1700 Alber St, Wabash, IN 46992-1015
- Medical Office Space
- 29,052 SF
- 6.18 lot acres
Current Use by Public Records
- Fort Wayne Medical Oncology and Hematology Wabash / Physician
- Vincente A Rodriquez / Physician
- Optimum Performance Therapy - Wabash / Medical Clinic
- Christine Romack, NP / Pediatrician / Physician
- Dr. Jamie Lindsay / Pediatrician / Physician
Property Details for 1700 Alber St
- Year built
- 2018
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 6.18 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 85-14-03-200-002.000-008
- APU
- 851403200002000008
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Nov 18, 2021 | — | 1700 Alber Street Healthcare LLC | Lmbw Properties LLC | Deed | $7.6M · First Farmers Bank & Trust |
| Apr 20, 2015 | — | Bgm Florida LLC | Bgm Ventures LLC | Warranty Deed | — |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $730,000
-
Alternative Use
- Use
- Estimation
- WAREHOUSE, STORAGE
- $1,140,000
- INDUSTRIAL (GENERAL)
- $855,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Wabash
- County
- Wabash
- State
- Indiana
- Longitude
- -85.8311
- Latitude
- 40.8179
- CBSA code
- 47340
- CBSA name
- WABASH, IN MICROPOLITAN STATISTICAL AREA
