Towne Park East is a +/- 44,463 square foot Medical Office Investment offering 1st floor office space at the signalized intersection of Highway 21 and Towne Park East Drive. The asset is 87.78% leased at below-market rents, which provides tremendous upside potential to an investor. Based on 2020 net operating income (NOI), the property is being offered at a 7% cap rate, which equates to $349,604.45.
Rincon is located within the Savannah MSA in Effingham County and is approximately 5 miles from I-95 at Exit 109 with a strong spending population of 62,000+ residents and an average household income in excess of $78,000 within (1) mile of the property. Rincon's tremendous population growth of 57.6% in the last decade, and the county's impressive growth of 30%, has caught the attention of many national retailers has such as Lowe's, Kroger, Wal-Mart, Planet Fitness, Tractor Supply, Walgreen's and Chick-Fil-A. GA Highway 21 is the main thoroughfare in and out of the county. The traffic count is approximately 31,400 vehicles per day.
- 2020 NOI: $349,604.45
- Capitalization Rate: 7%
- 87.78% Occupancy
- 54% Medical Tenant Occupancy
- $112.34 PSF (Far Below Replacement Cost)
- Upside Potential: Below Market Rents & 12% Vacancy
- Signalized Intersection Access (Hwy. 21 / Towne Park East Drive)
11/25/2019 11:39:45 PM
6/5/2020 10:55:43 AM