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Building Size
18,964 SF
Land Size (Acres)
3.87 AC
Expense Structure
NNN
Procedure Rooms
16
Avg HH Income
$97,455 (5-mile)
INVESTMENT HIGHLIGHTS
NNN LEASE STRUCTURE - The property is subject to a NNN lease which provides potential investors with minimal Landlord responsibilities. With the management fee included in reimbursable operating expenses, the lease structure provides investors with a truly passive investment.
STICKY LOCATION - Tenant invested over $1.2MM when they moved into the property back in 2000. Tenant also exercised their first 5-year renewal option as of 3/22/2024.
ATTRACTIVE RENTAL INCREASES - Lease features 2.5% annual rental increases throughout the rest of the Initial Term as well as in the Renewal Option period.
EXCEPTIONAL MEDICAL CLINIC - The property received a brand-new roof 5 years ago and includes 16 exam rooms, 3 procedure rooms, 3 labs, and 2 subwaits and had a relatively low cost basis at $315/SF, which is well below replacement costs for healthcare clinics of this type.
MEDICAL CORRIDOR - The property is located in a dense medical area of Brandon, FL. Surrounding medical facilities include John Hopkins All Children's Outpatient Care, HCA Florida Brandon Hospital, Humanitary Medical Center Brandon, and Pediatric Health Care Alliance.
BELOW MARKET RENTS - The property has current rental rates below the submarket and as well as national market rents for comparable medical clinics.
BEST-IN-CLASS INVESTMENT GRADE OPERATOR - AdventHealth, the parent of AdventHealth Medical Group, carries an S&P rating of AA. AdventHealth operates within nine states across the United States and is one of the largest non-profit health systems in the nation, with over 90,000 employees.
TAMPA MSA ACQUISITION OPPORTUNITY - The Tampa metro area is the second-largest metropolitan area in Florida and the 18th largest in the United States with an estimated population of 3.17 million as of 2022. Strong sales activity and interest has been witnessed in the market over recent years.
INCOME TAX-FREE STATE - The State of Florida does not have individual state income tax. This is a very attractive feature to net lease investors and lends itself to Florida being one of the most attractive states in the minds of net lease investors.
SUPERIOR VISIBILITY & TRAFFIC COUNTS - The property is strategically positioned off of S Parsons Ave and Lumsden Rd which sees a combined 48,981 vehicles per day. The subject property is also situated in the heart of a dense medical corridor.
