1890 NW 6Th St Grants Pass, OR 97526

Property Details for 1890 NW 6Th St

Year built

2022

Lot size

0.49 lot acres

Zone code

GC; GENERAL COMM

Property type

Commercial real estate

APN

36-05-08-BB-000602

APU

360508BB000602

Description

This exceptional investment opportunity presents a fee-simple interest in a 3,238 square foot, single-tenant medical office building in Grants Pass, Oregon. The property, built in 2023, is 100% occupied under a 15-year NNN lease with BestMed Urgent Care, commencing February 1, 2023, and expiring January 31, 2038. The lease includes two five-year renewal options and features 2.00% annual rent increases. The building sits on a 0.49-acre lot and benefits from a strong location on a three-lane state highway, just blocks from the I-5 Interchange, experiencing high daily vehicle traffic. The property boasts a 6.35% cap rate and a Net Operating Income (NOI) of $184,096. The lease is corporately guaranteed, offering significant security for investors. The surrounding area shows robust retail development and a rapidly growing population, making this a compelling investment in a high-demand sector. The property is one of only two urgent care facilities within a 26-mile radius, providing a competitive advantage. The tenant, BestMed Urgent Care, is part of a large, rapidly expanding national urgent care network, further enhancing the investment's stability and potential for long-term growth. The property's strategic location and strong tenant covenant make it an attractive investment opportunity with significant upside potential. Landlord responsibilities are limited to structural components, minimizing operational burdens. The area's population growth and economic strength contribute to a positive outlook for the property's future performance.