an average household income of $361,677 (Source: Census Data).
Ideal, Affluent Demographics with High Medical Expenditure Rates Within a 5-mile radius of the Subject Property, there is a population of 129,120 with an impressive average household income of $192,833. In addition, residents within 1 mile of the property spend approximately 2.25 times the national average on medical expenses, indicating a strong demand for healthcare services. Finally, the median age in this area is 44.9, notably higher than the national average of 38.8, which aligns with the needs of the property’s eye surgery tenants, who cater to older patients requiring treatments for cataracts, glaucoma, and other ophthalmic conditions.
Growing Medical Market Hartford Healthcare is wrapping up construction on a brand-new, 47,000 square feet medical office building. Norwalk Hospital just finalized plans for the hospital's biggest renovation ever. This $220,000,000 renovation project will make Norwalk a premier hospital, equipped with the latest medical technology as well as new labor and delivery unit as well as a state-of-the-art intensive care unit. These construction projects will only enhance the healthcare presence within the market.
