Mount Sinai Cardiology Key West, Florida

$3,825,000
Cap Rate: 5.42%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.42%
Tenant: Mount Sinai Cardiology of the Florida Keys
Lease Guarantor: Mount Sinai Medical Center
Lease Type: NN
Option Periods: 5, 5-Year Options
Rental Increases: 3% Annually in First Option Period
Lease Expiration: 8/1/2025

3401 Northside Drive
Key West, FL 33040

Investment Highlights

  • Tenant Recently Extended the Lease an Additional 5 Years
  • Includes a Nuclear Lab Suite; the Only Other Lab of This Kind is Found in the Hospitals
  • Long-Term Occupancy; Medical Facility Specializing in Cardiology Since 2003
  • 26 Parking Spaces with Additional Street Parking
  • Roof on Main Building was Replaced Two Years Ago, and Flat Roof was Resurfaced Last Year
  • Property Includes a 40kW Generator and 480 Triple Phase Electric
  • Five, Five-Year Option Periods with Three Percent Rent Increases Annually in First Option Period

 

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Mount Sinai Cardiology of the Florida Keys, a 6,629-square-foot medical facility that has been specializing in cardiology since 2003. The lease features five, five-year option periods with three percent rent increases annually in the first option period. This is a rare investment opportunity as no medical facility in the area is large enough to house this tenant. It includes a nuclear lab suite, and the only other lab of this kind is typically found in the hospitals.

An addition to the building was added 10 years ago and the property recently underwent renovations. It includes two new A/C units which were replaced in September 2019. The roof on main building was replaced two years ago and the flat roof was resurfaced last year. There are 26 parking spaces with additional street parking. In addition, the property includes a 40kW generator and 480 triple phase electrics.

The subject property is located off North Side Drive, which is only one block east of Roosevelt Boulevard, a major roadway in the area and has a daily traffic count of more than 36,000 vehicles. Within one mile of the property are two Publix-anchored shopping centers. Other surrounding national brands in the immediate area include Home Depot, Winn Dixie, Sears, TJ Maxx, Office Max, Hilton Garden Inn Key West, Fairfield Inn & Suites by Marriott, Key West Marriott Beachside, Outback Steakhouse, McDonald’s, Dunkin Donuts, Wendy’s, CVS, Walgreens, Verizon and many more.

Mount Sinai Cardiology is two miles from Key West International Airport and the U.S. Coast Guard Sector Key West. The property is also three miles from Duval Street and the Southernmost Point of the Continental US, two major tourist destinations in the area.

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