502 Ellington Dr Lafayette, TN 37083
- Medical offices
- 3,854 SF
- 1.89 lot acres
Current Use by Public Records
- Fast Pace Health Urgent Care - Lafayette, TN / Medical Clinic / Urgent Care Center
Property Details for 502 Ellington Dr
- Year built
- 2018
- Construction
- WOOD
- Lot size
- 1.89 lot acres
- Property size
- 3,854 SF
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 056050P A 00907
- APU
- 056050PA00907
Description
This exceptional investment opportunity presents a 3,600 square foot medical office building in Lafayette, Tennessee. The property, built in 2018, is situated on a 0.65-acre lot and boasts a single tenant, Fast Pace Urgent Care Clinic, under a triple-net (NNN) lease with a corporate guaranty. The current lease, commenced July 5, 2018, has a remaining term of approximately 5.6 years, with two six-year renewal options. Annual rent escalations of 1.25% are built into the lease. The asking price is $1,620,500, representing a 6.90% cap rate and a net operating income (NOI) of $111,832 (as of July 1, 2024). The property features ample parking (7.22 spaces per 1,000 sq ft) and is conveniently located near Walgreens and the US Postal Service. The strong tenant, Fast Pace Health, operates numerous clinics across six states, ensuring a stable income stream. With a price per square foot of $450.14, this property offers a compelling investment opportunity for those seeking a stable, income-producing asset in a growing market. The property is zoned commercial and offers a low-price investment opportunity, making it ideal for a 1031 exchange. The location benefits from a population of 13,275 people within a 5-mile radius and an average household income of $64,750 within the same radius. The tenant is responsible for all property expenses except for the building structure.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,945,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,335,000
- 6.5%
- $1,575,000
- 7%
- $1,335,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,735,000
- Geo Method
- $1,635,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,490,000
- Retail
- $1,525,000
- Mixed-Use
- $1,575,000
- Hospitality
- $1,830,000
- Educational
- $1,350,000
- Residential Income
- $1,315,000
- Energy
- $1,415,000
- Income-Based Land
- $1,485,000
- Food Service
- $1,360,000
Location Insight
- Map
- Local Demand
- City
- Lafayette
- County
- Macon
- State
- Tennessee
- Longitude
- -86.0379
- Latitude
- 36.5231
- CBSA code
- 34980
- CBSA name
- NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA
