980 Meridian St Portland, IN 47371

Property Details for 980 Meridian St

Year built

2022

Construction

WOOD

Lot size

0.46 lot acres

Property size

2,768 SF

Property type

Medical offices

Property subtype

Medical centers

APN

38-07-17-404-028.000-034

APU

380717404028000034

Description

This exceptional investment opportunity presents a 2,713 square foot, state-of-the-art medical office building in Portland, Indiana. Built in 2022, the property boasts a long-term, net-lease agreement with Fast Pace Urgent Care, a well-established national tenant with over 275 locations. The lease commenced July 22, 2022, and extends until November 29, 2037, providing a substantial remaining term of approximately 13 years. The property features 26 parking spaces and sits on a 0.46-acre lot. The asking price is $2,230,000, representing a 6.55% cap rate based on a current Net Operating Income (NOI) of $146,068. The lease includes three 5-year renewal options, with multiple 10% rental increases built in, projecting a cap rate increase to 7.21% by 2027 and 7.93% by 2032. The property enjoys high visibility at a main intersection with significant daily traffic (17,155+ vehicles per day). Portland offers a strong employment base, including major employers like Tyson Foods and FCC (Indiana), LLC, and is conveniently located near IU Jay Hospital and other medical facilities. The city's favorable demographics, with average household incomes of approximately $83,000 within a 10-mile radius, and its low cost of living make it an attractive location. This recession-resistant investment is ideally suited for 1031 exchange buyers, offering minimal management responsibilities as the tenant is responsible for all operating expenses, real estate taxes, and insurance.

Location Insight

City

Portland

County

Jay

State

Indiana

Longitude

-84.9786

Latitude

40.4424

Property Tax & Assessments