Single-Tenant Medical Net Leased Investment | Gilbert, Arizona

3303 E Baseline Rd, Suite 208 | Gilbert, Arizona 85234

Office - Arizona

Executive Summary

This ±4,561 SF second-story medical office condominium is 100% leased to Desert Pulmonary & Sleep Consultants, P.L.C., a specialty medical practice that has occupied the suite since 2003. The NNN lease makes the tenant responsible for all operating expenses, including HVAC replacement, property taxes and association dues. Rent increases 3% each year, so ownership is nearly passive with contractual income growth.

The property is located on Baseline Road near Val Vista Drive in Gilbert’s established medical corridor. It’s about 2.2 miles from Banner Gateway Medical Center and Banner MD Anderson Cancer Center, and eight hospitals are within about nine miles.

Property Highlights

• Sale Price: $1,760,220 ($385.93/SF)
• Cap Rate: 7.25%
• Pro Forma NOI: $127,616
• Tenant: Desert Pulmonary & Sleep Consultants, P.L.C. (23 years of occupancy)
• Lease: NNN with 3% annual rent increases
• Parking: 25 spaces (4 covered reserved)
• Year Built / Zoning: 2002 / C-O

Strong Healthcare Demand

• 369,039 residents within 5 miles
• $139,204 average household income within 1 mile
• 44,604 Medicare beneficiaries within 5 miles
• $1.13 billion in annual household healthcare spending within 5 miles
• Healthcare spending index of 108 within 1 mile

Download the Offering Brochure

Get the full lease abstract, rent schedule, site plan, and healthcare market analysis.

For questions or to schedule a tour, contact Michael Douglas, CCIM at (480) 977-2935.