Post on 29-Jul-2020
Christiansburg Medical Arts Building
Confidential Investment Offering
Memorandum
10 Hickok Street | 46-48 West
Main Street
Christiansburg, VA 24073
Christiansburg Medical Arts Building CHRISTIANSBURG, VA
Downtown Medical Office Building
Jared Alcorn, Vice President
Jared@ParkRealty.com
540-808-4745
www.ParkRealty.com
For Sale by Owner- Brokers Welcome
SUMMARY
Sale Price:
NOI:
Cap Rate:
Price/Sq. Foot:
Year Built:
Renovated:
$2,950,000$221,865 (actual stabilized rent roll)
7.52%
$184 per sq. ft.
1992
2014/2018
Neighborhood
Montgomery County Courthouse and Public Safety Building
Christiansburg Town Hall
USPS; U.S. Rep. Morgan Griffith
Union Bank-NBB Bank-Wachovia Bank
Old Town Mall; Macado’s Restaurant
Ignite Life Pacific College
PROPERTY INFORMATION MAJOR TENANTS:
Address: 46-48 West Main St.10 Hickok St.Christiansburg, VA 24073
Anchor Tenant: Lewis Gale Montgomery (HCA Virginia)
5,554 sq. ft.
Virginia Prosthetics 2,649 sq. ft.
Building Sq. Feet: 16,005 Advanced Home Care Services 2,850 sq. ft.
Lot Size: 1.2 acres VTest Laboratory Services 1,254 sq. ft.
Onsite Parking: 84 spaces
Signage: Pylon: 150 sq.ft.; Lease Terms: Modified gross w/ annual increases
Debt: Delivered free of debt at closing Occupancy: 100%
Aerial Photo: Downtown Christiansburg
• Located in thrivingdowntown CBD
• 84 onsite parkingspaces
• 100% Occupancy
• Long-term leaseswith annual rentincreases
• PotentialExpansion pad for12,000 added sq. ft.
Christiansburg Town Hall
Christiansburg Medical Arts Bldg.
Mont. County Court House
Mont. County Public Safety Bldg.
MEDICAL ARTS BUILDING: PROPERTY and TENANT INFORMATION
Christiansburg Medical Arts Building is a modern Class A medical office building built in 1992 and completely renovated and refurbished in 2012. The first floor was recently renovated (2018) to expand the Lewis Gale Montgomery Physician’s space to utilize the entire first floor of the building. Major tenants include:
Lewis Gale Montgomery (HCA Virginia): established medical practice managed by one of the largest healthcare providers in the US. The was renovated and refurbished to suit to tenant’s specifications in 2018. Space featuresshielded x-ray facilities, 12 exam rooms, center-design administrative office, and four private offices.
Advanced Home Care Services is a hospital-affiliated provider of full-service home care and equipment for home medical and rehab needs. The company operates 28 branch locations in North Carolina, South Carolina, Virginia and Tennessee. The Christiansburg location opened in 2008.
Virginia Prosthetics: is currently the largest O&P provider in Virginia with 14 locations throughout Southwest Virginia. The Christiansburg location was opened in 1998 and expanded in 2013.
NEIGHBORHOOD DESCRIPTION
The Medical Arts Building is located in the center of the Central Business District of Christiansburg VA, on the southeast corner of West Main and Hickok Streets, one block west of the town square. The downtown business community includes a multitude of government offices, the downtown post office, five banks, and numerous legal, insurance and medical offices. A variety of retail and service businesses are present, including two barber shops, a photography studio, nine restaurants, and an independent café & bakery. The property is currently located adjacent to the site of the Christiansburg Farmers Market and benefits from numerous Downtown events such as the Wilderness Trail Festival, Food Truck Rodeos, and the annual Wine and Artisan Festival.
The downtown CBD area continually adds amenities and improvements, including a three-phase streetscape project with brick-lined sidewalks, gaslight style lighting, and landscaped islands along the street. The county courthouse across East Main Street from Christiansburg Town Hall opened in 2012. The 98,500 sq. ft. facility houses the courts and associated offices. The former courthouse was recently converted to the Public Safety Building to house the County’s 911 center, Sherriff’s office and jail, and emergency services. The downtown occupancy rate is currently above 90%, with several buildings under renovation by the private sector.
AREA INFORMATION
Christiansburg (www.Christiansburg.org) is located within Virginia’s Technology Corridor and is in the center of the Blacksburg/Christiansburg/Radford MSA (Metropolitan Statistical Area). It is 35 miles from Roanoke VA; 225 miles west of Richmond VA; 275 miles southwest of Washington DC. The area is the home of Virginia Tech (www.VT.edu), the state’s largest university, with 35,000 students, and Radford University (www.Radford.edu), with over 9,000 students.
