Midwest Dental | Corporate Lease
519 N Plum St Pontiac, IL 61764
Price: $1,025,000
Status: Sold
Cap Rate: 7.68%
Year Built: 1971/Ren 2019
NOI: $78,768
Lot Size: 28.00 sqft
Price Per Foot: $213
Lease Type: NNN
Remaining Term: 11 years
GLA: 4797 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a Midwest Dental property located in Pontiac, IL (the “Property”). The Property consists of a 4,797-square-foot medical building with basement that sits on an approximately 28,164-square-foot parcel.
Midwest Dental has been operating at this location since 2012 and recently executed an early 10-year lease extension leaving 12 years remaining on the lease term. Additionally, the building had a complete roof replacement with new gutters in the summer of 2019 along with recently replaced HVAC units.
The subject property is located on the hard corner intersection of N. Plum St & W Livingston Rd offering excellent access and ample parking. The property is surrounded by over 5,300 households within a 5-mile radius, and is blocks from schools, businesses and county offices.
investment highlights
- MIDWEST DENTAL CORPORATE LEASE • 190 OFFICES IN 17 STATES • PARENT COMPANY OF FOUR REGIONAL DENTAL BRANDS
- The subject property is leased to Midwest Dental on a long term corporate lease. Midwest Dental is the parent company of four regional brands – Mountain Dental, Midwest Dental, Merit Dental and Mondovi Dental. Midwest Dental is a nationally recognized brand servicing 190 offices in 17 states.
- RECENT EARLY 10-YEAR LEASE EXTENSION (MAY 2019) • RECENT CAPITAL IMPROVEMENTS TO THE BUILDING
- Midwest Dental has been successfully operating at this location since 2012 and recently executed (May 2019) a 10-year lease extension early, leaving 11+ years remaining on the lease term. Additionally, the building had a complete roof replacement in the summer of 2019 in addition to new HVAC units.
- EXTREMELY LOW RENT • MITIGATED FUTURE VACANCY RISK • IDEAL LONG TERM HOLD INVESTMENT
- The tenant is paying a low rent for a medical tenant ($16.41 per square foot). The low rent provides an investor with an easily replaceable rent and even some potential rent upside, in the very unlikely event the tenant was to ever vacate. The extremely low rent also provides an investor with added security knowing that it’s highly probable the tenant will be profitable at this location and thus, remaining at this location for many years to come.
- LOCATED ON HARD CORNER INTERSECTION • EXCELLENT ACCESS & AMPLE PARKING
- The subject property is located on the hard corner intersection of N. Plum St & W Livingston Rd offering excellent access and ample off-street parking (27 spaces), as well as street parking. The property is surrounded by over 5,300 households within a 5-mile radius, and is blocks from schools, businesses and county offices.
- IDEAL LOCATION IN CITY CENTER • CLOSE TO COUNTY OFFICES & SERVICES • STRONG SYNERGY WITH NEARBY RETAILERS • PROXIMITY TO HISTORIC ROUTE 66, INTERSTATE 55
- The property is ideally located in a centralized position within Pontiac’s downtown core, offering excellent retail synergy with nearby tenants such as Crescent Cinemas, the Eagle Performing Arts & Conference Center, Pontiac Oakland Auto Museum, US Post Office, BP, County Market, NAPA Auto Parts, and the Bank of Pontiac. Additionally, the property is located immediately next to the highest concentration of government offices in the area and within walking distance to the Livingston County Courthouse, Livingston County Law & Justice Center, the Pontiac Public Library, and the Pontiac Chamber. This immediate trade area is by far the most concentrated in Pontiac, with a daily work population of nearly 8,000 workers within a 5-mile radius of the property. The subject property is located just 1 mile from the historic Route 66 (5,400 CPD), and is 3 miles from the on/off ramp onto Interstate 55 (21,500 CPD), offering quick access to nearby cities Bloomington (36 miles south), Peoria (70 miles west), and Chicago (105 miles northeast)
listing agents
