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Lourdes Memorial Hospital 278 Robinson St 15,200 SF Office Building Binghamton, NY 13904 $4,545,000 ($299.01/SF) 6.65% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand New 10.5-Year Lease Renewal | Long Historical Occupancy | Annual 2.50% Rental Increases | Capital Improvements
- Strong Demographics in Trade Area
- Good Shepherd Fairview Home (Assisted Living Facility)
- Local Middle and Elementary Schools | Direct Consumer Base |Binghamton University (18,400+ Students) | Guthrie Hospital
- Interstates 81, 86, & 88 | Excellent Visibility | Large Monument Sign
EXECUTIVE SUMMARY
• The tenant recently executed a 10.5-year lease renewal, demonstrating their commitment to the site
• The lease features annual 2.50% rental increases, growing NOI and hedging against inflation
• Long historical occupancy with Lourdes/Guthrie extending the lease
and expanding the facility multiple times in addition to their most recent extension
• Guarantee from Lourdes Memorial Hospital, a top tier regional health system in upstate NY
• Recent capital improvements include full parking lot resurfacing, with additional planned improvements such as LED lighting installation in
the parking lot, perimeter fencing upgrades, upgraded landscaping, and replacement of two rooftop HVAC units, all scheduled for completion prior to closing
• The lease features annual 2.50% rental increases, growing NOI and hedging against inflation
• Long historical occupancy with Lourdes/Guthrie extending the lease
and expanding the facility multiple times in addition to their most recent extension
• Guarantee from Lourdes Memorial Hospital, a top tier regional health system in upstate NY
• Recent capital improvements include full parking lot resurfacing, with additional planned improvements such as LED lighting installation in
the parking lot, perimeter fencing upgrades, upgraded landscaping, and replacement of two rooftop HVAC units, all scheduled for completion prior to closing
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
15,200 SF
Building Class
B
Year Built/Renovated
1970/2005
Price
$4,545,000
Price Per SF
$299.01
Cap Rate
6.65%
NOI
$302,274
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,200 SF
Building FAR
0.30
Lot Size
1.15 AC
Zoning
C-1 - Service Commercial
Parking
58 Spaces (3.82 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
- Monument Signage
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PROPERTY TAXES
| Parcel Number | 030200-145-079-0002-001-000-0000 | Improvements Assessment | $686,300 |
| Land Assessment | $88,700 | Total Assessment | $775,000 |
PROPERTY TAXES
Parcel Number
030200-145-079-0002-001-000-0000
Land Assessment
$88,700
Improvements Assessment
$686,300
Total Assessment
$775,000
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Lourdes Memorial Hospital | 278 Robinson St
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