This Office Property is Off-Market.

796 East Wood Street
Decatur, IL 62523 ·

15,000 SF · Office For Sale

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DaVita & Sherwin Williams

Price N/A Cap Rate 9.82%
Building Size 15,000 SF Building Class B
Property Type Office Tenancy Multiple
Property Sub-type Office Building Lot Size 1.02 AC
Property Use Type Investment
Listing ID: 18163171 Date Created: 05/09/2013 Last Updated: 12/01/2014

Description

Marcus & Millichap is pleased to present this multi-tenant medical / retail building in the heart of Decatur, Illinois. The property is comprised of a 7,500 square foot DaVita Dialysis center and a 7,500 square foot Sherwin Williams' s store. This asset is offered at a sale price that brings the investment to an above average return for similar properties, for these national credit tenants.
DaVita recently executed the first of three five-year option periods. DaVita invested heavily to perform their medical build-out at this site. Additionally, this locality was selected by a state mandated Certificate of Need process, which makes it difficult to relocate. The lease includes a corporate guaranty from DaVita, Incorporated.
Sherwin Williams has been at this location since 1967. Sherwin Williams has a Standard & Poor' s "A" rating. Their low rent of $4.44 per square foot strongly increases their renewal probability. They have two, five-year options come 2017 when the term expires.
This property allows an investor the opportunity to own a stabilized multi-tenant facility with two strong credit tenants that can be described as recession proof. This is an excellent value.

Located in the heart of the Midwest.

Highlights

  • Corporate Guarantee by DaVita, Incorporated ($5.26B Sales / $1.73B Net Worth)
  • Healthcare Spending Growth has Outpaced GDP Growth in All of the Last Six Recession Periods from 1961-2005
  • Rental Increases Throughout Option Periods
  • Below Market Rents and a Certificate of Need Location
  • Sherwin Williams - Standard & Poor's 'A' Rating
  • Very Low Cost per Square Foot at $55.73 - Comparables Above $100

Research

796 East Wood Street, Decatur, IL 62523 (Macon County)

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