Healthcare    

3-Tenant Medical & Retail Center

Anchored by DaVita Dialysis (S&P: BB)

 Middletown, Connecticut

Asking Price

$4,116,600

Cap Rate

7.20%

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Square Feet

14,000 SF

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Land Area

0.82 AC

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Year Built | Reno

1960 | 2009

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WALT

5.4 Years

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Avg HHI (5 Miles)

$118,259

For more details on this exclusive listing

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INVESTMENT HIGHLIGHTS

  • Best in Class Operator
    DaVita Inc, is one of the largest providers of kidney care in the U.S., with a network of more than 2,675 outpatient dialysis centers serving approximately 200,800 patients (39% of outpatient dialysis patients in the U.S). DaVita, Inc. reported FY2023 revenue of $12.1 billion, is traded on the New York Stock Exchange (DVA) and holds a BB credit rating with S&P.
  • Growing Industry
    According to the latest U.S. Renal Data System Annual Report, more than 800,000 Americans are being treated for kidney failure in the U.S. Revenue from these treatments are approximately $31 billion and accounted for 17.9% of the U.S. gross domestic product. According to the U.S. Census Bureau, the U.S. population ages 65 and over is expected to be 83.7 million in 2050 - almost double its estimated population 43.1 million in 2012.
  • Certificate of Need State
    Connecticut is a certificate of need law (CON) state, meaning state laws limit the number of facilities to actual need. The Subject Property thus suits the
    community's demand very well, and any competitor would have to go through the rigorous state-regulated CON program to attempt to build a new facility resulting in limited competition.
  • Macroeconomic Changes Protection
    Approximately 89.5% of DaVita, Inc's total dialysis patients are covered under some form of government-based program, which means the company's profitability is somewhat insulated from the ups and downs experienced in the broader economy.
  • Affluent Demographics
    Within a 5-mile radius of the Subject Property, there is a population of 73,914 boasting an average household income of $118,259.
  • Visibility & Access
    The Subject Property is visibly located off US Highway 9 which is one of the main thoroughfares in Middletown. This location provides excellent visibility and easy access for all patients or customers of the Subject Property. Furthermore, the cross streets directly off the Property boast an average vehicles per day traffic count of 10,000.
  • NNN lease Structure with Attractive Rental Increases
    Each tenant is subject to a NNN lease which provides potential investors with a truly passive asset that requires minimal Landlord responsibilities. Each tenant is also subject to attractive 2% annual rental escalations throughout the remainder of their respective lease terms.

Exclusively Listed By

Toby Scrivner

Senior Vice President
  tscrivner@northmarq.com      918.794.9554

Jeff Matulis

Senior Vice President
  jmatulis@northmarq.com      918.794.9525

Christian Vaughan

Vice President
  cvaughan@northmarq.com      918.794.9544

Caleb Edwards

Senior Associate
  cedwards@northmarq.com      918.884.3148

John Heitmann

Producer - Debt Contact
  jheitmann@northmarq.com      847.323.0312

In Association With
John Rotunno

CT Lic #REB.0790732

Northmarq

6120 S Yale Ave, Suite 300
Tulsa, OK 74136

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