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DaVita & Sherwin Williams
796 East Wood Street, Decatur, IL 62523
15,000 SF | Office
Office Property - Off Market
- Building Size:
- 15,000 SF
- Property Type:
- Property Sub-type:
- Office Building
- Property Use Type:
- Cap Rate:
- Building Class:
- Lot Size:
- 1.02 AC
- Listing ID
- Last Updated
- 67 days ago
- 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
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.
Map of 796 East Wood Street, Decatur, IL 62523 (Macon County)
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The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-P