Medical Office Portfolio | New Hartford, NY - Utica Office Building

125 Business Park Drive, Utica, NY

$10,742,000

Price

7.25%

Cap Rate

$778,787

NOI

Overview
Cap Rate
7.25%
NOI
$778,787
Building Size
71,120 sqft
Occupancy
100%
Year Built
1990
Description

- Utica Medical Center is a two-story, 71,120 SF, class B medical office building constructed in 1990
- The center is currently 100% occupied
- Eight of the eleven tenants (93% of economic) have scheduled rental increases, generating NOI growth and hedging against inflation
- New roof with 20 year warranty

- The subject property is less than 2 miles to New Hartford Consumer Square (anchored by Walmart Supercenter, Michaels, Bed Bath & Beyond, and TJ Max) and Sangertown Square (anchored by Target, Macy’s, Dick’s, and JCPenney)
- The site is less than 3 miles to Riverside Center (anchored by Burlington, Walmart Supercenter and Lowe’s)
- Other nearby national/credit tenants include The Home Depot, Hobby Lobby, Jo-Ann, Rite Aid, Walgreens, and ALDI
- Strong tenant synergy promotes crossover shopping to the subject property


Location
Gallery