100 Washington St Castalia, OH 44824

Property Details for 100 Washington St

Year built

1987

Lot size

0.46 lot acres

Property size

6,252 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional Class A, 6,252 sq ft medical office building presents a compelling investment opportunity in Castalia, Ohio. Located at 100 S Washington St, this single-tenant property boasts a 10-year absolute NNN lease with Firelands Health, commencing August 1, 2024, and expiring July 31, 2034. The building, constructed in 1987 and situated on a 0.46-acre lot, features two surgery rooms, six exam rooms, a spacious waiting area, physical therapy space, and an on-site blood lab. The lease includes rent bumps tied to CPI increases, ensuring consistent income growth. With a current NOI of $112,563 and a 7.04% cap rate, this investment offers strong returns and minimal landlord responsibilities. The property's prime location in downtown Castalia, near State Route 2, and its association with a major regional healthcare provider, contribute to its exceptional stability and long-term growth potential. The asking price is $1,600,000, translating to $255.92 per square foot. This is a truly exceptional opportunity for investors seeking a secure, high-performing asset in the healthcare sector. The property's 100% occupancy further enhances its appeal. The APN is 31-00447.000.

Location Insight

City

Castalia

County

Erie

State

Ohio

Longitude

-82.8084

Latitude

41.4