ECU Physicians | State-Leased Medical Office | 905 Johns Hopkins Dr
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ECU Physicians | State-Leased Medical Office 905 Johns Hopkins Dr
20,458 SF Office Building Greenville, NC 27834 $6,267,259 CAD ($306 CAD/SF) 7.75% Cap Rate
Investment Highlights
- Located on a parcel in excess of 4.35 acres, the property affords the future owner and tenants the ability to expand the footprint.
- ECU Physicians has occupied this location for the past 10 years after completing a retrofit to suit and has just committed to another five years.
- Located adjacent to ECU Health Medical Center (970 bed hospital) and ECU Brody School of Medicine (400+ faculty medical school).
- Tenant's lease is backed by the State of North Carolina, which holds a credit rating of AA- by Standard and Poor's Rating Service.
- Lease provides for annual rental increases of 2% throughout the initial and option term, providing investors with increasing cash flow.
- Greenville is the 12th most populous metro in North Carolina, with approximately 175,000 in population in a 15-mile radius.
Executive Summary
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the land and building of a single tenant medical office facility located in Greenville, North Carolina (the "Property").
The Property consists of 4.35 acres and a two story, 20,458 square foot medical office that was built in 1989 and expanded in 2012 for the exact specifications of the Tenant. The Property is located in a strong medical corridor immediately adjacent to the region's largest hospital system and educational system - the ECU Health Medical Center and ECU Brody School of Medicine. The Property is located very near the intersection of Stantonburg Drive (32k VPD) and West Arlington Boulevard (28k VPD), giving it immediate access to the region's population center with approximately 97,000 in population in the five-mile radius earning an average household income of $75,000 annually.
The Tenant is ECU Physicians, Brody School of Medicine, East Carolina University and the operator is ECU Physicians' Psychiatric Medicine Outpatient Clinic and the Center for Telepsychiatry. Tenant moved into the Property upon completion of the expansion in 2012 and executed a ten (10) year initial lease term. Tenant exercised a renewal option of five (5) additional years most recently with the term expiring February 29, 2028. Rent is $456,121 annually and will increase at an annual rate of two percent (2%) throughout the primary and one (1), five (5) year option term. The lease expense structure is modified gross with Tenant paying all utilities and janitorial costs.
In association with: Jeff Hughes - NC Lic. #101282
The Property consists of 4.35 acres and a two story, 20,458 square foot medical office that was built in 1989 and expanded in 2012 for the exact specifications of the Tenant. The Property is located in a strong medical corridor immediately adjacent to the region's largest hospital system and educational system - the ECU Health Medical Center and ECU Brody School of Medicine. The Property is located very near the intersection of Stantonburg Drive (32k VPD) and West Arlington Boulevard (28k VPD), giving it immediate access to the region's population center with approximately 97,000 in population in the five-mile radius earning an average household income of $75,000 annually.
The Tenant is ECU Physicians, Brody School of Medicine, East Carolina University and the operator is ECU Physicians' Psychiatric Medicine Outpatient Clinic and the Center for Telepsychiatry. Tenant moved into the Property upon completion of the expansion in 2012 and executed a ten (10) year initial lease term. Tenant exercised a renewal option of five (5) additional years most recently with the term expiring February 29, 2028. Rent is $456,121 annually and will increase at an annual rate of two percent (2%) throughout the primary and one (1), five (5) year option term. The lease expense structure is modified gross with Tenant paying all utilities and janitorial costs.
In association with: Jeff Hughes - NC Lic. #101282
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
20,458 SF
Building Class
B
Year Built/Renovated
1989/2023
Price
$6,267,259 CAD
Price Per SF
$306 CAD
Cap Rate
7.75%
NOI
$485,713 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
10,229 SF
Building FAR
0.11
Lot Size
4.35 AC
Zoning
MO - Medical Office
Parking
92 Spaces (4.5 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Ecu Physicians Medical Office Building
- Health Care and Social Assistance
- 20,458 SF
- $31.18 CAD
- Modified Gross
- Feb 2028
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Ecu Physicians Medical Office Building | Health Care and Social Assistance | 20,458 SF | $31.18 CAD | Modified Gross | Feb 2028 |
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ECU Physicians | State-Leased Medical Office | 905 Johns Hopkins Dr
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