The area is served by major transportation facilities including Interstates 81 and Route 460. Air service is provided by an executive airport in Blacksburg (3 miles), commercial air service in Roanoke (35 miles), and a duty-free international port and freight facility at the New River Airport in Dublin VA (20 miles).
The employment base is diverse and vibrant, with a high concentration of research and technology firms. Area unemployment is 2.8% through September 2018, well below the national rate. The MSA is ranked #6 (of 386) on the Top 10 Job Markets of 2018 (Zippia.com). The area’s college-town atmosphere, mild and temperate year round climate, and scenic mountain setting attracts thousands of new residents and scores of new businesses each year, contributing to the forecast for the highest growth rate in southwest Virginia over the next two decades.
Montgomery County MSA Population: 98,559 MSA Median HH Income: $54,501 MSA Households: 35,701
DUE DILIGENCE INFORMATION
There are no known defects in the property. All lease terms are in force. Copies of the building plans and specifications; an ALTA survey and title report; and the leases with all addendums will be delivered to purchaserwithin five days of seller’s receipt of executed Purchase Agreement.
CONTACT: Park Real Estate, Inc. 104 Southpark Drive Blacksburg VA 24060
www.ParkRealty.com Jared Alcorn, Vice President
540-808-4745jared@parkrealty.com
All information furnished to Park Real Estate, Inc. is from sources judged to be reliable but without warranty.
Christiansburg Medical Arts Building: Tenant Profiles
Dr. Scott Jamison has been practicing medicine in
Christiansburg since 1991. In 2006 he merged his practice
with HCA Inc., one of the largest hospital operators in the
country, including the Lewis-Gale Hospital-Montgomery in
Blacksburg, VA.
Advanced Home Care, Inc. is a hospital-affliated provider
of full-service home care and equipment for home medical
and rehab needs. Founded in 1993, the company has 28
locations in NC, SC, VA and Tenn. The Christiansburg
Location opened in 2008.
Virginia Prosthetics & Orthotics was founded by Fred
Murko in 1966 and is currently the largest O&P provider in
Virginia with 14 locations throughout Southwest Virginia.
The Christiansburg location was opened in 1998.
V-Test is a locally owned firm that performs drug testing
under contract to area employers and government agencies.
The Christiansburg office opened in 2014 as its second
location.
Childress Insurance Agency is an Independent Agency with
locations in Shawsville and Christiansburg, VA. Owned by
Marty Childress, the agency has been located in the 46 West
Main St. Christiansburg office since 2000.
Dr. J. Stephen Hudgins, M.D.
Dr. J. Stephen Hudgins, M.D. is an ophthalmologist and has
been practicing in Christiansburg since 1989. His office has
been located in the Medical Arts Building since 1992.
Christiansburg Medical Arts Building
Projected Operations: 2019
Gross Leasable Area: 13,997
10 Hickok St, 46-48 W Main St Gross Sch.
Christiansburg, Virginia Income
Tenant Square Ft. $/PSF Monthly Rent 2019
10 Hickok St
Suite 101
Lewis Gale Montgomery 5,554 $23.62 $10,929.89 $87,439.10
HCA Virginia $11,257.79 $45,031.16
Suite 200
V Test Laboratory 1,254 $16.27 $1,700.00 $6,800.00
$1,751.00 $14,008.00
Suite 201
J Stephen Hudgins, MD 1,300 $14.77 $1,600.48 $6,401.92
$1,648.49 $13,187.92
Suite 203
Virginia Prosthetics 2,649 $16.88 $3,726.84 $14,907.36
$3,838.65 $30,709.20
46 West Main St
Childress Insurance 420 $15.71 $550.00 $2,200.00
$550.00 $4,400.00
48 West Main St
Advanced Home Care 2,820 $14.42 $3,388.70 $16,943.50
` $3,490.36 $24,432.52
Effective Gross Income $266,460.68
Expenses 2019 Budget
Insurance $2,064.09
Janitorial & Landscaping $4,286.45
Management Fee (5%) * $11,272.07
Real Estate Taxes $16,508.70
Repairs & Maintenance $5,717.61
Utilities: Electricity/Gas $489.60
Utilities: Telecommunications $517.99
Utilities: Trash Removal $1,117.18
Utilities: Water/Sewer/Stormwater $2,621.81
Total Operating Expenses $44,595.50
Expense PSF $3.19
% of EGI 16.74%
Net Operating Income $221,865.18
Note: Management fee estimated for stablized operation. No management contract in place.
Jared S. Alcorn | 540.808.4745 (p) | 540.553.2210 (c) | Jared@ParkRealty.com
ParkRealty.com
For more information please contact us
Christiansburg Medical Arts Building
Main Street View View from First Street Parking Lot
Hickok Street View
First & Second Floor Corridors