Medical Office Building with WVU
For Sale
Contact for pricing
1377 Locust Avenue, Fairmont, WV 26554
Multi-suite healthcare facility with established medical occupancy and corporately guaranteed leases extending through 2031.
Property Size13,587 SF
Price / SF$220.80
Days on Market55
Property Features for 1377 Locust Avenue
General Information
Standard status
Active
Size
13,587 SF
Class
B
Property subtype
Office
Occupancy
86%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$246,573
Building Details
Year Renovated
2020
Buildings
1
Tenancy
Multi
Building Size
13,587 SF
Listing Agency:
JDS Real Estate Services, Inc.
Listed By:
Jennifer Stein · License #01507135
(213) 446-5366
Source:
Crexi
Added: Aug 24
Changed: Oct 13
Last Checked: Oct 16 at 7:08AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JDS Real Estate Services, Inc.
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Investment Insights
Based on property information with market context.
The property is a 13,587-square-foot medical office building at 1377 Locust Avenue in Fairmont, West Virginia. WVU Medicine occupies two separately leased suites totaling 11,707 square feet, with services that include adult primary care, pediatrics, otolaryngology, and audiology. The building is 86.2% occupied, and the leases are corporately guaranteed with renewal options and annual increases tied to the lesser of 2.5% or CPI.
More than $1.6 million in tenant-specific improvements were completed between 2020 and 2021. The property is approximately 0.5 miles from WVU Medicine Fairmont Medical Center, which is undergoing expansion and modernization. WVU Medicine is rated “A” by S&P Global Ratings.
More than $1.6 million in tenant-specific improvements were completed between 2020 and 2021. The property is approximately 0.5 miles from WVU Medicine Fairmont Medical Center, which is undergoing expansion and modernization. WVU Medicine is rated “A” by S&P Global Ratings.
Key Highlights
- 13,587 SF medical office building at 1377 Locust Avenue, Fairmont, WV 26554
- 86.2% occupied by WVU Medicine across two separately leased suites
- 11,707 SF leased to WVU Medicine for primary care, pediatrics, otolaryngology, and audiology
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$210,082
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,201,640
$4.2M
Cap Rate 7%
$3,001,171
$3.0M
Cap Rate 9%
$2,334,244
$2.3M
Market Conditions
NOI Build-Up for 13,587 SF
Gross rent
$326.1K $24.00/SF
− Vacancy
−$46.0K −$3.38/SF
EGI
$280.1K $20.62/SF
− OpEx
−$70.0K −$5.15/SF
NOI
$210.1K $15.46/SF
Area
Marion County, WV
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,201,640
Cap Rate 7%
$3,001,171
Cap Rate 9%
$2,334,244
Alternative Uses
Best Use
Office B
$3.00M
$2.63M – $3.50M
NOI $210,082 @ 7.0% cap · market cap 7.00%
Second Best
Healthcare Medical
$1.85M
$1.62M – $2.16M
NOI $129,791 @ 7.0% cap · market cap 4.33%
Theoretical Best
Multifamily LT 5
$83.36M
$72.94M – $97.25M
NOI $5,834,974 @ 7.0% cap · market cap 194.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 26554, WV
42,133
Population
19,688
Households
2.1
Avg Household Size
40
Median Age
30%
College-Educated
94%
High-School Grad
131.9 sq mi
ZIP Area
319
Density / Sq Mi
$69,271
Median Household Income
$40,688
Median Earnings
$931
Median Rent
$181,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-suite healthcare facility with established medical occupancy and corporately guaranteed leases extending through 2031.
Where is this medical office space located?
The property is located at 1377 Locust Avenue Fairmont, WV.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 13,587 SF medical office building at 1377 Locust Avenue, Fairmont, WV 26554; 86.2% occupied by WVU Medicine across two separately leased suites; 11,707 SF leased to WVU Medicine for primary care, pediatrics, otolaryngology, and audiology
