700 Thurston St Defiance, OH 43512-2753

Property Details for 700 Thurston St

Year built

1967

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.17 lot acres

Property size

2,874 SF

Property type

Medical offices

Property subtype

Medical centers

APN

B012096001100

APU

B012096001100

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.

Location Insight

City

Defiance

County

Defiance

State

Ohio

Longitude

-84.3676

Latitude

41.2831

CBSA code

19580

CBSA name

DEFIANCE, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments