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    980 Meridian St Portland, IN 47371

    For Sale
    $2,230,000

    NNN Leased Medical Office, Strong Tenant

    Property size:
    2,713 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents a 2,713 square foot, state-of-the-art medical office building in Portland, Indiana. Built in 2022, the property boasts a long-term, net-lease agreement with Fast Pace Urgent Care, a well-established national tenant with over 275 locations. The lease commenced July 22, 2022, and extends until November 29, 2037, providing a substantial remaining term of approximately 13 years. The property features 26 parking spaces and sits on a 0.46-acre lot. The asking price is $2,230,000, representing a 6.55% cap rate based on a current Net Operating Income (NOI) of $146,068. The lease includes three 5-year renewal options, with multiple 10% rental increases built in, projecting a cap rate increase to 7.21% by 2027 and 7.93% by 2032. The property enjoys high visibility at a main intersection with significant daily traffic (17,155+ vehicles per day). Portland offers a strong employment base, including major employers like Tyson Foods and FCC (Indiana), LLC, and is conveniently located near IU Jay Hospital and other medical facilities. The city's favorable demographics, with average household incomes of approximately $83,000 within a 10-mile radius, and its low cost of living make it an attractive location. This recession-resistant investment is ideally suited for 1031 exchange buyers, offering minimal management responsibilities as the tenant is responsible for all operating expenses, real estate taxes, and insurance.

    Property Features for 980 Meridian St

    General Information

    Property type
    Medical offices
    Square Feet
    2,713 SF
    Lot Size
    20,038 SF

    Building Details

    Year Built
    2022

    HighLights

    • $2,230,000 asking price for a 2,713 SF medical office building.
    • NNN lease with Fast Pace Urgent Care, a national tenant with 275+ locations.
    • 13‑year lease term remaining (commencing 07/22/2022, expiring 11/29/2037), with three 5‑year renewal options.
    • 6.55% cap rate, $146,068 NOI.
    • Built in 2022, situated on a 0.46‑acre lot with 26 parking spaces.
    • High‑traffic location at the intersection of Meridian and Votaw Streets in Portland, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical offices

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Jay
    State
    Indiana
    Longitude
    -84.9786157
    Latitude
    40.4421812

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    FAQs

    What type of property is this?
    Medical office - NNN Leased Medical Office, Strong Tenant
    Where is this medical office located?
    The property is located at 980 Meridian St Portland, IN.
    What is the asking price?
    The asking price for this property is $2,230,000.
    What are key features of this property?
    This property features: $2,230,000 asking price for a 2,713 SF medical office building.; NNN lease with Fast Pace Urgent Care, a national tenant with 275+ locations.; 13-year lease term remaining (commencing 07/22/2022, expiring 11/29/2037), with three 5-year renewal options.
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    Portland, IN 47371
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    980 Meridian St Portland, IN 47371
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