Christiansburg Medical Arts Building

Confidential Investment Offering

Memorandum

10 Hickok Street | 46-48 West

Main Street

Christiansburg, VA 24073

Christiansburg Medical Arts Building CHRISTIANSBURG, VA

Downtown Medical Office Building

Jared Alcorn, Vice President

Jared@ParkRealty.com

540-808-4745

www.ParkRealty.com

For Sale by Owner- Brokers Welcome

SUMMARY

Sale Price:

NOI:

Cap Rate:

Price/Sq. Foot:

Year Built:

Renovated:

$2,950,000$221,865 (actual stabilized rent roll)

7.52%

$184 per sq. ft.

1992

2014/2018

Neighborhood

Montgomery County Courthouse and Public Safety Building

Christiansburg Town Hall

USPS; U.S. Rep. Morgan Griffith

Union Bank-NBB Bank-Wachovia Bank

Old Town Mall; Macado’s Restaurant

Ignite Life Pacific College

PROPERTY INFORMATION MAJOR TENANTS:

Address: 46-48 West Main St.10 Hickok St.Christiansburg, VA 24073

Anchor Tenant: Lewis Gale Montgomery (HCA Virginia)

5,554 sq. ft.

Virginia Prosthetics 2,649 sq. ft.

Building Sq. Feet: 16,005 Advanced Home Care Services 2,850 sq. ft.

Lot Size: 1.2 acres VTest Laboratory Services 1,254 sq. ft.

Onsite Parking: 84 spaces

Signage: Pylon: 150 sq.ft.; Lease Terms: Modified gross w/ annual increases

Debt: Delivered free of debt at closing Occupancy: 100%

Aerial Photo: Downtown Christiansburg

• Located in thrivingdowntown CBD

• 84 onsite parkingspaces

• 100% Occupancy

• Long-term leaseswith annual rentincreases

• PotentialExpansion pad for12,000 added sq. ft.

Christiansburg Town Hall

Christiansburg Medical Arts Bldg.

Mont. County Court House

Mont. County Public Safety Bldg.

MEDICAL ARTS BUILDING: PROPERTY and TENANT INFORMATION

Christiansburg Medical Arts Building is a modern Class A medical office building built in 1992 and completely renovated and refurbished in 2012. The first floor was recently renovated (2018) to expand the Lewis Gale Montgomery Physician’s space to utilize the entire first floor of the building. Major tenants include:

Lewis Gale Montgomery (HCA Virginia): established medical practice managed by one of the largest healthcare providers in the US. The was renovated and refurbished to suit to tenant’s specifications in 2018. Space featuresshielded x-ray facilities, 12 exam rooms, center-design administrative office, and four private offices.

Advanced Home Care Services is a hospital-affiliated provider of full-service home care and equipment for home medical and rehab needs. The company operates 28 branch locations in North Carolina, South Carolina, Virginia and Tennessee. The Christiansburg location opened in 2008.

Virginia Prosthetics: is currently the largest O&P provider in Virginia with 14 locations throughout Southwest Virginia. The Christiansburg location was opened in 1998 and expanded in 2013.

NEIGHBORHOOD DESCRIPTION

The Medical Arts Building is located in the center of the Central Business District of Christiansburg VA, on the southeast corner of West Main and Hickok Streets, one block west of the town square. The downtown business community includes a multitude of government offices, the downtown post office, five banks, and numerous legal, insurance and medical offices. A variety of retail and service businesses are present, including two barber shops, a photography studio, nine restaurants, and an independent café & bakery. The property is currently located adjacent to the site of the Christiansburg Farmers Market and benefits from numerous Downtown events such as the Wilderness Trail Festival, Food Truck Rodeos, and the annual Wine and Artisan Festival.

The downtown CBD area continually adds amenities and improvements, including a three-phase streetscape project with brick-lined sidewalks, gaslight style lighting, and landscaped islands along the street. The county courthouse across East Main Street from Christiansburg Town Hall opened in 2012. The 98,500 sq. ft. facility houses the courts and associated offices. The former courthouse was recently converted to the Public Safety Building to house the County’s 911 center, Sherriff’s office and jail, and emergency services. The downtown occupancy rate is currently above 90%, with several buildings under renovation by the private sector.

AREA INFORMATION

Christiansburg (www.Christiansburg.org) is located within Virginia’s Technology Corridor and is in the center of the Blacksburg/Christiansburg/Radford MSA (Metropolitan Statistical Area). It is 35 miles from Roanoke VA; 225 miles west of Richmond VA; 275 miles southwest of Washington DC. The area is the home of Virginia Tech (www.VT.edu), the state’s largest university, with 35,000 students, and Radford University (www.Radford.edu), with over 9,000 students.

