2400 13th St Ashland, KY 41102-4510

Property Details for 2400 13th St

Year built

2001

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Zone code

COMMERCIAL

Property type

Office buildings

APN

031-20-04-001.00

APU

31200400100

Description

This exceptional Class A medical office building presents a compelling investment opportunity in Ashland, KY. Located at 2400 13th Street, this single-tenant, 6,800 square foot property boasts a strong 10-year net lease with 4.1 years remaining. The current lease, commencing January 1, 2019, and expiring December 31, 2028, includes renewal options with 5% rent bumps. The building, constructed in 2001, sits on a 1.22-acre lot and features 29 parking spaces. With a 100% occupancy rate, the property generates a substantial net operating income (NOI) of $143,325, resulting in an attractive 14.40% cap rate. The asking price is $995,000, translating to $146.32 per square foot. The property is zoned PUD and benefits from a prime location with excellent visibility and accessibility. A new roof was installed in 2023, minimizing future maintenance costs. While currently configured as medical space, the building's versatile design allows for various professional or commercial uses. The existing tenant holds a first right of refusal on any bona fide offer. This investment offers a secure, high-return opportunity in a desirable Kentucky market.