1410 Incarnation Dr
Charlottesville, VA 22901

• Unit Size: 15,340 SF
• Condo Use: Medical Office
• Price: $3,450,000 USD
• Sale Type: Investment or Owner User
• Price/SF: $224.90 USD

Description

This is a main level business condominium in the Branchlands Professional Center located on the corner of Incarnation Dr. and Hillsdale Dr. The total size of this condominium in approximately 15,340 sq. ft. A medical sports & rehabilitation company lease approximately 12,240 sq. ft. under a five(5) year, triple net lease, with the initial base rent at $17,050 per month. The base rent will increase January of each year by one and one half(1.50%) percent. The tenant has one(1), five(5) year option to renew the lease with a minimum of 180 days written notice. The balance of this unit, approximately 3,100 sq. ft., is occupied by the condominium owners, which has been turned into residential space. The County will allow the owners of the condominium to occupy this section of the unit as a residence, or, any person(s) who works for the business that occupies the main space of the condominium. Additionally, this smaller section of the condominium may be rented as an office/business space. Please contact agent for additional details and questions.

Sale Notes

Investors and 1031 exchange purchasers. This property will fit well into your portfolio. Approximately 12,000 sq. ft. of this unit is under a five(5) year, triple net lease to a sports and medical rehabilitation company with the first year base rent at $17,050 per month. The base rent escalates every January by one and one half(1.50%) percent. The remaining 3,000+/- sq.  ft. of this unit is currently occupied by the owners of the condominium.