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    502 Ellington Dr Lafayette, TN 37083

    Sponsored
    For Sale
    $1,620,500

    TN Medical Office - 6.9% Cap Rate

    Property size:
    3,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a 3,600 square foot medical office building in Lafayette, Tennessee. The property, built in 2018, is situated on a 0.65-acre lot and boasts a single tenant, Fast Pace Urgent Care Clinic, under a triple-net (NNN) lease with a corporate guaranty. The current lease, commenced July 5, 2018, has a remaining term of approximately 5.6 years, with two six-year renewal options. Annual rent escalations of 1.25% are built into the lease. The asking price is $1,620,500, representing a 6.90% cap rate and a net operating income (NOI) of $111,832 (as of July 1, 2024). The property features ample parking (7.22 spaces per 1,000 sq ft) and is conveniently located near Walgreens and the US Postal Service. The strong tenant, Fast Pace Health, operates numerous clinics across six states, ensuring a stable income stream. With a price per square foot of $450.14, this property offers a compelling investment opportunity for those seeking a stable, income-producing asset in a growing market. The property is zoned commercial and offers a low-price investment opportunity, making it ideal for a 1031 exchange. The location benefits from a population of 13,275 people within a 5-mile radius and an average household income of $64,750 within the same radius. The tenant is responsible for all property expenses except for the building structure.

    Property Features for 502 Ellington Dr

    General Information

    Property type
    Medical offices
    Square Feet
    3,600 SF
    Lot Size
    28,314 SF

    Building Details

    Year Built
    2018
    Buildings
    1
    Stories
    1

    HighLights

    • Price: $1,720,500
    • Cap Rate: 6.90%
    • Net Operating Income (NOI) as of July 1, 2024: $111,832
    • Annual Rent Increases: 1.25%
    • Two six‑year lease renewal options
    • Triple‑Net (NNN) lease; tenant responsible for all expenses except building structure
    Property Profile Location Intelligence

    Current Use by Public Records

    Fast Pace Health ... Medical Clinic

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lafayette
    County
    Macon
    State
    Tennessee
    Longitude
    -86.038403788814
    Latitude
    36.523274131787

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    FAQs

    What type of property is this?
    Medical office - TN Medical Office - 6.9% Cap Rate
    Where is this medical office located?
    The property is located at 502 Ellington Dr Lafayette, TN.
    What is the asking price?
    The asking price for this property is $1,620,500.
    What are key features of this property?
    This property features: Price: $1,720,500; Cap Rate: 6.90%; Net Operating Income (NOI) as of July 1, 2024: $111,832
    Request Owner's contact information
    502 Ellington Dr Lafayette, TN 37083
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    Lafayette, TN 37083
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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
    502 Ellington Dr Lafayette, TN 37083
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