Fairbanks Urology 819 | STNL Medical | 819 First Ave
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Fairbanks Urology 819 | STNL Medical 819 First Ave
7,200 SF Office Building Fairbanks, AK 99701 $3,614,548 CAD ($502 CAD/SF) 9% Cap Rate
Investment Highlights
- Long-Term NNN Leases / 3% Annual Rent Increases
- No Urology Competition / Long-Term Stability
- 1211 Cushman St. $3.85M+ Property Renovation in 2022
- High-Yield Investment / Minimal Landlord Responsibilities
- Strong Tenant - 60% Integrated Oncology Network / 40% Founding Physician Owned
- 819 1st Ave Property Renovation in 2020
Executive Summary
Marcus & Millichap has been exclusively selected to market for sale a two-property NNN medical portfolio in Fairbanks, AK. Both properties have been renovated specifically to suit the needs of Fairbanks Urology, Northern Alaska’s premier Urology/ Oncology provider. Both sites are 100% leased to the Fairbanks Urology practice, which is owned and backed by Integrated Oncology Network (ION), a leading national healthcare provider consisting of over 55 Oncology/Urology clinics across the U.S. The facilities are located just under a mile away from each other in Downtown Fairbanks. The 1211 Cushman St. property recently underwent an extensive $3.85M+ renovation and signed a new ten-year NNN lease in 2022. The 819 1st Ave property recently underwent a $300,000 renovation and signed a ten-year lease in 2020. Both properties feature rare, 3% annual rent increases resulting in an above 10% cap rate by 2029. Fairbanks Urology is the only standalone urology practice outside of the Anchorage MSA in all of Alaska; providing vital services to all of central and northern Alaska. The properties benefit from an affluent population with household incomes exceeding $101,000 within a 5-mile radius.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Medical
Building Size
7,200 SF
Building Class
B
Year Built/Renovated
1976/2022
Price
$3,614,548 CAD
Price Per SF
$502 CAD
Cap Rate
9%
NOI
$325,462 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
3,600 SF
Building FAR
0.61
Lot Size
0.27 AC
Opportunity Zone
Yes
Zoning
Central Business District
Parking
13 Spaces (1.81 Spaces per 1,000 SF Leased)
Amenities
- Fenced Lot
- Natural Light
- Air Conditioning
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Bike Score ®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 602098 | Improvements Assessment | $903,480 CAD |
| Land Assessment | $99,354 CAD | Total Assessment | $1,002,833 CAD |
PROPERTY TAXES
Parcel Number
602098
Land Assessment
$99,354 CAD
Improvements Assessment
$903,480 CAD
Total Assessment
$1,002,833 CAD
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Fairbanks Urology 819 | STNL Medical | 819 First Ave
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