Tuesday, November 13, 2007

A terrific property and a great example

Just down the street from me, near the interection of 87th and Lenexa, is a prime medical building. The realtor who has the listing emails me the following information:

The property is a one story medical office building built in 1984 and is in excellent condition. The structure is wood frame with stucco and brick with aluminum framed, tinted windows and doors lining the east and west sides. Entrances can be found on all sides of the building. The structure has a pitched roof with composition shingle covering for easy maintenance and is only approximately three years old. The ceilings are finished with acoustical tile and recessed lighting. There are reception/waiting rooms, conference rooms, two large private offices, four restrooms, and storage area. The medical office space includes a lead lined x-ray room, typical patient rooms and nurse stations. WAC is zoned and new with auto sensors in every room for patient comfort. Currently, a doctor has a lease for approximately 2,855 square feet at $14.50 per square foot or $3,449.79 per month until July 3 1, 2009. The balance of the building of approximately 4,372 square feet is available to either lease out or be occupied by an own/user. The purchase price of the property is $980,000, which is below the 2004 bank appraisal by Gretzinger Appraisal Company of $1,000,000.

In the traditional model, the doctors who purchased this building would need to bring about $200,000 to the closing table. Then they'd spend tens of thousands more on new equipment as well. With the lending programs we have that are specifically dedicated to medical professionals, we have the capacity to lend 100% of the value of the building, including new equipment that might be brought in.

Is this the right loan program for everyone? Of course not -- no one particular loan is right for everyone. But for a new practice that wants to keep cash reserves intact, we have the ability to put them in a great building.

If you want to schedule a viewing of the property, call me at 913-712-8442 and I'll put you in touch with the listing agent.

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