Historical Office Sale Listing - GRADY ORTHOPAEDIC MOB

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GRADY ORTHOPAEDIC MOB

480 Floyd Road, Spartanburg, SC 29307

N/A

11,178 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
11,178 SF
Property Type:
Office
Property Sub-type:
Medical Office
Property Use Type:
Net Lease Investment with
10+ years left on lease
Cap Rate:
8%
Tenancy:
Single
Year Built:
2005
Lot Size:
1.35 AC
Listing ID
16135604
Last Updated
over 1 year ago

Highlights

  • Master Lease for 10 Years, NNN with 8% Cap Rate
  • Master Lease Personally Guaranteed by Dr. Grady
  • Less Than 0.5 Miles from Mary Black Mem. Hospital
  • Base Rent Escalates at 2.5% per Year
  • 2005 Construction, Very Clean, Excellent Condition

Description

Dr. Walter Grady will sign and personally guarantee a 10-year master lease prior to closing of the sale. This master lease will have annual escalation of 2.5% and include five options to renew of five years each. The property is a one-story medical office building. The property includes four suites. The largest suite, 6,300 SF, is occupied by Grady Orthopaedics, LLC. Smith Therapy, a physical therapy practice, occupies a 2,000 SF suite on the northwest end of the building. Smith Therapy previously occupied a 600 SF suite on the southeast end of the building. Also, there is a 3,000 SF unfinished suite in the center of the building which is for future expansion of Grady Orthopaedics, LLC and for which Dr. Grady may escrow funds at closing.

The property is located approximately one-half mile from Mary Black Memorial Hospital and four miles from Spartanburg town center. The immediate vicinity of the property primarily includes single and multi-tenant medical office buildings and single family homes. Other nearby uses include a school and senior living facility.

Map of 480 Floyd Road, Spartanburg, SC 29307

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