Overview
Matthews™ is pleased to present a single-tenant net leased medical office building located in Cape Coral, Florida. The property is occupied by Eye Health America — a leading regional ophthalmology operator with 53 locations across Florida, Georgia, and South Carolina. Eye Health America recently acquired Quigley Eye Associates — the operator which previously occupied this property. Sitting in the heart of downtown Cape Coral, the facility is ideally located just off Del Prado Blvd 78 less than one mile from the 291-bed Cape Coral Hospital. Within a five-mile radius of the property, the population is 174k and the 5-mile average household income is just shy of $100k.
Eye Health America leases the property on a NNN lease with 3% annual escalators and roughly nine years of remaining lease term. Services offered at this location include primary and routine eye care, pre- and post-operative surgical care, cataract surgery, ocular disease treatment, glaucoma, dry eye disease, diabetic retinopathy, and more.
Investment Highlights
- High Caliber Operator – The property is anchored Eye Health America – a leading regional ophthalmology operator with 53 locations across Florida, Georgia, and South Carolina.
- Long-Term Lease – Investors will benefit from a lease with over nine years of remaining term.
- NNN Lease – The tenant lease is strategically structured as a NNN lease with tenant responsible for all CAM, insurance, and taxes. This makes this investment opportunity ideal for both local and out-of-state investors.
- Above Market Rental Escalators – This investment features 3% annual escalators which is above the national average and also serves as a great hedge against inflation.
- Favorable Depreciation – This investment opportunity offers investors the ability to capture material tax savings by realizing bonus depreciation through a cost segregation analysis. *Investors to confirm with their CPA.
- Attractive Real Estate – The property features institutional quality finishes offering investors attractive real estate.
- Tax Free State – Florida is one of nine states with no personal income tax, offering potential tax advantages for investors.
- Recent Construction – The property is a 2020 vintage, thus offering investors recently constructed real estate thus minimizing the need for major capital improvements in the near future.
- Amortized Cap Ex Reimbursements – Eye Health America’s lease allows for reimbursement of amortized cap ex costs thus allowing investors to realize a recoupment of capital expenditure outlays.
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