Property Details for 601 State Rd

Property size

6,972 SF

Property type

Office properties & Spaces

Property subtype

Medical Office Space

Description

This exceptional investment opportunity presents a 6,972 square foot medical office building in Woodruff, South Carolina, currently leased to Straine Dental under a net lease. The property boasts a strong 7.65% cap rate and a substantial net operating income (NOI) of $99,772. The lease, commencing April 13, 2022, and expiring April 12, 2032, offers a remaining term of approximately 7.4 years, providing long-term stability and predictable cash flow. Annual rent increases of 2.0% act as an inflation hedge, ensuring consistent growth in income. Straine Dental, a growing network with over 30 locations nationwide, has a proven track record in the South Carolina market, having served the community for many years. The lease includes a rare capital expenditure reimbursement structure, mitigating landlord expenses associated with major repairs or replacements. Relocation costs for dental practices are high, making tenant retention highly likely. The property's consistent occupancy for over a decade further underscores its desirability and the tenant's commitment to the location. This investment offers a compelling combination of strong financial performance, a secure long-term lease, and a resilient tenant in a growing industry. Located at 601 State Rd S-42-50, Woodruff, SC 29388, this property is priced at $1,304,209, translating to $187.06 per square foot. The property's specialized use and the tenant's significant investment in the location contribute to its overall value and long-term potential.

Location Insight

City

Woodruff

County

Spartanburg

State

South Carolina

Longitude

-82.0247

Latitude

34.7441