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30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410
2508 US-280, ALEXANDER CITY, AL 35010
URGENT CARE FOR SALE
MAIN STREET URGENT CARE
RICHARD LUDWIGSENIOR DIRECTOR
RICHARD LUDWIG | 248.419.3638 | [email protected] DISCLAIMER // 2
DISCLOSURE :
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
RICHARD LUDWIGSENIOR DIRECTORD: [email protected]
EXCLUSIVELY L ISTED BY:
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] INVESTMENT OFFERING // 3
INVESTMENT SUMMARY
List Price: $1,254,000
Current NOI: $94,050.00
Initial Cap Rate: 7.5%
Land Acreage: 0.61
Year Built 2016
Building Size: 3,200 SF
Price PSF: $391.88
Lease Type: NNN with Minimal LandlordResponsibilities
Lease Term: 10 Years
Average CAP Rate: 7.66%
INVESTMENT OFFERING
Main Street Urgent Care is the dominant urgent care facility in 16communities of Alabama. The company has been operating successfullyfor 5 years and has a strategic plan for continued growth throughout theState of Alabama. The tenant has a 10 year Absolute NNN lease term,meaning minimal landlord responsibilities. The lease has four 5 yearoptions to renew, and a 10% rental increase every 5 years. The facility hasgreat exposure and visibility being located on Highway 280 and right acrossfrom a Walmart Supercenter.
PRICE $1,254,000
CAP RATE 7.5%
LEASE TYPE NNN
TERM 10 Years
RENT INCREASES 10%
INVESTMENT HIGHLIGHTS• Great Exposure and Visibility
• On a Main highway and across from Walmart
• 10 Mile Population Exceeds 24,000 Residents
• 10 Mile Median Home Value Exceeds $107,000
• 10 Mile Average Household Income Exceeds $49,000
• The gateway city to the premier recreational Lake Martin
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] PROPERTY & LEASE // 4
LEASE SUMMARY
Tenant: Main Street Urgent Care
Lease Type: NNN with Minimal Landlord responsibilities
Primary Lease Term: 10 Years
Annual Rent: $94,048
Rent PSF: $29.39
Landlord Responsibilities: Amortized Capital Improvements
Taxes, Insurance & CAM: Tenant Responsibility
Roof, Structure & Parking: Tenant Responsibility
Lease Start Date: December 1, 2016
Lease Expiration Date: November 30, 2026
Lease Term Remaining: Eight Years
Rent Bumps: 10%
Renewal Options: 4 Five year options
Lease Guarantor: Rural Urgent Care LLC
Lease Guarantor Strength: 16 Units with 5 Year Operating History
Tenant Website: www.mainstreetfamilycare.com
Year Built: 2016
Lot Size: 0.61 Acres
Building Size: 3,200 SF
Zoning: Commercial
INCOME PER SF
Gross Income $94,050 $29.39
EXPENSE PER SF
Gross Expenses - -
NET OPERATING INCOME $94,050 $29.39
FINANCIAL SUMMARY
PROPERTY SUMMARY
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] LOCATION MAPS // 5
Main Street Urgent Care
RICHARD LUDWIG | 248.419.3638 | [email protected] AERIAL MAP // 6
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] RETAIL AERIAL // 7
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] TRAFFIC COUNT // 8
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] AVERAGE HOUSEHOLD INCOME // 9
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
POPULATION 1 MILE 5 MILES 10 MILES
Total Population 2018 2,080 15,999 24,185
Average Age 37.40 39.90 41.20
Average Household Size 2.40 2.40 2.40
HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES
Total Households 855 6,450 9,817
Average HH Income $40,936 $43,925 $49,746
Median Home Value $91,563 $95,794 $107,102
Alexander City, known to locals as "Alex City", is a city in Tallapoosa County,Alabama, with a population of some 14,875. It is known for Lake Martin, anAlabama Power reservoir with 750 miles of wooded shoreline and 44,000 acresof water. It is the premier recreational lake in the state and pulls homeownersfrom Atlanta, Birmingham, Montgomery and beyond. The lake has an elitecountry club, Willow Point, along the banks along with multi-million dollarhomes from one end to the other. Alexander City is the town that most peopledrive through to get to the lake and also come back into Alex City for groceryshopping, medical emergencies, etc.
Alexander City was incorporated in 1872 as Youngsville, after its founder JamesYoung. In 1873, the Savannah and Memphis Railroad came to the city. The citywas renamed in honor of the railroad's President Edward Porter Alexander, heroof the Battle of Gettysburg for the Confederate States
The city's economy was traditionally based on the textile industry, but in recenttimes its economic base has become more diversified as textile jobs have goneelsewhere.
2508 US-280, ALEXANDER CITY, AL 35010MAIN STREET URGENT CARE
RICHARD LUDWIG | 248.419.3638 | [email protected] AREA & DEMOGRAPHICS // 10
RICHARD LUDWIGSENIOR DIRECTOR
30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410fortisnetlease.com
EXCLUSIVELY L ISTED BY:
TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN
$5.5B 2,500+ 345K 40
The FNL Team
