Address: 4063 Mannheim Rd, Jasper, Indiana, United States 47546
Type: Net-Leased Dental Office
Cap Rate: 6.50%
Lease Type: Double-Net (NN)
Annual Rent: $133,760
Net Operating Income: $133,760
Lease Term Remaining: 10 Years
Rental Increases: 9.5% In Year 6, 10% Every 5 Years Throughout Options
Options: Three (3), Five (5)-Year Options
Year Built: 2020
Rentable Sq/Ft: 3,520 SF
Rent Sq/Ft: $38
Price Sq/Ft: $585
Lot Size: +/- 0.66 Acres
Marcus & Millichap is pleased to present the exclusive listing for a newly constructed Aspen Dental located at 4063 Mannheim Road in Jasper, Indiana. The property consists of roughly 3,520 rentable square feet and sits on an estimated 0.66 acre.
The Aspen Dental is subject to a brand new 10-year lease, with rent set to commence on July 1st, 2020. The initial rent is $133,760 with rental increases of 9.5% in year 6, and 10% increases every five (5)-years through the options. There are three (3), five (5)-year tenant renewal options, extending the total possible lease term to 25 years.
The subject investment Aspen Dental property is well-situated on Mannheim Road, which serves as a road parallel to the main roadway and artery that runs through the center of Jasper, experiencing traffic counts exceeding 27,700 per day. This new location is Aspen Dental’s first location in this market and is located at the center of the busiest retail corridor in the area. There are more than 20,000 individuals residing within a five-mile radius of the property and more than 34,200 individuals within a ten-mile radius. Additionally, the average household income within a five-mile radius of the subject property exceeds $86,500.
This subject investment Aspen Dental property benefits from its central position in a highly dense retail corridor consisting of national and local tenants and shopping centers all within close proximity of this property. Directly across from the subject property is a Walmart-Anchored Shopping Center with notable tenants on outpads such as McDonald’s. Major national tenants in the immediate area surrounding the subject property include: Walgreens, Burger King, Wendy’s, Taco Bell, Arby’s, Home Depot, Dollar Tree, Hibbett Sports, Sears, T.J. Maxx, Verizon, Denny’s, Long John Silvers, among many others. This property also benefits from being just within three miles from the prestigious Memorial Hospital and Health Care Center in Jasper, a state of the art, 500,000 square foot, 152-bed general hospital and medical facility. This subject investment Aspen Dental property reaps benefits from local hospitality accommodations in the immediate area as well. Among them: Super 8, Fairfield Inn & Suites, Hampton Inn, Days Inn, SureStay Plus, Quality Inn, Winfield West Bed & Breakfast, as well as various others. Every August, Jasper hosts the annual Strassenfestte Festival, which attracts over 30,000 visitors as the historic event celebrates German heritage and provides a surge in Jasper’s economic activity as a result.
B.O.R Josh Caruana # RB14034355