203 Woodpark Place, Building C

Woodstock, GA

Office for Sale - $1,200,000 - 7,857 Sq. Ft. on 1 acres

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #972813
Location203 Woodpark Place, Building C
Woodstock GA 30188
Last UpdatedJanuary 26th, 2018
TypeOffice
Price$1,200,000
Building7,857 Sq. Ft.
Land1 acres

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Property Description

This 7,857 SF medical office building is occupied by WellStar Health System who recently extended their lease through June of 2022. The building has been home to a successful medical practice since it’s construction in 1994, while the Woodstock population has more than tripled since 2000. The asset is generating Net Operating Income of $90,143 and the lease is subject to attractive 2.5% annual increases. WellStar paid for renovations of the building in 2014. There is 2,500 SF of well-finished office space on the second floor, currently vacant, providing an investor the opportunity to capture additional value. 60% of Wellstar's business is sourced from Cherokee County supporting this as an extremely important location to the tenant.

Location Description:

This WellStar Medical Group occupied office is favorably located off of highly traveled Hwy 92 in Woodstock, GA which has a daily traffic count of 59,060. The property is less than 2 miles from Downtown Woodstock and less than one mile from I-575 for easy access to all of Atlanta with new express lanes into the city.

Highlights:

>> 7,857 SF medical office building occupied by an investment grade credit healthcare tenant

>> Competitive 7.5% Cap Rate on existing income

>> Opportunity to lease additional space and create additional value for an opportunistic investor

>> 2.5% annual rent increases

>> Strong operating history in a strategic healthcare market

>> WellStar Health System is the largest health system in Georgia

>> 575 home development will soon be adjoined to Woodpark Place by a new road

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