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2280 Sower Blvd, Okemos, MI, 48864

Smile Brands
$514,315

Key Information

Cap Rate
8.5%
$ per SF
$226
Tot. SF
2,271
Year Built
1985
Term Remaining
±5.5 YRS
Type
Healthcare
Occupancy
100%
NOI
$43,717

Highlights

  • Bite Size Deal — The property offers investors the opportunity to acquire a deal leased to a national tenant at just $514k.
  • Advantageous Per/SF Metrics — At a price of just $226/SF, the property is priced below replacement cost. Just the interior build-out costs alone for dental offices can frequently pass over $150/SF.
  • Strong Historical Occupancy — The property has been operating as a dental practice for several decades, providing a buyer with a high level of comfort with the success of the current property use
  • Specialized Use & Tenant Investment in Location — It is costly for dental practices to relocate due to having one of the highest build-out costs across all medical specialties. Practices tend to stay put due to the difficulty in retaining the same patients after moving.
  • Smile Brands — Smile Brands is one of the country’s largest network of dental practices with nearly 700 locations and 6,800 doctors and staff across 29 states. They have been growing by acquiring new locations since they were founded in 1998.
  • $187 Billion Industry — Dentistry is one of the largest industries in healthcare and grows by an average of 5.3% annually
  • Location Commitment — Smile Brands purchased the business at this location in 2021 and just exercised their first lease renewal, demonstrating a commitment to this location and providing confidence in their success operating this practice

Photos

Location

Agents

Financing Agents

Broker of Record

Matt Fitzgerald

License # 6505432273 (MI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203