Downtown Medical Office

  • $13.2M
1226 East Water Street, Syracuse, NY 13210, USA

Downtown Medical Office

1226 East Water Street, Syracuse, NY 13210, USA
  • $13.2M

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Title Property Type Price Beds Baths Property Size Availability Date
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Description

Marketing Description
SRS National Net Lease Group is pleased to present the rare opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, corporate guaranteed, freestanding, Associated Medical Professionals (AMP) investment property located in Syracuse, New York. The tenant, Associated Medical Professionals of NY, PLLC, has approximately 12.5 years remaining in the initial lease term with 2 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 1% annual rental increases commencing 2021 and continues throughout each option period, growing NOI and hedging against inflation. The lease is NN with landlord responsibilities limited to roof and structure, making it an ideal, low-management investment opportunity for a passive investor. Associated Medical Professionals have developed into one of the largest multi-specialty groups in Central New York (350+ employees), providing quality healthcare at each of the 10 locations.
Associated Medical Professionals is strategically located along Erie Boulevard E/State Highway 5, a primary retail thoroughfare averaging 20,200 vehicles passing by daily. The site benefits from nearby on/off ramp access to Interstate 690 (124,300 VPD), a highway that connects directly to I-85 (89,500), the primary north/south freeway serving the Northeast. The building is ideally positioned in the heart of the immense retail corridor and is within close proximity to a variety of national/credit tenants including The Home Depot, Lowe’s Home Improvement, Aldi, Dick’s Sporting Goods, Advance Auto Parts, and more. Strong tenant synergy increases consumers draw to the immediate trade area and promotes crossover store exposure for the medical office. In addition, Syracuse University (21,970 students) and Upstate Medical University & Hospital (1,500 students) are located just 1 mile south of the property, providing the office with a direct consumer base from which to draw. With two universities nearby, the immediate trade area serves a medical cluster, promoting collaboration between hospitals, medical offices, and medical retailers. Moreover, the asset is surrounded by several apartment complexes including Skyline (364-units), Theory Syracuse (245-units), and Regency Tower (235-units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by nearly 220,000 residents and 193,000 daytime employees with an average household income of $63,000.

Investment Highlights
12.5 Years Remaining | Corporate Guaranteed | Annual Rental Increases
NN Lease | Fee Simple Ownership | Limited Landlord Responsibilities
Experienced Operator | Recent Renovation
Dense Retail Corridor | Strong National/Credit Tenants | Syracuse University (21,970 Students)
Located Along Major Thoroughfare | Excellent Visibility & Access
Direct Residential Consumer Base | Strong Demographics in 5-Mile Trade Area

Broker of Record
Dan Richman
License: NY 10491205921

Details

Updated on April 12, 2020 at 6:37 pm
  • Property ID: 30899
  • Price: $13.2M
  • Property Size: 33836 sqft
  • Year Built: 1976
  • Property Type: Health Care / Medical
  • Property Status: For Sale
  • Price Per/Sf: 391.15
  • Lot Size (acres): 2.11
  • Last Remodel Year: 2016
  • Cap Rate: 7.00%
  • Net Operating Income: 926,430

Additional details

  • Lease Type: NN
  • Tenant Credit: Corporate Guarantee
  • APN: 030.-20-03.2
  • Ownership: Fee Simple (Land & Building)
  • Address 1226 East Water Street, Syracuse, NY 13210, USA
  • City Syracuse
  • State/county New York
  • Zip/Postal Code 13210
  • Area Eastside
  • Country United States

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What's Nearby?

Education
Hillel At Syracuse University (0.43 mi)
Exceptional 1 reviews
Upstate Medical University-State University of Ny (0.54 mi)
Average 1 reviews
Onondaga School of Therapeutic Massage (0.52 mi)
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Food
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Contact Information

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Britt Raymond
  • Britt Raymond
  • (929) 229-2614

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Britt Raymond
  • Britt Raymond