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WellNow Urgent Care, Akron, OH

WellNow Urgent Care, Akron, OH


Investment Summary

Price $2,742,000
Cap Rate 5.50%
NOI $150,758
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 8% rental increases every five (5) years
Year Built 2022
Building Size 3,506 SF
Lot Size 0.68 acres (29,621 SF)
Status Available
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM NET LEASE TO A RAPIDLY EXPANDING HEALTHCARE TENANT
» Long-term net lease to WellNow Urgent Care, a rapidly expanding healthcare tenant
» 8% rental increases every five (5) years in primary term and option periods, providing a passive long term income generator
» WellNow’s growth-focused model has positioned the company as one of the fastest-growing providers of quality urgent care, telehealth, and occupational medicine services
» WellNow operates more than 200 centers across New York, Illinois, Indiana, Ohio, Michigan, Pennsylvania, and Wisconsin
» The company has continued to grow rapidly through the opening of new facilities, strategic acquisitions, and through joint venture partnerships with local health and hospital systems like St. Peter’s Health Partners

HARD-CORNER OUTPARCEL SITE IN GROCERY-ANCHORED MULTI-TENANT SHOPPING CENTER
» Outparcel to Giant Eagle Supermarket and shadow-anchored by South Plaza Shopping Center, a market-dominant shopping center anchored by Marc’s and Big Lots that experiences 1.2 million annual visits
» Three miles from The University of Akron with easy access from Interstate 77, significantly increasing foot-traffic and visibility to the site (25,177 students, 5,257 employees)
» High-visibility and easily accessible location at the signalized hard-corner of East Waterloo Road and Hibernian Way, with access to 24,768 vehicles per day directly in front of the site
» Located near the intersection of Interstates 77 & 277, which experience a combined 184,654 AADT less than one-half mile southeast of the property
» Surrounded by prime traffic drivers, including Akron Fulton Airport (686,661 travelers in 2023), BigShots Golf, Firestone Country Club, and Akron’s largest employer, an Amazon Fulfillment Center (14,605 employees)

CENTRAL LOCATION IN A GROWING OHIO MARKET
» 178,137 residents live within 15 miles of the site, establishing a stable customer base
» Four miles from Downtown Akron, a growing district that has been classified as a job hub and an opportunity zone (50,000+ daily employees, 3.7 million annual visitors)
» Projected AAHI increases within 5-, 10-, and 15-mile radii over the next five years poise WellNow Urgent Care and Akron for steady concurrent growth
» Located at the entry to Firestone Park, a historic landmark community in Akron with a population of 13,872
» Surrounded by dense single-family housing developments

Property Description

» This WellNow Urgent Care has a high-visibility and easily accessible location at the signalized hard-corner of East Waterloo Road and Hibernian Way, with access to 24,768 vehicles per day directly in front of the site
» The site is located near the intersection of Interstates 77 & 277, which experience a combined 184,654 AADT less than one-half mile southeast of the property
» The location is a direct outparcel to a Giant Eagle Supermarket and shadow-anchored by South Plaza Shopping Center, a market-dominant shopping center anchored by Marc’s and Big Lots that experiences 1.2 million annual visits
» This site is located just three miles from The University of Akron with easy access from Interstate 77, significantly increasing foot-traffic and visibility to the site (25,177 students, 5,257 employees)
» The property benefits greatly from residing at the entry to Firestone Park, a historic landmark community in Akron with a population of 13,872

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