1112 Gene Reed Road, Birmingham, AL 35235

Property Description

Absolute NNN lease. Tenant vascular surgery center recently acquired by Grandview Health. Lease start date 10/6/21 for 10 year term with 2% annual rent increases. Current annual rent is $248,959.34 There are 5 renewal options for 3 years each. Tenant responsible for all operating expenses plus structural repairs. Value add opportunity with 1,162 sf surplus building (former pharmacy) that could be separated from main lease and then rented by to another tenant. Based on an 80% improvement to total property ratio and MOB average cost seg percentages, first year bonus depreciation could be in the range of $1,593,000 to $2,390,400, depending on buyer's tax professional's advice.