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517 3rd Ave 8,400 SF Office Building Chesapeake, OH 45619 $1,200,000 ($142.86/SF) 9.83% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN lease with zero landlord responsibilities and 2% annual rent increases
- RRS Ohio signed a 12-year lease in 2021 to serve as a larger replacement location for its then existing outpatient clinic in South Point
- Located near Marshall University (10,691 students), and the Port of Huntington (largest inland shipping port in the United Sates)
- Only three miles from Cabell Hunting Hospital (Ranked top 100 hospital in 2023) and multiple other medical institutions
- Strategically located off Hwy-527 with 14,800+ VPD
EXECUTIVE SUMMARY
Transwestern is pleased to present 517 Third Ave in Chesapeake, OH, a single tenant medical office building. The tenant, RRS Ohio Drug & Alcohol, is on an absolute NNN lease and signed a 12-year lease at the subject property in 2021. The RRS facility is located just off OH-527 which sees more than 14,900 Vehicles per Day. OH-527 runs directly through downtown Huntington, WV to the south, and Chesapeake, OH to the North. The subject property is strategically located just 3 miles from Cabell Huntington Hospital which ranked as a top 100 Hospital in 2023. The Hospital is a 303-bed teaching hospital for Marshall University Schools of Medicine, Pharmacy and Nursing. They are home to the Hoops Family Children's Hospital and the Edwards Comprehensive Cancer Center, and serve patients throughout West Virginia, Eastern Kentucky, and Southern Ohio.
Broker of Record
Bailey Martin OH Lic#2022001018
Broker of Record
Bailey Martin OH Lic#2022001018
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Medical
Building Size
8,400 SF
Building Class
B
Year Built
2001
Price
$1,200,000
Price Per SF
$142.86
Cap Rate
9.83%
NOI
$117,981
Tenancy
Single
Building Height
1 Story
Typical Floor Size
8,400 SF
Building FAR
0.54
Lot Size
0.36 AC
Parking
19 Spaces (2.26 Spaces per 1,000 SF Leased)
1 1
PROPERTY TAXES
| Parcel Number | 24-027-1300-000 | Improvements Assessment | $236,060 |
| Land Assessment | $4,080 | Total Assessment | $240,140 |
PROPERTY TAXES
Parcel Number
24-027-1300-000
Land Assessment
$4,080
Improvements Assessment
$236,060
Total Assessment
$240,140
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517 3rd Ave
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