Overview
Graystone Capital Advisors presents the acquisition opportunity for the Richmond Medical Office Buildings at 351 & 311 Radio Park Drive in Richmond, KY. The offering consists of approximately 20,036 SF of medical office space on a 59,242 SF parcel, currently 100% occupied.
Strategically located near Baptist Health Richmond and Eastern Kentucky University, the asset benefits from strong healthcare demand drivers and long-term tenant stability within a desirable submarket.
Offered at $3,400,000 (6.89% cap rate), the property generates an in-place NOI of $234,144. A staggered lease expiration schedule and contractual rent increases provide income stability and inflation protection. The tenant mix, heavily focused on clinical and dental users, supports sustained occupancy and long-term value.
Investment Highlights
- 100% Occupied Medical Asset. 18,458 SF fully leased, providing strong occupancy stability Multi-suite layout with a diversified mix of dental and clinical tenants 77.2% of GLA dedicated to healthcare use, reinforcing a specialized tenant base
- Strategic Healthcare Location. Situated 1.2 miles from Baptist Health Richmond Located within a dense medical corridor supporting referral-driven demand Enhances tenant performance through proximity to a major hospital system
- Proximity to Major Demand Drivers. Adjacent to Eastern Kentucky University Access to a consistent and dense population base Supports ongoing demand for both general and specialized medical services
- Stable In-Place Cash Flow. Current NOI of $234,144 providing reliable income Lease expirations staggered from 2027 to 2030, reducing rollover risk Contractual rent increases upon renewals offer inflation protection and long-term growth
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