311 Romeo B Garrett Ave Peoria, IL 61605-2504

Property Details for 311 Romeo B Garrett Ave

Lot size

1.16 lot acres

Property type

Commercial real estate

APN

18-09-131-025

APU

1809131025

Description

This Peoria, IL medical office building offers a compelling investment opportunity. The 8,000 square foot property is 100% occupied by Hanger Clinic, a national leader in orthotics and prosthetics, under a net lease with a corporate guarantee. The lease, commencing November 29, 2011, has approximately 1.5 years remaining, with a 3-year option. The property boasts a strong 8.50% cap rate and a NOI of $97,440, based on an asking price of $1,146,352 ($143.29/sq ft). Situated on a 1.16-acre lot, the building was constructed in 2002 and enjoys a prime location less than a mile from OSF Medical Center, a major healthcare facility, and less than half a mile from Interstate 74. Hanger Clinic, founded in 1861, has over 900 locations nationwide and was recently acquired by a significant healthcare-focused private equity firm with over $6 billion in assets under management. The tenant's monthly reimbursement of operating expenses, excluding structural components, contributes to a passive investment structure. The prosthetics and orthotics market is experiencing substantial growth, further enhancing the investment's long-term potential. This offering presents a rare opportunity to acquire a stable, high-performing medical office asset in a desirable location with a strong, creditworthy tenant in a growing industry.

Location Insight

City

Peoria

County

Peoria

State

Illinois

Longitude

-89.5977

Latitude

40.6939

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments