Oneida, NY - Associated Medical Professionals

357 Genesee Street, Oneida, NY

$1,685,000

Price

7%

Cap Rate

$117,941

NOI

Overview
Cap Rate
7%
NOI
$117,941
Building Size
7,684 sqft
Occupancy
100%
Year Built
1993
Description

SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, corporate guaranteed, freestanding, Associated Medical Professionals (AMP) investment property located in Oneida, New York. The tenant, Associated Medical Professionals of NY, PLLC, has approximately 7.5 years remaining in the initial lease term with 1 (5-year) option to extend. The lease features 1% annual rental increases commencing 2021 and continue throughout each option period, growing NOI and hedging against inflation. The lease is NN with landlord responsibilities limited to roof and structure, making it an ideal, low-management investment opportunity for a passive investor. Associated Medical Professionals have developed into one of the largest multi-specialty groups in Central New York (350+ employees), providing quality healthcare at each of the 10 locations.

Associated Medical Professionals is strategically located along Genesee St./State Highway 5, a primary retail thoroughfare averaging 13,100 vehicles passing by daily. The site benefits from significant street frontage and multiple points of ingress/egress, providing convenience and ease for patients. The property sits adjacent to Onieda Health Hospital, a resident-centered care facility featuring a 126-bed acute care hospital, 162-bed Extended Care Facility (EFC), and 15-bed Ambulatory Surgery Unit. In addition, the medical office is located just 1 mile east of Glenwood Plaza, a 220,000 SF shopping center anchored by Big Lots, Planet Fitness, and Movieplex Cinema, significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. Other national/credit tenants include a 24-hour Walmart Supercenter, Loweâ€s Home Improvement, Tractor Supply Co., Advance Auto Parts, and more. Moreover, the asset is surrounded by several apartment complexes including Valenti's Country Estates, Noyes Manor Residence, City Centre, and Meadowview Town Homes, providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by nearly 107,000 residents and 65,000 daytime employees with an average household income of $65,000.


Location
Gallery