Overview

Description

984 N Broadway represents an opportunity to purchase a medical office building (MOB) of significant size with a superior location, directly across the street from St. John’s Riverside Hospital and the Cochran School of Nursing in Yonkers, NY. Yonkers is the third largest City in the State of New York with a population of 215,000. The property is located at the top of Southwest Executive Office Park, in the northeast section of the City, at the border of Hastings-on-Hudson

Medical office buildings continue to draw the attention of investors, including private equity, institutional investors, medical REITs and physician and hospital groups, as an aging population creates a record demand for healthcare services and those services are being provided at locations other than hospitals. According to estimates, 10,000 people turn 65 each day and as the population ages, the need for healthcare begins to rise for people of all income levels.

Tenancy at MOBs tends to be more stable than other asset classes and provides reliable cash flow since many tenants have long term leases and the tenants typically invest in their own space. The property benefits from a strong tenancy including a large radiology group, a Fortune 500 laboratory tenant and an on-site pharmacy.

There are high barriers to entry for new medical office buildings due to zoning restrictions, parking requirements and the amount of land required to build and provide the necessary parking. 984 N Broadway benefits from its prime location directly across the street from the St. John’s Riverside Hospital and the Cochran School of Nursing

Highlights

• 80,550± SF Building with Five Floors
• Class A medical office building
• 16% vacancy - greater opportunity for upside
• Multi-tenanted building with short-andlong-term leases

Documents

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