IMA Medical Group | Single Tenant Net Lease Medical Office

1495 Budinger Ave, St Cloud, FL 34769, USA
$1,720,000

Description

Marcus & Millichap is pleased to present for sale this freestanding, single-tenant medical office building leased to InHealth MD Alliance (“IMA”) located in Saint Cloud, Florida. IMA is a leading independent provider of high-quality primary care physician services throughout Central and West Florida and was acquired by the private equity firm, TA Associates, in 2019. Saint Cloud is in northern Osceola County located eight miles southeast of Kissimmee (Home to Disney World) and 27 miles south of Orlando. The fee simple lease has six years remaining on the original eight-year lease with three percent annual increases. This is an ideal passive investment opportunity with minimal landlord responsibilities being offered at a 6.15 capitalization rate.
The subject property consists of a 4,984 square foot medical office space with 22 parking spaces on a 0.56-acre parcel. It is strategically located on Budinger Avenue just south of Irlo Bronson
Memorial Highway in close proximity to the Saint Cloud Regional Medical Center, a modern 84-bed, acute care facility. Community Health Systems which operates 106 hospitals in 18 states is building a new 50,000 square foot ambulatory medical office building to be complete in 2020 across the street from the subject property. The property benefits from the 84,342 residents within a five mile radius with an expected 15 percent population growth by 2024.
Saint Cloud is part of the Orlando-Kissimmee-Sanford MSA which is the third largest metropolitan area in Florida, the fourth-largest in the southeastern United States, 22nd largest nationwide and is the second fastest growing market nationwide. From 2010 to 2019, Saint Cloud’s population grew by 34 percent.
There are numerous National and Regional retailers in the immediate area including Publix, McDonald’s, Burger King, Big Lots, Starbucks, CVS, Tire Kingdom, and Wendy’s among others.

  • Net Leased Structure Provides Minimal Landlord Responsibility
  • 2018 Construction
  • Attractive Rent Growth | 3% Annual Increases
  • Growing Market | Population Projected to Grow 15% by 2024 in a 5-Mile Radius
  • IMA Has Nineteen Locations Throughout Central Florida From Tampa to Oviedo
  • St. Cloud Located Only 8 Miles South of Kissimmee and 27 Miles South of Orlando (Home to Disney World)
  • Across the Street from the 84-bed St. Cloud Regional Medical Center and a New 50,000 Square Foot Ambulatory Medical Center That Will Be Completed this Year
  • InHealth MD Alliance acquired by TA Associates in 2019
  • Florida is a “No Income Tax State

Property Documents

  • City: St. Cloud
  • State/county: Florida
  • Zip/Postal Code: 34769
  • Country: United States

Detail

  • Price: $1,720,000
  • Year Built: 2018

Additional details

  • CAP RATE: 6.15%
  • NOI: $105,760

Features