1377 Locust Ave 13,587 SF 100% Leased Office Building Fairmont, WV 26554 $3,200,000 ($235.52/SF) 7.75% Cap Rate

We are pleased to present the exclusive opportunity to purchase a medical office building located at 1377 Locust Avenue in Fairmont, West Virginia (the “Property”). The Property consists of an 86.16% occupied, single-tenant medical office building with 13,587 square feet of space on a 1.43-acre corner parcel. The medical office building is leased to West Virginia University Medicine (WVU Medicine – investment grade credit rating of “A” according to S&P Global Ratings), which occupies two of the three units (with separate leases). The Property was a former car dealership before ownership spent over $1.6MM to convert it to a state-of-the-art medical office building that aligned with WVU Medicine’s specifications. The renovations were completed in two separate phases; the buildout for Suite 1 (allocated for WVU Medicine’s Adult Medicine + ENT services) was completed in 2020 while Suite 2 (allocated for WVU Medicine’s Pediatrics services) was completed in 2021. WVU Medicine has 5.44 years of term remaining on their lease for Suite 1 and 6.19 years of term remaining on their lease for Suite 2; both leases are double net with corporate guarantees in-place, and 2.5% annual rental increases throughout the primary lease term and renewal options. The current weighted average lease term remaining is 5.67 years. The Property offers additional upside through the lease-up of the 1,880 square-foot vacant suite which is currently a 4-bay garage.
The Property is strategically located at the intersection of Christie Street and Locust Avenue (US Route 19), one of Fairmont’s most heavily traveled commercial and commuter corridors. The medical office building offers outstanding frontage, visibility, and signage with a large well-maintained parking lot and is just 0.5 miles from WVU Medicine Fairmont Medical Center, which has recently been expanded and renovated to meet the growing needs of the community. More specifically, the WVU Medicine Fairmont Medical Center is undergoing a multi-phase $110MM renovation which will include new operating rooms as well as a new pharmacy, cafeteria, dialysis unit, infusion center, and other facility upgrades. The Property is conveniently located near Fairmont State University and national/local retailers and restaurants, all of which drive traffic to the area. The Property is close to area schools and residential neighborhoods providing a built-in patient base. 1377 Locust Avenue benefits from its proximity to US Route 250 and Interstate 79, which offers convenient access to Morgantown, Clarksburg, and other regional destinations, making Fairmont an attractive base for commuters and businesses alike