Muroff Hospitality Group is proud to present the exclusive opportunity to purchase a triple-net (NNN), single tenant, leased medical office property located at 20 Elm Street in Pittsfield, Massachusetts (the “Property”). The Property consists of a 12,739 square foot building on a 1.04-acre parcel of land. The Property is fully leased to Berkshire Family Practice Associates, an affiliate of Berkshire Health Systems. The current lease has 3 years of term remaining with one (1), 3-year and five (5), two-year renewal options. The NNN lease calls for annual rent increases throughout the remaining term and option periods based off changes in the CPI-U. Pittsfield is the largest city in Berkshire County; the downtown area offers a vibrant selection of retail shops and entertainment, as well as access to national retailers, public transportation and a Big Y grocery store.
LEASE TERM: Berkshire Family Practice Associates signed a 7-year lease in 2019, and there are 3+ years remaining with one (1), 3-year and five (5), two-year renewal options.
CORPORATE LEASE: The lease is guaranteed by Berkshire Health Systems (BHS), the leading provider of comprehensive healthcare services in Berkshire County. BHS is the largest employer in Berkshire County with more than 4,000 jobs and a broad range of services at 30 provider clinics and 48 office locations. They operate two major hospitals and offer an extensive network of primary and specialty care providers.
ZERO LANDLORD RESPONSIBILITIES: The Berkshire Family Practice Associates lease is triple-net and requires no management responsibilities. The Tenant is responsible for all operating expenses, maintenance and roof & structure, making it an attractive investment for the passive real estate investor.
ANNUAL RENT INCREASES: The lease call for annual rent increases based off changes in the CPI-U throughout the remaining term and the option periods, providing an attractive hedge against inflation.
RECESSION & INTERNET RESISTANT INVESTMENT: The healthcare industry has shown to be stable across economic cycles with inelastic demand and essential services that require in-person assessment and treatment.
CONVENIENT LOCATION: 20 Elm Street is situated on corner lot just off of East Street (MA Route 9) and enjoys excellent visibility and access. The Property is half a mile from the center of downtown Pittsfield and offers a convenient and accessible location for residents in and around the downtown area.
TRADE AREA: Downtown Pittsfield offers a unique selection of retail, dining and entertainment opportunities, as well as the majority of the city’s municipal offices. Major tenants serving the area include Big Y World Class Market, CVS, Walgreens, Family Dollar, TD Bank, Cumberland Farms, Firestone, Dunkin’, and the Berkshire Medical Center operated by Berkshire Health systems.
DEMOGRAPHICS: Over 40,400 people live within a 3-mile radius of the Property with an average household income of $76,673. Additionally, there are over 26,200 employees within 3 miles.
TRAFFIC COUNTS: An average traffic count of over 37,100 vehicles pass by the Property per day at the nearby intersection of Elm Street and East Street (MA Route 9).
Mitchell B Muroff, Esq.
Muroff Hospitality Group
