14 Vista BlvdSlingerlands, NY 12159

For Sale
$1,680,000

7.85% Cap Rate, Fee Simple Ownership

Overview

Added:
Dec 11, 2024
Days on market:
95
This exceptional investment opportunity presents a single-tenant, 6,000 square foot medical office building located in Slingerlands, NY (Albany MSA), on a 1.92-acre lot. The property, built in 2007, is a one-story building boasting 100% occupancy with a strong corporate tenant, Community Care Physicians (CCP), the largest independent multi-specialty medical group in the Capital Region. The modified gross lease, featuring a 1% annual rent bump, has a remaining term of 3.6 years with a 5-year option. The current annual net operating income (NOI) is $131,978, resulting in a 7.85% capitalization rate. The asking price is $1,680,000. The lease commenced February 18, 2013, and expires March 31, 2028. The property enjoys a superior location on Vista Blvd (11,000 vehicles per day), near various retail, restaurants, and other medical practices. The surrounding area demonstrates exceptional demographics, with a 5-mile radius population exceeding 130,000 and an average household income over $197,000 within a 1-mile radius. This presents a compelling investment in a high-demand medical market with significant growth potential. The tenant's financial strength is further secured by a corporate guarantee. The property benefits from the challenging regulatory environment for new medical facilities in New York State.

Highlights

  • Leased to Community Care Physicians (CCP), the largest independent multi-specialty medical group in the Capital Region.
  • High medical expenditure community with residents spending 72% more on healthcare than the national average.
  • Located in the Albany MSA, experiencing the largest annual population growth among New York's metro areas and consistently ranked as a top place to live.
  • Strong demographics: Over 130,000 residents within a 5-mile radius and average household income exceeding $197,000 within a 1-mile radius.
  • Excellent location on Vista Blvd (11,000 vehicles/day), near retail, restaurants, and other medical facilities.
  • High barrier to entry due to New York State's Certificate of Need regulations.

Property Details for 14 Vista Blvd

Property type
Other office properties, Medical offices
Square Feet
6,000 SF
Year Built
2007
Buildings
1
Stories
1
Lot Size (sq. ft)
83,635 SF

Location Insight

City
Slingerlands
County
Albany
State
New York
Latitude
42.639906815405
Longitude
-73.861160509209
14 Vista Blvd, Slingerlands, New York

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14 Vista Blvd
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