1890 6Th StGrants Pass, OR 97526

Property Details for 1890 6Th St

Year built

2022

Lot size

0.49 AC

Zone code

GC; GENERAL COMM

Property type

Other commercial real estate

APN

36-05-08-BB-000602

APU

360508BB000602

Description

This exceptional investment opportunity presents a fee-simple interest in a 3,238 square foot, single-tenant medical office building in Grants Pass, Oregon. The property, built in 2023, is 100% occupied under a 15-year NNN lease with BestMed Urgent Care, commencing February 1, 2023, and expiring January 31, 2038. The lease includes two five-year renewal options and features 2.00% annual rent increases. The building sits on a 0.49-acre lot and benefits from a strong location on a three-lane state highway, just blocks from the I-5 Interchange, experiencing high daily vehicle traffic. The property boasts a 6.35% cap rate and a Net Operating Income (NOI) of $184,096. The lease is corporately guaranteed, offering significant security for investors. The surrounding area shows robust retail development and a rapidly growing population, making this a compelling investment in a high-demand sector. The property is one of only two urgent care facilities within a 26-mile radius, providing a competitive advantage. The tenant, BestMed Urgent Care, is part of a large, rapidly expanding national urgent care network, further enhancing the investment's stability and potential for long-term growth. The property's strategic location and strong tenant covenant make it an attractive investment opportunity with significant upside potential. Landlord responsibilities are limited to structural components, minimizing operational burdens. The area's population growth and economic strength contribute to a positive outlook for the property's future performance.

• Alternative Use

  Use

  Valuation

  Residential

  $4,813,954

  Hospitality

  $4,409,556

  Educational

  $3,668,699

  Medical

  $3,794,871

  Retail

  $5,706,865

Location Insight

City

Grants Pass

County

Josephine

State

Oregon

Latitude

42.4605

Longitude

-123.323

CBSA code

24420

CBSA name

GRANTS PASS, OR MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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