700 Thurston St, Defiance, OH 43512-2753
- Medical Office Space
- 2,874 SF
- 0.17 lot acres
Current Use by Public Records
- Behringer-Herman Eckhardt / Dental Office
- Smiles of Ohio / Dental Office
- Behringer-Eckhardt DDS / Dental Office
Property Details for 700 Thurston St
- Year built
- 1967
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.17 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- B012096001100
- APU
- B012096001100
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Feb 3, 2025 | $500,000 | Kenny Choi | Bracez INC | Warranty Deed | — |
| Aug 31, 2021 | — | Bracez INC | — | Deed · related | $796k · The State Bank & Trust Co |
Description
This 2,874 square foot medical office building in Defiance, Ohio, presents a compelling investment opportunity. Located at 700 Thurston St, 43512, this single-tenant property boasts a 100% occupancy rate with Smile Doctors, a prominent national dental support organization with over 450 locations. The current lease, commencing April 21, 2023, and expiring April 21, 2028, includes two five-year renewal options and features a 2% annual rent increase, providing strong protection against inflation. The building, constructed in 1967, sits on a 0.17-acre lot and offers a Net Operating Income (NOI) of $50,184, translating to a 9.50% capitalization rate. The asking price is $528,253, representing a price per square foot of $184. Smile Doctors' significant investment in the location, coupled with their established business model and national presence, underscores the stability and long-term potential of this asset. The property's attractive price point and high return make it an ideal investment with a low barrier to entry. This is a rare opportunity to acquire a high-performing medical office building with a best-in-class tenant and significant upside potential. The tenant's commitment is further evidenced by their recent lease execution in 2023. This investment offers a streamlined expansion opportunity due to Smile Doctors' acquisition-based growth strategy. The consistent annual rent increases provide a predictable and growing cash flow stream for the investor.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Defiance
- County
- Defiance
- State
- Ohio
- Longitude
- -84.3676
- Latitude
- 41.2831
- CBSA code
- 19580
- CBSA name
- DEFIANCE, OH MICROPOLITAN STATISTICAL AREA
