Building Details

Building Size 2,009 SF

Buildings 1

Tenancy Single

Listing Agency: Cushman & Wakefield / EGS Commercial Real Estate

Listed By: Casey Howard · License #000110233 Show Phone

Source: Egsinc

Added: Oct 14 Changed: Oct 15 Last Checked: Oct 15 at 2:22AM

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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 Cushman & Wakefield / EGS Commercial Real Estate

Investment Insights

Based on property information with market context.

At 407 S 4th St in Gadsden, this 2,700-square-foot medical office occupies approximately 0.487 acres. The single-tenant facility is leased to Christopher B. Harmon, M.D., P.C., doing business as Surgical Dermatology Group. Its outpatient services include dermatology care, skin cancer screenings, biopsies and minor procedures.

The lease began August 31, 2022, with a 12-year initial term and 8 years remaining. The NN lease includes 2.5% annual base-rent increases and two five-year renewal options.

Key Highlights

• 2,700‑square‑foot medical office on approximately 0.487 acres
• Leased to Christopher B. Harmon, M.D., P.C., d/b/a Surgical Dermatology Group
• NN lease with 8 years remaining in the 12‑year initial term

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,708

Cap Rate

4.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$574,160 $574.2K

Cap Rate 7%

$410,114 $410.1K

Cap Rate 9%

$318,978 $319.0K

Market Conditions

NOI Build-Up for 2,700 SF

Gross rent

$53.5K $19.80/SF

− Vacancy

−$5.6K −$2.08/SF

EGI

$47.8K $17.72/SF

− OpEx

−$19.1K −$7.09/SF

NOI

$28.7K $10.63/SF

Area

Etowah County, AL

Vacancy

10.50%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$574,160

Cap Rate 7%

$410,114

Cap Rate 9%

$318,978

Alternative Uses

Best Use

Healthcare Medical

$410.1K

$358.9K – $478.5K (±1% cap)

NOI $28,708 @ 7.0% cap · market cap 4.73%

Second Best

Office B

$249.1K

$218.0K – $290.6K (±1% cap)

NOI $17,438 @ 7.0% cap · market cap 2.87%

Theoretical Best

Specialty Retail

$441.5K

$386.3K – $515.0K (±1% cap)

NOI $30,902 @ 7.0% cap · market cap 5.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Surgical Dermatology Group ... Medical Clinic Bradley Maddox, CRNP Physician Associates in Dermatology,P.C.Gadsden,ala Physician Jeffrey Neal Martin, ... Physician

Suggested Use

Top Pick Storage Facility Bakery Catering Service (Bike/Boat/Book/etc) Store Butcher Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,537

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 35901, AL

18,671

Population

9,075

Households

2.1

Avg Household Size

43

Median Age

22%

College-Educated

85%

High-School Grad

59.2 sq mi

ZIP Area

315

Density / Sq Mi

$47,826

Median Household Income

$30,212

Median Earnings

$747

Median Rent

$174,200

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - The facility is leased to a dermatology practice under an NN structure.

Where is this medical office space located?

The property is located at 407 S 4th St Gadsden, AL.

What is the asking price?

The asking price for this property is $607,433.

What are key features of this property?

This property features: 2,700‑square‑foot medical office on approximately 0.487 acres; Leased to Christopher B. Harmon, M.D., P.C., d/b/a Surgical Dermatology Group; NN lease with 8 years remaining in the 12‑year initial term