207 Hospital Dr Barbourville, KY 40906

Property Details for 207 Hospital Dr

Lot size

4.75 lot acres

Property type

Office buildings

APN

090-40-04-044.01

APU

90400404401

Description

This fee-simple investment opportunity presents a 34,000-square-foot office building in Barbourville, KY, currently 100% occupied by General Dynamics under a triple-net (NNN) lease. The property, located at 207 Hospital Dr, 40906, sits on a 4.75-acre lot with 375 parking spaces and is zoned for general commercial use. Built in 1999, the building boasts a strong lease history, with the current lease expiring June 30, 2025, and including options to extend for six months and one year. The lease features a 5% rental increase at the start of the second option period. The asking price is $5,168,000, representing a price per square foot of $152 and an 8.00% cap rate. The property generates a net operating income (NOI) of $413,406. The tenant, General Dynamics Information Technology, provides services to U.S. government agencies, offering a strong corporate guarantee. The property enjoys a prime location along US Highway 25E (26,600 vehicles per day), near other national retailers such as Walmart, Walgreens, and Tractor Supply Company. The surrounding area includes Barbourville Appalachian Regional Healthcare Hospital and several apartment complexes. The 5-mile trade area has a population exceeding 10,700 residents and 4,300 employees, with an average household income of $55,060. This presents a low-management, passive investment opportunity with significant upside potential. The property's APN is 090-40-04-044.01.