The area is served by major transportation facilities including Interstates 81 and Route 460. Air service is provided by an executive airport in Blacksburg (3 miles), commercial air service in Roanoke (35 miles), and a duty-free international port and freight facility at the New River Airport in Dublin VA (20 miles).

The employment base is diverse and vibrant, with a high concentration of research and technology firms. Area unemployment is 2.8% through September 2018, well below the national rate. The MSA is ranked #6 (of 386) on the Top 10 Job Markets of 2018 (Zippia.com). The area’s college-town atmosphere, mild and temperate year round climate, and scenic mountain setting attracts thousands of new residents and scores of new businesses each year, contributing to the forecast for the highest growth rate in southwest Virginia over the next two decades.

Montgomery County MSA Population: 98,559 MSA Median HH Income: $54,501 MSA Households: 35,701

DUE DILIGENCE INFORMATION

There are no known defects in the property. All lease terms are in force. Copies of the building plans and specifications; an ALTA survey and title report; and the leases with all addendums will be delivered to purchaserwithin five days of seller’s receipt of executed Purchase Agreement.

CONTACT: Park Real Estate, Inc. 104 Southpark Drive Blacksburg VA 24060

www.ParkRealty.com Jared Alcorn, Vice President

540-808-4745jared@parkrealty.com

All information furnished to Park Real Estate, Inc. is from sources judged to be reliable but without warranty.

Christiansburg Medical Arts Building: Tenant Profiles

Dr. Scott Jamison has been practicing medicine in

Christiansburg since 1991. In 2006 he merged his practice

with HCA Inc., one of the largest hospital operators in the

country, including the Lewis-Gale Hospital-Montgomery in

Blacksburg, VA.

Advanced Home Care, Inc. is a hospital-affliated provider

of full-service home care and equipment for home medical

and rehab needs. Founded in 1993, the company has 28

locations in NC, SC, VA and Tenn. The Christiansburg

Location opened in 2008.

Virginia Prosthetics & Orthotics was founded by Fred

Murko in 1966 and is currently the largest O&P provider in

Virginia with 14 locations throughout Southwest Virginia.

The Christiansburg location was opened in 1998.

V-Test is a locally owned firm that performs drug testing

under contract to area employers and government agencies.

The Christiansburg office opened in 2014 as its second

location.

Childress Insurance Agency is an Independent Agency with

locations in Shawsville and Christiansburg, VA. Owned by

Marty Childress, the agency has been located in the 46 West

Main St. Christiansburg office since 2000.

Dr. J. Stephen Hudgins, M.D.

Dr. J. Stephen Hudgins, M.D. is an ophthalmologist and has

been practicing in Christiansburg since 1989. His office has

been located in the Medical Arts Building since 1992.

Christiansburg Medical Arts Building

Projected Operations: 2019

Gross Leasable Area: 13,997

10 Hickok St, 46-48 W Main St Gross Sch.

Christiansburg, Virginia Income

Tenant Square Ft. $/PSF Monthly Rent 2019

10 Hickok St

Suite 101

Lewis Gale Montgomery 5,554 $23.62 $10,929.89 $87,439.10

HCA Virginia $11,257.79 $45,031.16

Suite 200

V Test Laboratory 1,254 $16.27 $1,700.00 $6,800.00

$1,751.00 $14,008.00

Suite 201

J Stephen Hudgins, MD 1,300 $14.77 $1,600.48 $6,401.92

$1,648.49 $13,187.92

Suite 203

Virginia Prosthetics 2,649 $16.88 $3,726.84 $14,907.36

$3,838.65 $30,709.20

46 West Main St

Childress Insurance 420 $15.71 $550.00 $2,200.00

$550.00 $4,400.00

48 West Main St

Advanced Home Care 2,820 $14.42 $3,388.70 $16,943.50

` $3,490.36 $24,432.52

Effective Gross Income $266,460.68

Expenses 2019 Budget

Insurance $2,064.09

Janitorial & Landscaping $4,286.45

Management Fee (5%) * $11,272.07

Real Estate Taxes $16,508.70

Repairs & Maintenance $5,717.61

Utilities: Electricity/Gas $489.60

Utilities: Telecommunications $517.99

Utilities: Trash Removal $1,117.18

Utilities: Water/Sewer/Stormwater $2,621.81

Total Operating Expenses $44,595.50

Expense PSF $3.19

% of EGI 16.74%

Net Operating Income $221,865.18

Note: Management fee estimated for stablized operation. No management contract in place.

Jared S. Alcorn | 540.808.4745 (p) | 540.553.2210 (c) | Jared@ParkRealty.com

ParkRealty.com

For more information please contact us

Christiansburg Medical Arts Building

Main Street View View from First Street Parking Lot

Hickok Street View

First & Second Floor Corridors