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572 Industrial Pky
Heath, OH 43056

$1,350,000 USD

Medical Condo For Sale  •  4,563 SF

Property Details

  • Property Type Medical
  • Total Building Size 5,763 SF
  • Lot Size 1 AC
  • Building Class B
  • Year Built 1990
  • Tenancy Multiple
50 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit A & B Medical 4,563 SF $1,350,000 USD
  • Unit Size: 4,563 SF
  • Condo Use: Medical
  • Price: $1,350,000 USD
  • Sale Type: Investment
  • Price/SF: $295.86 USD
Description
572 Industrial Parkway is a 5,763 SF single-story medical office building in Heath, Ohio, 79.18% leased to American Dental Real Estate, LLC on an amended and restated net/net/net lease running through June 30, 2032. Minimum rent steps 10% to $94,600 on July 1, 2027, and two five-year renewal options carry contractual rent to $114,466. The lease is corporately guaranteed by North American Dental Group. The building has recorded no vacancy since 2020, against 13.1% vacancy across its CoStar peer set. The remaining 20.82% of the building is owned and operated by Ghiloni Dental Lab and is not a part of the offering.

Sale Notes
Equity is exclusively retained to offer the fee simple interest in 572 Industrial Parkway. The tenant has occupied the building since the original lease dated December 14, 2016 and recommitted on July 1, 2022 under a ten-year amended and restated lease. The tenant pays real estate taxes directly and reimburses fire and extended coverage premiums; the landlord retains roof, structure and exterior obligations. A $7,083.33 security deposit is held, and the tenant recently invested more than $60,000 in interior renovations and new signage. The property is three condominiums; this lease covers 79.18% of the total building GLA.

Description 

Industrial Parkway serves the Heath–Newark employment corridor, immediately south of Newark.
CoStar scores the site 100 of 100 for car friendliness, with 28 dedicated surface spaces.
At 4.86 spaces per 1,000 SF the site carries roughly double the parking of the nearest office peers.
The eight CoStar peer properties all sit within 2.9 miles, and none offers comparable single-tenant medical space.
Licking County anchors Central Ohio's advanced-manufacturing and data-center expansion.

Highlights

Outperformed both its peer set and the submarket on occupancy for six consecutive years.
Its in-place rent sits roughly 20% below the Licking County average asking rate.
Even after the July 2027 step, in-place rent remains roughly $3.00/SF below peer asking rent and $5.55/SF below the Licking County average.

Public Transportation

AirportDriveWalkDistance
John Glenn Columbus International 47 min - 33.3 mi
Rickenbacker International 51 min - 38.8 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 28
Type: Surface
Included in Rent: Yes
Aaron Heath 614-334-7786 Equity, LLC
Aaron Heath 614-334-7786 Equity, LLC