1700 Alber St Wabash, IN 46992-1015

Property Details for 1700 Alber St

Year built

2018

Construction

TYPE NOT SPECIFIED

Lot size

6.18 lot acres

Property size

29,052 SF

Property type

Medical offices

Property subtype

Medical centers

APN

85-14-03-200-002.000-008

APU

851403200002000008

Description

This exceptional Class A medical office building, totaling 29,660 square feet, presents a compelling investment opportunity. Located at 1700 Alber Street in Wabash, Indiana, 46992, this single-story building sits on a 6.18-acre lot and boasts 164 parking spaces. Currently 100% occupied under a master lease with Lutheran Health Network Outpatient Center, the property offers a substantial remaining lease term of 8.4 years, expiring April 29, 2033. The lease commenced April 30, 2018, and includes annual rent bumps of 2.00%. The lease is a triple-net (NNN) lease, meaning the tenant is responsible for most operating expenses. The property's strong financial performance is reflected in its $11,000,000 asking price, a $370.87 price per square foot, and a 6.57% cap rate, with a current NOI of $722,706. The building, constructed in 2018, provides services including Family Medicine, OBGYN, Cardiology, Pulmonology, and Optimum Performance Therapy. Its prime location offers high visibility along Highway 24, directly across from Parkview Wabash Hospital, and serves a 5-mile population of 13,300 with an average household income of $67,306. The lease includes three five-year renewal options at fair market value. This investment presents a rare opportunity to acquire a stable, high-performing asset in a desirable location.

Location Insight

City

Wabash

County

Wabash

State

Indiana

Longitude

-85.8311

Latitude

40.8179

CBSA code

47340

CBSA name

WABASH, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments