Stonegate Medical

Office for Sale
Distressed
Catylist Listing ID: 30404634
Property Subtypes: Medical
Building Size (RSF): 7,056 SF
Gross Land Area: 1.52 Acres
Sale Price: $514,900
Unit Price: $72.97 PSF
Property Use Type: Investment
Class of Space: Class A
Usable Size (USF): 7,056 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Short Sale/Bank-Owned: Yes
Last Updated: 4/11/2019

Overview / Comments

Bank owned, newer, clean and very well maintained medical office building in St. Joe Michigan, in the office park directly across from Lakeland Hospital, which recently affiliated with Spectrum Health.

The building will easily accommodate two tenants. Part of the space was last used as a sleep clinic, so there are six "bedrooms" with a 3/4 bath in between. Otherwise, many of the office / exam rooms are equipped with hot and cold water / sinks, built in cabinetry, generous lighting and higher end office finish.

The building was built in 2008 and shows very little wear.

It will be delivered vacant. At roughly $73 per square foot, you'd be at roughly a 17 cap by putting in a tenant for $13 NNN. Sure, you'll have holding costs, leasing fees and perhaps some tenant improvements, but at this price, you're still hitting a home run.

Additional Details

Nearest MSA: Niles-Benton Harbor
County: Berrien
Taxing Authority: St. Joseph County
Tax ID/APN: 17-7350-0002-00-8
Zoning: C-1
Property Visibility: Excellent
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 2008
Construction/Siding: Brick
Parking Type: Surface
Sprinklers: Dry
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Evaporative Cooler
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 28,832 58,467
Median Age: 42.79 39.85
Households: 11,732 23,639

Contact

Photograph of Listing Agent

Michael A. Cagen

Marcus & Millichap CARWM Member
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