Cone Health
For sale210-214 E Elm St, Graham, NC 27253
Property type
Medical Office
Price
$3,090,000
Net Operating Income
$233,323
Cap Rate
7.62%
Year built
1989
Occupancy
100%
APN
Multiple
Zoning code
O I
Property description
Located in the heart of historic Graham, NC, the area surrounding 214 E Elm St offers a charming blend of small-town hospitality and modern conveniences. With its prime location, the property is in close proximity to downtown Graham's vibrant dining and shopping scene, perfect for attracting Office/Medical investors and professionals. Nearby, the beautiful Alamance Regional Medical Center provides top-notch healthcare services, adding to the appeal for medical-related businesses. The Graham area also features picturesque parks, historic landmarks, and easy access to major roadways, making it an ideal location for those looking to invest in the Office/Medical sector.
Property highlights
- Diversified TenancyThe property benefits from a diversified mix of three healthcare-focused tenants with staggered lease expirations, mitigating rollover risk and enhancing long-term income stability.
- Medical Office AssetFour-unit medical office condominium property totaling 11,460 SF, 100% occupied by three healthcare-related tenants, with a weighted average lease term (WALT) of 4+ years.
- Recent Lease ExtensionCone Health (Fitch: AA-) recently extended its lease through January 31, 2032, demonstrating its continued commitment to the property and providing investors with greater income stability.
- Medical Office LocationThe property is located just one block from Graham's City Center and just over six miles from Cone Health Alamance Regional Hospital, a 238-bed hospital.
- Long-Term TenureTwo of the three tenants have occupied their space for 14 or more years: South Court Drug since 2000 and Cone Health since 2012.
- Established Trade AreaWithin 10 miles of the property, there are 175,570 residents with an average household income of $83,451.
- Triple Net LeasesAll three tenants operate under triple-net leases, minimizing the landlord's operating expenses and providing a more predictable net income stream for ownership.