3610 Bush St, Raleigh, NC 27609
23,456 SF | Office Building | Raleigh, NC 27609 | $5,500,000 ($234/SF)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $5,500,000
- Property Type
-
Office
- Square Feet
- 23,456 SF
- Price / Square Foot
- $234
Listing Contacts
Chuck Valdez
Verified Profile
- Property Info
Property Overview
Midas Commercial Investments LLC is pleased to exclusively offer the opportunity to purchase 3610 Bush Street, Raleigh, NC 27609. The property is a medical office building consisting of approximately 23,456 square feet, on 2.97 acres, located in the Midtown submarket in Raleigh, North Carolina. This is a fully leased, single-tenant building, located a few blocks behind Duke Raleigh Hospital, within close proximity to WakeMed and UNC Rex Hospitals. The location offers quick access to I-440, I40, I540, downtown, and RDU International Airport. Ownership acquired the building in 2017 and has completed major renovations since.
There is a significant upside in the property considering that the rental rate is below market. Additionally, the tenant would consider downsizing within the property or relocating to another location. The highest and best use for the property would be outpatient surgical, dental, cosmetic, and/or wet medical use. The Property provides income throughout the duration of the remainder of the term while immediate and long-term repositioning strategies are contemplated
The current tenant occupies the entire building and are a privately held, leading, independent provider of outpatient behavioral health services. They provide psychiatry, therapy, and interventional psychiatry services to patients of all ages and backgrounds. They are a clinician-led mental health organization with locations in 7 states. The lease expiration is February 2028.
Building Improvement Snapshot:
2017 HVAC Heat Exchanger Replacement (2 Units)
2018 & 2019 Building renovation and interior reconfiguration of approximately $ 1 million
2018 New elevator & elevator shaft (medical elevator to accommodate hospital bed)
2019 HVAC Replacement, New Roof, and Wi-Fi Thermostats Installed
2020 Building Interior Repainted
2021 New Parking Lot
2022 Sewer Line Sleeving & Repair, Fire Alarm Dialer Replacement, and HVAC Rooftop Unit Replacement
2023 Building Exterior Painted
2024 Fire Alarm Duct, Detector, & Sensor Replacement
2024 Front Entranceway Door & Glazing Replacement
There is a significant upside in the property considering that the rental rate is below market. Additionally, the tenant would consider downsizing within the property or relocating to another location. The highest and best use for the property would be outpatient surgical, dental, cosmetic, and/or wet medical use. The Property provides income throughout the duration of the remainder of the term while immediate and long-term repositioning strategies are contemplated
The current tenant occupies the entire building and are a privately held, leading, independent provider of outpatient behavioral health services. They provide psychiatry, therapy, and interventional psychiatry services to patients of all ages and backgrounds. They are a clinician-led mental health organization with locations in 7 states. The lease expiration is February 2028.
Building Improvement Snapshot:
2017 HVAC Heat Exchanger Replacement (2 Units)
2018 & 2019 Building renovation and interior reconfiguration of approximately $ 1 million
2018 New elevator & elevator shaft (medical elevator to accommodate hospital bed)
2019 HVAC Replacement, New Roof, and Wi-Fi Thermostats Installed
2020 Building Interior Repainted
2021 New Parking Lot
2022 Sewer Line Sleeving & Repair, Fire Alarm Dialer Replacement, and HVAC Rooftop Unit Replacement
2023 Building Exterior Painted
2024 Fire Alarm Duct, Detector, & Sensor Replacement
2024 Front Entranceway Door & Glazing Replacement
Property Details
- Class
- B
- Year Built/Renovated
- 1975/2019
- Stories
- 2
- Property Subtype
- Medical
- Lot Size (sq. ft)
- 129,373 SF
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