Two Medical Office Buildings For Sale

Office for Sale
Catylist Listing ID: 30716282
Property Subtypes: Medical, Office Building
Building Size (RSF): 36,500 SF
Gross Building Area: 37,900 SF
Gross Land Area: 2.26 Acres
Sale Price: $2,400,000
Unit Price: $65.75 PSF
Ceiling: 8 ft.
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Business
Building Name: Laconia Clinic
Class of Space: Class B
Usable Size (USF): 36,500 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage, Sale/Leaseback
Cap Rate: 30.0%
Average Occupancy Rate: 100
Last Updated: 4/2/2021

Overview / Comments

This unique offering package includes two adjacent properties in the heart of downtown Laconia, NH. Both are medical office buildings totaling 37,900 Sq. Ft.

The first property is located at 724 Main Street is known as the Laconia Clinic. This is a 28,400 sq. ft three-story brick medical office building. This property caters very well to its medical use. The infrastructure provided here would be tremendously valuable to any company seeking a similar use. In just this building alone, there is 95 Exam rooms and offices, 64 of them have sinks, there are 12 Reception and Workstation areas, 6 designated waiting areas, 21 Bathrooms, a 900 SF designated employee area, an X-ray area, a Lab area, as well as a full-size pharmacy. This property even has the ample parking needed to use the 100+ room building with the large on site 145 spot parking lot.

The second property is located at 734 Main Street. this is a two-story medical office building with 9,500 Sq. Ft. directly next door. Although its current use is medical offices, the style and general layout of this building is also suitable for general office. The building offers an opened layout in the center of each floor with the office and exam rooms located in the front, rear, and sides of the building. The Foyer is welcoming and leads straight to the reception areas. The building is equipped with an elevator and the site offers an additional 15 parking spaces directly in front of the entrance.

The current monthly income is $65,465 NNN on a month-to-month term. (Please See Agent Notes for rental information)

Priced at $65/SF this package is a remarkable opportunity to purchase two separate office buildings in good usable and rentable condition that will also generate a significate income at the time of purchase.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $68,951 (Annual)
Tax Value Land $235,100
Tax Value Improvements $3,113,700
Assessed Value - Total($) $3,348,800 (Annual)
Gross Operating Income $785,588 (Annual)
Net Operating Income $722,741 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Laconia Clinic, Inc
Industry Type Health Care and Social Assistance
SF of Space Occupied 31,775 SF
Current Rent $19 PSF (Annual)
Escalations CPI
Tenant Notes Laconia Clinic, Inc. is a department of LRGHealthcare. The monthly rent amount of $51,145.70 per month is paid by LRGHealthcare. There is no set lease term and Tenancy is At-Will.
Tenant Business Name Caring for Women
Industry Type Health Care and Social Assistance
SF of Space Occupied 4,725 SF
Current Rent $36 PSF (Annual)
Tenant Notes Caring for Women is a Division of Laconia Clinic and LRGHealthcare. Rental Payments are made by Caring for Women. There is no set lease term and Tenancy is At-Will.

Additional Details

Nearest MSA: Laconia
County: Belknap
Taxing Authority: Laconia NH
Tax ID/APN: 424 / 142 / 54 - 79
Zoning: URBAN COMMERCIAL (UC) DISTRICT
Property Located Between: Harvard St and New Salem St
Property Visibility: Good
Highway Access: The two properties are on New Hampshire’s Route 106, the secondary north-south highway that connects Pembroke just south of Concord with Meredith NH. 8.0 miles to I-93 in Tilton (17-minute drive) 1.5 miles to Laconia/Gilford Bypass and US Route 3 1-mile from NH 107 for access to the seacoast.
Airports: 50 miles to Manchester-Boston Regional Airport and 4.5 Miles to the Laconia Airport (10-minute Drive)
Total Number of Buildings: 2
Number of Stories: 3
Typical SF / Floor: 9,500 SF
Year Built: 1980
Year Renovated: 2008
Roof Type: Flat
Construction/Siding: Brick
Parking Ratio: 4.4 (per 1000 SF)
Parking Type: Surface
Parking Description: 160 total parking spots. There is a large parking lot with145 parking spaces at 724 Main Street 734 Main Street offers 15 additional spaces in front of the property. These amounts include handicap parking spaces.
Total Parking Spaces: 160
Passenger Elevators: 2
Sprinklers: Wet, Dry
Heat Type: Natural Gas, Hot Water, Suspended Radiant Heaters
Heat Source: Central, Ceiling Units
Air Conditioning: Package Unit, Other
Zoning Description: URBAN COMMERCIAL (UC) DISTRICT
Lot Frontage: 243
Lot Depth: 315
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,114 19,347 24,252
Median Age: 39.58 42.99 43.61
Households: 3,072 8,062 10,202

Contact

Photograph of Listing Agent

Laura Gamache

KW Commercial
NECPE Member
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