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1377 Locust Ave
Fairmont, WV 26554
WVU Medicine Medical Office Building · Office Property For Sale
Investment Highlights
- 1377 Locust Avenue is a 13,587 square foot medical office building on a 1.43-acre corner parcel.
- The medical office building is currently 86.16% occupied by West Viginia University Medicine (WVU Medicine)1,880 square-foot vacant space.
- Approximately 27,600 people live within 3 miles of the Property with an average household income of $81,287.
- ATTRACTIVE RENT INCREASES: WVU Medicine leases call for attractive 2.5% annual rent increases throughout the primary lease term and renewal options.
- It is the largest health system in West Virginia, with 25 hospitals and multiple clinics across the state.
- More than 64,700 people within 10 miles of the Property with an average household income of $89,295.
Executive Summary
Zeustra is pleased to exclusively offer for sale 1377 Locust Avenue, a 13,587 SF medical office building located in Fairmont, West Virginia. The property is 86.2% occupied by WVU Medicine, West Virginia’s largest healthcare system and an investment-grade “A” rated tenant by S&P Global Ratings.
WVU Medicine occupies 11,707 SF across two separately leased suites providing adult primary care, pediatrics, otolaryngology, and audiology services. Both leases are corporately guaranteed, extend through 2031, include renewal options, and feature annual rental increases based on the lesser of 2.5% or CPI.
The property underwent more than $1.6 million in tenant-specific improvements between 2020 and 2021 and is strategically located approximately 0.5 miles from WVU Medicine Fairmont Medical Center, which is undergoing significant expansion and modernization.
WVU Medicine occupies 11,707 SF across two separately leased suites providing adult primary care, pediatrics, otolaryngology, and audiology services. Both leases are corporately guaranteed, extend through 2031, include renewal options, and feature annual rental increases based on the lesser of 2.5% or CPI.
The property underwent more than $1.6 million in tenant-specific improvements between 2020 and 2021 and is strategically located approximately 0.5 miles from WVU Medicine Fairmont Medical Center, which is undergoing significant expansion and modernization.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
13,669 SF
Building Class
B
Year Built
1970
Price
$3,000,000
Price Per SF
$219.47
Cap Rate
8.22%
NOI
$246,573
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
13,669 SF
Building FAR
0.25
Lot Size
1.27 AC
Zoning
CCBD
Parking
100 Spaces (7.32 Spaces per 1,000 SF Leased)
Amenities
- Storage Space
- Air Conditioning
Property Taxes
| Parcel Number | 03-18-01800000 | Improvements Assessment | $306,180 |
| Land Assessment | $134,340 | Total Assessment | $440,520 |
Property Taxes
Parcel Number
03-18-01800000
Land Assessment
$134,340
Improvements Assessment
$306,180
Total Assessment
$440,520
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