Single-Tenant Medical Office
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For Sale
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1675 Alex Drive, Wilmington, OH 45177
Dialysis facility with contractual rent growth and limited landlord obligations under its lease structure.
Property Size6,020 SF
Lot Size1.36 Acres
Price / SF$210.23
Days on Market6
Property Features for 1675 Alex Drive
General Information
Standard status
Active
Size
6,020 SF
Lot size
1.36 Acres
Property subtype
Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$88,591
Financials
Asking Price
$1,221,945
Cap Rate
7.25%
Additional Details
Office Units
1
Building Details
Buildings
1
Tenancy
Single
Building Size
6,020 SF
Listing Agency:
Fortis Net Lease
Listed By:
Chris Elliott · License #mi 6501416065
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 2:51PM
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 Fortis Net Lease
Investment Insights
Based on property information with market context.
This single-tenant medical office property operates as a DaVita dialysis facility at 1675 Alex Drive in Wilmington, Ohio. The building contains 6,020 square feet on a 1.36-acre parcel and is occupied under a lease extending through October 1, 2029. Contractual rent increases of 2% annually are included during the remaining initial term.
The lease provides three additional 5-year renewal options. Landlord obligations are limited to the roof and structure, while the tenant handles the other operating expenses. The property combines a dedicated outpatient healthcare use with a defined lease term, renewal structure, and ongoing contractual escalations.
The lease provides three additional 5-year renewal options. Landlord obligations are limited to the roof and structure, while the tenant handles the other operating expenses. The property combines a dedicated outpatient healthcare use with a defined lease term, renewal structure, and ongoing contractual escalations.
Key Highlights
- 6,020‑square‑foot medical office building on 1.36 acres
- Single‑tenant DaVita dialysis facility
- Lease term extends through October 1, 2029
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$72,446
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,448,920
$1.4M
Cap Rate 7%
$1,034,943
$1.0M
Cap Rate 9%
$804,956
$805.0K
Market Conditions
NOI Build-Up for 6,020 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$129.3K $21.48/SF
− Vacancy
−$32.7K −$5.43/SF
EGI
$96.6K $16.05/SF
− OpEx
−$24.1K −$4.01/SF
NOI
$72.4K $12.03/SF
Area
Clinton County, OH
Vacancy
25.30%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,448,920
Cap Rate 7%
$1,034,943
Cap Rate 9%
$804,956
Alternative Uses
Best Use
Office B
$1.03M
$905.6K – $1.21M
NOI $72,446 @ 7.0% cap · market cap 5.72%
Second Best
Healthcare Medical
$1.02M
$891.4K – $1.19M
NOI $71,310 @ 7.0% cap · market cap 5.63%
Theoretical Best
Retail
$1.57M
$1.37M – $1.83M
NOI $109,705 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45177, OH
22,349
Population
9,870
Households
2.3
Avg Household Size
40
Median Age
26%
College-Educated
94%
High-School Grad
170.0 sq mi
ZIP Area
131
Density / Sq Mi
$70,483
Median Household Income
$36,980
Median Earnings
$933
Median Rent
$209,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Wilmington Animal Clinic — 1103 Rombach Ave, Wilmington, OH 45177
- Dr. Edwin M. Dye, DVM — 1103 Rombach Ave, Wilmington, OH 45177
Frequently Asked Questions
What type of property is this?
Medical Office Space - Dialysis facility with contractual rent growth and limited landlord obligations under its lease structure.
Where is this medical office space located?
The property is located at 1675 Alex Drive Wilmington, OH.
What is the asking price?
The asking price for this property is $1,265,585.
What are key features of this property?
This property features: 6,020‑square‑foot medical office building on 1.36 acres; Single‑tenant DaVita dialysis facility; Lease term extends through October 1, 2029
