7178 SF Foley Medical Office Investment Sale

Office for Sale
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.

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)

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 15,850 20,555
Median Age: 40.87 40.52
Households: 6,549 8,316


Photograph of Listing Agent

David Milstead

Bellator Commercial Gulf Coast CMLS Member
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