1855 Spg Hl Ave Mobile, AL 36607

This 11,407-square-foot Class B medical office building in Mobile, Alabama, presents a compelling investment opportunity. Located at 1855 SpringHill Ave, the property boasts a 100% occupancy rate with a stabilized, single-tenant lease to Cardio-Thoracic & Vascular Surgical Associates, P.C., a well-established practice performing over 2,000 major procedures annually. The lease, commencing April 1, 2024, and expiring November 1, 2027, includes two three-year renewal options and features 2% annual rent bumps. The asking price is $1,550,000, representing a price per square foot of $135.88 and a 9.42% cap rate based on a current Net Operating Income (NOI) of $146,000. Built in 1975 and renovated in 2018, the property sits on a 0.63-acre lot. The lease is personally guaranteed by the physicians, mitigating risk. The property's location within Mobile's medical district, serving a population exceeding 190,000 within a five-mile radius, ensures strong long-term prospects. This fee-simple ownership offers a secure investment with significant upside potential due to below-market rent and a strong tenant. The property's APN is 2907240004137XXX, 2907240001172XXX, and 2907240001171XXX.