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Updated: 03.25.24 Posted: 09.22.23 Status: Sold

Summary

Price $3,318,000
Built/Renov 2023
Tenant Heartland Dental
Cap Rate 5.65%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 4,226
Lease Start 08-18-2023
#Units 1,600
Price/SF $785.14
Expiration 08-31-2033
Tenant Type Medical/Health
NOI $187,440
R. Term 8.3
Ownership Fee Simple
Rent/SF $44.35
Increases 10.0%/5/yrs
Pop 5Mi 38,615
Lot/AC 0.60
Options 4/5yrs/10%
AHHI 5Mi $99,281

Lease Highlights

  • Brand new 2023 construction
  • Tenant recently signed a brand-new 10-year lease with 4 (5-year) options to renew
  • Lease features 10% rental increases every 5 years
  • Favorable NN+ lease with landlord responsible for foundation and roof
  • Tenant reimburses landlord for majority of expenses
  • Corporate guaranteed lease

Location Description

The subject property is conveniently located along N. Kings Hwy, a major thoroughfare that sees 28,500+ vehicles passing by daily. The site is an outparcel to the #1 ranking Publix in Myrtle Beach, which has seen over 800k visitors within the last year. Additionally, this Heartland Dental is within close proximity to major market drivers, including Grand Strand Medical Center (over 400 beds...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Heartland Dental is an American dental support organization, providing  non-clinical administrative support services to over 2,600 dentists in over 1,600 dental offices across 38 states and the...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,779 19,070 41,042
2023 Total Population : 3,568 17,727 38,615
2023 Employed Civilian Pop : 1,605 7,888 18,078
2023 Total Businesses : 358 1,061 2,325
2023 Average Household Income : $ 136,933 $ 110,312 $ 99,281
2023 Total Consumer Spending : $ 209 M $ 841 M $ 1533 M
2023 Median Age : 57 52 45
2023 Total Households : 1,810 8,914 17,868
2023 Pop Age 25+: Bachelor's Degree : 808 3,761 7,395
2023 Average Home Value : $ 538,449 $ 465,611 $ 421,416
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
North Ocean Boulevard 82nd Pkwy 2021 3,300 0.24 mi
79th Avenue North N Kings Hwy 2021 3,500 0.24 mi
79th Ave N Private Dr 2010 2,500 0.25 mi
79th Ave N Private Dr 2008 2,800 0.26 mi
79th Ave N Woodland Dr 2019 4,600 0.29 mi
79th Avenue North Porcher Dr 2021 2,200 0.30 mi
Jimmy D'Angelo Way Kings Rd 2021 1,300 0.51 mi
Porcher Drive 73rd Ave N 2021 325 0.64 mi
N Kings Hwy Wildwood Dunes Trl 2010 27,700 0.72 mi
North Kings Highway Dunes Dr 2021 21,400 0.77 mi

Listing Broker

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