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Professional/Medical Office Investment 6-10 Canyon Rd 17,330 SF 100% Leased Office Building Morgantown, WV 26508 $5,400,000 ($311.60/SF) 7.15% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% Leased (WVU Medicine / Omnia Medical)
- Excellent Interstate Visibility
- Strong Medical, Academic, and Economic Markets
- 36 Off Street Parking Spaces
- Located in the highly regarded Cheat Lake area of Morgantown, WV
- Class A Office Building
EXECUTIVE SUMMARY
Black Diamond Realty is pleased to present 6, 8, 10 Canyon Road, a 100% leased, professional/Medical Class A office investment. The property includes 17,330 (+/-) square feet on 0.955 (+/-) acre fronting I-79.
Investment Highlights:
Investment-Grade Tenant: WVU Medicine (S&P: ‘AA/A-1’ and ‘AA+/A-1’)
• Occupies 26% of Property
• Lease Commencement: March 1, 2014
• Lease Term Remaining: 2.5+ Years and 5-Yr Renewal with CPI Increase
• Lease Type: NN
• Healthy Minds Counseling Office
Long-Term Creditworthy Tenant: Omnia Medical
• Occupies 74% of Property
• Lease Commencement: June 1, 2018
• Lease Term Remaining: 10+ Years Remaining and Two 5-Yr Renewals with CPI Increases
• Lease Type: Modified Gross
• Limited Personal Guarantees by Co-Owners
• Invested significant capital in tenant improvements to the property.
• Medical Implant Headquarters (Corporate Office, Testing, Clean Room, Printing/Packaging/Shipping)
Other Highlights:
• Excellent I-68 Interstate Visibility
• Located in the highly regarded Cheat Lake area of Morgantown, WV
• Strong Medical, Academic, and Economic Markets
• Near West Virginia University, J.W. Ruby Memorial Hospital (WVU Medicine), Mon Health, Uniontown Hospital (WVU Medicine) & UPMC
• Amenities: Backup Power Generators
• Utilities: 3-phase electric, natural gas, public water/sewer
Investment Highlights:
Investment-Grade Tenant: WVU Medicine (S&P: ‘AA/A-1’ and ‘AA+/A-1’)
• Occupies 26% of Property
• Lease Commencement: March 1, 2014
• Lease Term Remaining: 2.5+ Years and 5-Yr Renewal with CPI Increase
• Lease Type: NN
• Healthy Minds Counseling Office
Long-Term Creditworthy Tenant: Omnia Medical
• Occupies 74% of Property
• Lease Commencement: June 1, 2018
• Lease Term Remaining: 10+ Years Remaining and Two 5-Yr Renewals with CPI Increases
• Lease Type: Modified Gross
• Limited Personal Guarantees by Co-Owners
• Invested significant capital in tenant improvements to the property.
• Medical Implant Headquarters (Corporate Office, Testing, Clean Room, Printing/Packaging/Shipping)
Other Highlights:
• Excellent I-68 Interstate Visibility
• Located in the highly regarded Cheat Lake area of Morgantown, WV
• Strong Medical, Academic, and Economic Markets
• Near West Virginia University, J.W. Ruby Memorial Hospital (WVU Medicine), Mon Health, Uniontown Hospital (WVU Medicine) & UPMC
• Amenities: Backup Power Generators
• Utilities: 3-phase electric, natural gas, public water/sewer
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
17,330 SF
Building Class
B
Year Built
2008
Price
$5,400,000
Price Per SF
$311.60
Cap Rate
7.15%
NOI
$386,100
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
5,776 SF
Building FAR
0.36
Lot Size
1.12 AC
Zoning
No Zoning - No zoning regulations
Parking
47 Spaces (3.44 Spaces per 1,000 SF Leased)
AMENITIES
- Controlled Access
- Security System
- Signage
- Wheelchair Accessible
- Reception
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Omnia Medical, Llc
- Services
- -
- -
- -
- -
- Wv U Hospitals Inc
- Health Care and Social Assistance
- -
- -
- Double Net
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Omnia Medical, Llc | Services | - | - | - | - | |
| Wv U Hospitals Inc | Health Care and Social Assistance | - | - | Double Net | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $601,740 | |
| Land Assessment | $59,700 | Total Assessment | $661,440 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$59,700
Improvements Assessment
$601,740
Total Assessment
$661,440
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Professional/Medical Office Investment | 6-10 Canyon Rd
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