Catylist ID:
#30794254
| Catylist Listing ID: | 30794254 |
| Property Subtypes: | Medical, Mixed Use, Office Building |
| Building Size (RSF): | 7,178 SF |
| Gross Land Area: | 1.25 Acres |
| Sale Price: | $1,350,000 |
| Unit Price: | $188.07 PSF |
| Ceiling: | 9 ft. |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment |
| Building Name: | Foley Medical Building |
| Class of Space: | Class B |
| Usable Size (USF): | 7,178 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 6.06% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 11/29/2023 |
Overview / Comments
|
Great location on busy Hwy 98.. Investment Sale 6.7% Cap Rate. Approximate 7178sf. Fully equipped 3565sf medical facility on one side leased to Foley Clinic Corporation, other side leased to a Spa. Foley Clinic Corporation has 5 yr. lease with a 3 yr. out clause. LED 2/28/2028 w/ cancel 1/28/2025 Spa has 3 yr. lease at below market rents which leads to a value add situation. LED 12/31/2024 Good opportunity for a medical group to purchase the building, move in the 3550sf space, and receive income from the other side. 7/1000 parking ratio. Medical Facility includes waiting room, front office with three desk areas, eight exam rooms, work up room. lab room, two nurses stations, three private offices with two having a restroom and shower, two patient restrooms and private staff restroom. Bamboo and tile flooring with new energy efficient LED lighting throughout. Original roof maintained in 2020. Floor Plan attached. 6 minutes to South Baldwin Regional Medical Center. South Baldwin Regional Hospital is doing a million dollar upgrade. Foley Clinic has 4 locations in Alabama. Foley Clinic Corporation is a primary care provider specializing in family medicine. Baldwin County is the fastest growing county in the state. Foley is 20 minutes from Gulf Shores and Orange Beach. |
Attachments & Media
Additional Details
| Nearest MSA: | Daphne-Fairhope-Foley |
| County: | Baldwin |
| Taxing Authority: | Foley |
| Tax ID/APN: | 05-54-08-28-1-000-006.003 |
| Zoning: | B2 |
| Property Located Between: | Hwy 59 and FBE |
| Property Visibility: | Good |
| Highway Access: | Hwy 98 east of Hwy 59 |
| Airports: | mobile, pensacola, |
| Site Description: | Great location on high traffic Hwy 98 close to the hospital. Close to City Hall, Foley Downtown, Police, and Fire Station. |
| Area Description: | Great location in center of Foley. Short distance to the Baldwin Regional Hospital. |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Typical SF / Floor: | 7,178 SF |
| Year Built: | 2008 |
| Year Renovated: | 2009 |
| Roof Type: | Hip |
| Construction/Siding: | Brick, Wood Siding |
| Exterior Description: | Building has a metal hip roof with brick on wood siding. |
| Parking Ratio: | 7 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | 52 parking spaces, Surface lot with Roof Covered drop off |
| Total Parking Spaces: | 52 |
| Sprinklers: | None |
| Heat Type: | Electricity, Natural Gas |
| Heat Source: | Heat Pump |
| Air Conditioning: | Package Unit |
| Internet Access: | Cable |
| Interior Description: | The interior is built out with multiple offices and bathrooms on both sides. Bamboo and marble floors, LED lighting throughout, and multiple bathrooms. |
| Zoning Description: | B-2 |
| Lot Frontage: | 131' |
| Lot Depth: | 446.5' |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | Fee simple |
| Legal Description: | 130.9' X 446.5' IRR LOT 3 EAST LAUREL SUB SLIDE 1834-B IN TH E CITY OF FOLEY SEC 28-T7S-R4E (WD - SURVIVORSHIP) |
Demographic Statistics
| Proximity: | 3 miles | 5 miles |
|---|---|---|
| Total Population: | 15,850 | 20,555 |
| Median Age: | 40.87 | 40.52 |
| Households: | 6,549 | 8,316 |
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