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Reduced! Fast Pace Health - 7.21% CAP in 2027 1732 W North St 3,726 SF Retail Building Kendallville, IN 46755 $2,395,000 ($642.78/SF) 6.55% Cap Rate
Investment Highlights
- Reduced!! Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care: Long-Term, NNN Lease with Approx. 13.5 Years of Term Remaining
- No Daily Management Responsibilities: Tenant Responsible for All Daily Mgmt, Real Estate Taxes & Insurance w/ Growing National Tenant (275+ Locations)
- Growing Community Targeted Medical Necessity: Ideal Demographics: Average Household Incomes of Approximately $93,000 Within a 1-Mile Radius
- Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
- Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)
Executive Summary
• Redcued! Newer Medical (2022) Construction, State-of-the-Art Fast Pace Urgent Care Location: Long-Term, NNN Lease with Approximately 13.5 Years of Term Remaining
• Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
• No Daily Management Responsibilities: Tenant Responsible for All Daily Management, Real Estate Taxes and Insurance
• Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)
• Highly Visible Signage with Excellent Frontage and High Traffic (17,000 VPD) Along Main Thoroughfare Through Kendallville
• Growing City Targeted with Medical Necessity: Ideal Demographics with Average Household Incomes of Approximately $93,000 Within a 10-Mile Radius
• 24/7 Wall St. Ranked Kendallville 33rd in “America’s 50 Best Cities to Live” and was the Only Indiana City to Make the List
• Low Price Point Deal, Ideal for 1031 Buyers with E-Commerce/Recession Resistant Tenant - Urgent Care Industry Fast Approaching Being $40 Billion Annual Business
• Surrounded by Rooftops, Other Complimentary Medical Users and Retailers, Restaurants and Schools (East Noble School District with 3,400+ Students and 200+ Employees)
• Largest Regional Industry: Directly Across from Parkview Noble Hospital, Part of the Parkview Health Network, on a 60-Acre Campus (350 Employees), While Parkview Health Serves Northeast Indiana and Northwest Ohio with Over 15,000 System-Wide Employees, Making it the Region’s Largest Employer
• Direct Vicinity of Major Employers (4 Miles): Manufacturing Corridor Includes Dow Corning Corp, Creative Liquid Coatings Inc., Aluminum Recovery Technologies, PFG Customized Distribution and Lakeside Book Company
• Advantageous Location with Short Commute to Downtown Fort Wayne (30 Miles): Additional Employment, Major Attractions and Fort Wayne International Airport
• Multiple 10% Rental Increases, Offering Continual Income Growth & Taking the CAP Rate to 7.21% by Year 2027 and 7.93% CAP in Year 2032
• No Daily Management Responsibilities: Tenant Responsible for All Daily Management, Real Estate Taxes and Insurance
• Corporately Backed, Single-Tenant Location with Sought-After Well-Known National Tenant (275+ Current Locations in 6 States)
• Highly Visible Signage with Excellent Frontage and High Traffic (17,000 VPD) Along Main Thoroughfare Through Kendallville
• Growing City Targeted with Medical Necessity: Ideal Demographics with Average Household Incomes of Approximately $93,000 Within a 10-Mile Radius
• 24/7 Wall St. Ranked Kendallville 33rd in “America’s 50 Best Cities to Live” and was the Only Indiana City to Make the List
• Low Price Point Deal, Ideal for 1031 Buyers with E-Commerce/Recession Resistant Tenant - Urgent Care Industry Fast Approaching Being $40 Billion Annual Business
• Surrounded by Rooftops, Other Complimentary Medical Users and Retailers, Restaurants and Schools (East Noble School District with 3,400+ Students and 200+ Employees)
• Largest Regional Industry: Directly Across from Parkview Noble Hospital, Part of the Parkview Health Network, on a 60-Acre Campus (350 Employees), While Parkview Health Serves Northeast Indiana and Northwest Ohio with Over 15,000 System-Wide Employees, Making it the Region’s Largest Employer
• Direct Vicinity of Major Employers (4 Miles): Manufacturing Corridor Includes Dow Corning Corp, Creative Liquid Coatings Inc., Aluminum Recovery Technologies, PFG Customized Distribution and Lakeside Book Company
• Advantageous Location with Short Commute to Downtown Fort Wayne (30 Miles): Additional Employment, Major Attractions and Fort Wayne International Airport
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
3,726 SF
Building Class
B
Year Built
2022
Price
$2,395,000
Price Per SF
$642.78
Cap Rate
6.55%
NOI
$156,873
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
1.00 AC
Parking
23 Spaces (6.17 Spaces per 1,000 SF Leased)
Frontage
157’ on West North Street
Amenities
- 24 Hour Access
- Dedicated Turn Lane
- Security System
- Signage
- Wheelchair Accessible
- Monument Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Fast Pace Health Urgent Care
- -
- 3,726 SF
- -
- Triple Net
- Apr 2038
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Fast Pace Health Urgent Care | - | 3,726 SF | - | Triple Net | Apr 2038 |
Property Taxes
| Parcel Number | 57-07-30-200-031.000-020 | Improvements Assessment | $443,000 |
| Land Assessment | $224,100 | Total Assessment | $667,100 |
Property Taxes
Parcel Number
57-07-30-200-031.000-020
Land Assessment
$224,100
Improvements Assessment
$443,000
Total Assessment
$667,100
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Reduced! Fast Pace Health - 7.21% CAP in 2027 | 1732 W North St
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